Wapping; a local market review
Wapping, A Local Market Review
Wapping’s rich maritime history and riverside location make it one of London’s most desirable places to live and demand for homes is extremely high. This has resulted in a price premium over the wider borough which has averaged 44% over the last five years.
In the post-recession recovery period London’s housing market has performed strongly, outperforming the wider UK by a significant margin. Prices across the city are now 36% above their previous peak. Some of the strongest growth occurred in 2014 with annual growth peaking at 21% in August. The market is maintaining sustainable and robust growth, with 9% inflation in the year to May 2015. Moreover, activity in the new build market remains extremely strong and demand is high, with 67% of the 51,000 new build homes under construction already sold. This is the highest absorption rate of new build stock in recent years.
Wapping - history and character
In the 19th century Britain’s trade industry was booming and the majority of its ships returned to London, making it one of the busiest ports in the world. However, it was clear that the city’s informal riverside wharves could no longer keep up with demand. London needed to build docks, and one needed to be as close to the City as possible to allow easy access to market. A site was chosen in Wapping and The London Dock was born with the first ship mooring on 31 January 1805.
Today, Wapping maintains its maritime character; public houses line the river with steps down to the water and the converted warehouses ensure the area’s rich history is clearly visible, making it one of the most desirable areas of the borough. It offers proximity to the river and easy access to the City and Canary Wharf. In addition to local amenities, it is also close to several trendy social scenes including Shoreditch, Angel and Hoxton. And a short walk to Wapping, Aldgate East or Whitechapel stations, which is soon to join the new Crossrail network, means the rest of the city is easily accessible.