Up close & Personal: The London Borough of Tower Hamlets

Different parts of London are popular for different reasons. Some interest professionals looking to progress up the career ladder, some appeal to students and young people because of the social life, while others resonate with couples and young families looking for excellent schools, good house prices and numerous employment opportunities. 

Canary Wharf

Different parts of London are popular for different reasons. Some interest professionals looking to progress up the career ladder, some appeal to students and young people because of the social life, while others resonate with couples and young families looking for excellent schools, good house prices and numerous employment opportunities. 

 

The London Borough of Tower Hamlets is undergoing a major new regeneration, with around 13,600 new homes under construction (as of October 2017). The population of the borough currently stands at around 304,000 with this figure expected to grow by 14% over the next decade. This increase in population is leading to a high demand for property, and the borough currently has around 13,600 new homes under construction in response. Furthermore, the borough has the largest number of homes in the planning pipeline.

 

Canary Wharf, widely regarded as one of London’s main financial hubs, is one such area that has greatly impacted the population and development of the borough, seeing a huge influx of residential development to compliment the numerous multi-national businesses who have premises in the area. The business presence has led to an increase in demand for residential property, with both London and internationally based employees looking for a place to call home just moments from the office.

 

However, it’s not just work that draws people to Canary Wharf and the wider borough. House prices in Tower Hamlets are averaging around £447,000, while monthly rental prices stand at an average of £2,110 per month, appealing to students and the younger demographic, while the 26 “Outstanding” Ofsted rated primary schools draw in young families to the area.

 

The area itself continues to undergo major redevelopment, offering plenty of investment opportunities in residential property. Primarily tower block developments, penthouses and riverside properties offer stunning views over the City of London, the Thames and landmarks such as the O2 Arena, while excellent transport routes by underground and DLR offering the best of London just moments away.

 

To find out more about any of the new developments in Tower Hamlets, or if you’re interested in buying or renting a property in London, get in touch with the team here at CBRE Residential today.