Global property consultancy CBRE has released a comprehensive research report which recognises Wapping as one of London's most desirable places to live, with an 88% increase in transactions within recorded in Wapping over the past twelve months.
Demand for new-build homes has been recognised as particularly strong across the wider Borough of Tower Hamlets, with all 1,433 homes completed in the past year now sold.
Located in London's fastest growing Borough, London Dock by St George has been identified by CBRE as a prime example of much-needed high-quality new build residential development in the area.
The report, entitled Wapping: A Local Market Review, highlights an upswing in demand for homes in Wapping, where properties sold at an average premium of 23% to the wider Tower Hamlets area in the first quarter of 2015, and population growth of 39% across the Borough of Tower Hamlets since 2001.
One of London's most highly-anticipated new developments which has already successfully launched the Clipper Wharf and Admiral Wharf and Alexander Wharf phases earlier this year, London Dock is set just moments away from some of the capital's most well-known landmarks including Tower Bridge, the Tower of London and St Katharine Docks.
The report undertaken by CBRE Residential demonstrates how transactions in Wapping have increased by 88% over the past year alone as a wave of buyers look to invest in the area, attracted by excellent transport links to The City, Canary Wharf and Tech City, and its close proximity to social hubs such as Shoreditch, Angel and Islington.
Craig Carson, Managing Director of St George City, commented:
"We are thrilled that CBRE's latest research report recognises the appeal of Wapping as a place to live and showcases the London Dock development as a leading example of new build development with a premium placemaking offering in this rapidly growing Borough."
"As the population of Tower Hamlets continues to rise, we expect to see continued interest in this development, and look forward to welcoming new members to the community at London Dock."
Tom Bryant, Director, CBRE Residential, commented:
"Over the past five years, Wapping has attracted the highest house prices in the Borough of Tower Hamlets, with an average premium of 44% to the wider Tower Hamlets area. This is a trend that is likely to increase, given the high demand for housing in Wapping and the attractiveness of the area as a place to live. As such, Wapping has now been recognised as a distinct sub-market within the Borough."
"Recently we have seen an increase in values in areas that are impacted by placemaking schemes and London Dock is a leading example of a new build development set to benefit from the introduction of new shops, bars and restaurants. The prime location of London Dock also enables residents to benefit from close proximity to excellent transport links, social hubs and business centres."