Canary Wharf sees rush to sell property

Posted: 15 Dec 2008 09:18:57 GMT

The number of homes available for sale in Tower Hamlets, the London borough home to Canary Wharf, has jumped sharply in the past month, it has been discovered, showing the true effect of the recent job losses in the City.

Research from Rightmove shows a 12.4 per cent increase in the number of homes put on the market in the last month.

Crucially, however, the number of homes valued between £750,000 and £1 million which are now on sale has doubled in the same time.

Such an increase in properties for sale will mean the length of time it will take to complete a sale will increase somewhat, and homeowners could expect to lower their prices in order to make a timely sale.

Miles Shipside, commercial director of Rightmove, said: "Those employed in the financial services sector have been especially hard hit by employment uncertainty and job losses, and a natural casualty is their homes.

"City workers and investors often own smart apartments near Canary Wharf and more of these coming to market explains the jump in average values."

In order to speed up a sale, homeowners may wish to sell their property online, which could attract more potential buyers, therefore increasing the asking price.

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