With the rise in demand for rental properties, one wonders how is London going to meet the incoming demand for rental properties? Reports show that the Private Rental Sector is expected to grow by 22% till 2023. The development of Canary Wharf 30 years ago served as the catalyst of completely changing the East End. Tower Hamlets represents the borough that has has seen the most change, making it London’s fastest growing borough. More than 500 new tall buildings are in the pipeline across Greater London, with half to be created in East London. With the soon to be created Crossrail, the East End will be even better connected to the West.
Canary Wharf. 1992 (Left). 2017 (Right).[/caption]Who’s moving to East London?
Young professionals and couples (aged between 25 – 49) are amongst the biggest group of renters in London. This borough is made up of a diverse group of international migrants, with the census showing that 43% of the residents were born outside of Britain. This group of renters is made up of the following:
These individuals are looking for properties that are:
- Affordable
- Close to their work
A recent survey by Zoopla shows that a quarter of customers don’t use online portals when conducting their property search. Instead they rely on the other channels. One of which is receiving property updates from agents that match the criteria of properties that they are looking for. Though the use of portals is still very important for Agents to market their properties, it is just as important to develop your email marketing campaigns as well as develop your social media channels.
What should you look forward to in East London?
With the wide spread regeneration in East London, there are many new developments that are catering to the renting population. Providing more than just a home but rather a lifestyle. Here are a few developments to keep your eye on:
A BTR development consisting of 294 apartments and provides residents with luxury amenities without being in Central London.
975 homes and retail space just a stones throw from Canning Town Station.
A 65 acre space that combines living with nature.
High-end rental properties providing close links to the city.
Not working on these properties yet?
To get instructed on some of these properties, click here.
At XChange we partner with Independent Agents with an aim to empower them and to help them grow their businesses in an environment that is slowly becoming crowded by the bigger corporate agents. We believe Independent Agents have the power to close deals faster and provide the best level of service for Applicants. By helping agents access properties that they would not normally be instructed on we want to provide an avenue for these agents to perform and grow their business.
