Neither the political posturing between global banking corporations and the Treasury nor the looming spectre of a possible Grexit and the knock-on effect of possible contagion are unlikely to dent soaring sales and lettings in Canary Wharf and Docklands, according Chestertons.
According to Cory Askew, Chestertons’ Area Director of Sales and Lettings in Canary Wharf and Docklands, uncertainty over job losses in the financial sector and instability in the markets caused by the ongoing negotiations between Greece and its creditors will in fact do little to shake booming confidence in the property market in the area, which has been riding high for the past 18 months and was relatively untroubled by the political uncertainty of the pre-election period.
He comments: “The Canary Wharf and wider East London property market did not skip a beat during the election period, which had a paralysing effect in many other parts of London. The cycle of public banker-bashing and successive Governments developing ever more creative ways to penalise the sector followed by threats by banks to relocate – as evidenced again recently at HSBC – no longer has the same impact on either confidence in the area or local demand for property.”
He adds: “Over the past eight years or so we have seen that, for every Lehman Brothers that has departed the field there has been a JP Morgan to take its place. Furthermore, the Canary Wharf Group has wisely diversified the businesses it has attracted to the area so as to not be over-reliant on the whims of individual occupiers. Likewise instability in global financial markets is unlikely to have a negative impact – property is often an attractive investment option during uncertain times.
“The challenge for the area now is one of sustainability and growth that focuses on improving public amenities in order to create a genuine sense of community that attracts people who don’t work in Canary Wharf or the City, but are just looking for a pleasant place to live or a sound investment for the future. I have every faith that the optimism and resilience we’ve seen here will continue.”