Aug 17-31, 2022 wharf-life.com Property in Canary Wharf, Docklands, east London buy - rent - invest - interiors - commercial soGalmanDavidontheneedtoreformmorehomescanbebuilt Page 18 + how EcoWorld London and Poplar Harca are marking the halfway point in their Aberfeldy Village regeneration project Pages 16-17 Fast, affordable, conveyancing services Call our team on 020 7205 4021 or email cmiller@kiddrapinet.co.uk, ypatel@kiddrapinet.co.uk or mzvarykina@kiddrapinet.co.uk kiddrapinet.co.uk milestone celebrating a
marking a
The joint project to regenerate the Aberfeldy Estate in Poplar is expected to last 20 years with the latest phase reaching completion by the end of this year.This should include new public art in the area, the construction of a GP surgery, a community centre, green spaces and some 900 homes. The next phase of the redevelopment will see more than 1,500 homes, shops, workspaces and public areas created. A residents’ gym, and lounge are amenities already operating in the area. As part of the ongoing project, shops in Aberfeldy Street have been painted in bright colours with rent-free space offered to businesses and startups. While Aberfeldy Stories will only be in place temporarily, we’ve given some space on this page to showcase some of the images in the exhibition. For more information go to poplarharca.co.uk or ecoworldlondon.com by Jon Massey Scan this code to find out more about Aberfeldy Stories, which will be in place until August 31 at Aberfeldy Village Together, we will continue to truly transform Aberfeldy, making it a place where people feel proud and happy to raise their families Steve Stride, Poplar Harca
Poplar Harca, the answer is hold a giant photographyConsequently,exhibition.Aberfeldy Stories will be in place at East India Green in Poplar until August 31. The exhibition features a series of portraits of residents, business owners and community leaders shot by London-based photographer JC Candanedo.Theproject also saw locally based arts collective The People Speak, which has a base in Aberfeldy Street, collect audio stories about how JC’s subjects’ lives have changed since the regeneration project started, and about their hopes and dreams for the future.
Poplar Harca CEO Steve Stride added: “It has been a privilege for us to work with the Aberfeldy community over the last 10 years, so this new exhibition celebrating local people feels like the perfect way to celebrate this important milestone.“Together, we will continue to truly transform Aberfeldy, making it a place where people feel proud and happy to raise their families.”
how EcoWorld London and Poplar Harca are celebrating a milestone in the regeneration of the Aberfeldy Estate in Poplar W hat to do to celebrate 10 years of a regen eration project? Well, if you’re housingEcoWorlddeveloperLondonandassociation
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EcoWorld CEO Heng Leong Cheong said: “We are so proud of what has been achieved here in Aberfeldy. Over the years we have seen how Aberfeldy is a truly special place and having worked closely with our partners Poplar Harca and the local community, we know that it is the people who make Aberfeldy what it is.“To celebrate the community and their unique and remarkable stories is a fitting way to mark this major milestone, as we look forward to Aberfeldy’s next chapter and together create a place that everyone can be proud of.”
The Aberfeldy Stories portraits were shot by JC Candanedo
Property Wharf Life Aug 17-31, 2022 wharf-life.com 17 20 Years the project to regenerate the Aberfeldy Estate in Poplar is expected to last The exhibition is set up on a series of boards at East India Green
To build new housing and refurbish current stock, radical change is needed. failedgovernmentsSuccessivehavemiserably David Galman, Galliard Homes How on earth are we going to solve or even alleviate the shortage of suitable housing in the UK? The entire system and industry is far too politicised. If we are to build new housing and refurbish current stock, radical change is needed. Successive governments and local authorities have failed miserably resulting in an anti-development environment. So what are the problems and what could the solutions be? Firstly, there’s a lack of available land in suitable locations. One potential solution could be, the release of ‘’edge of green belt land’’ for sale to developers in partnership with housing associations or local authorities, at sensible, affordable prices with planning already pre-approved.Simple,clean and oven ready for development (I credit Garry Lucas of RIAA Barker Gillette, one of my lawyer pals, for this idea). The edge of the green belt isn’t particularly attractive – we will not miss the land. The treasury will raise much needed funds for re-investment in local infrastructure. I have not calculated how many new homes that this simple measure could create, but just think of the job creation a building boom like this alone couldThencreate.there’s planning. I believe we need to develop a system contrastnon-politicalthat’sintoour current arrangement, which is at breaking point. This cannot continue if we are to have any chance of creating enough social and private housing.Wealso need to make renting a sexier and long-term option. This is beginning to take shape, to be fair. The market is awash with build-to-rent projects. There is a requirement to create communities and this can be done by private developers with help from governmental bodies and investment funds. But it only happens if land is made available with planning agreements in place. Then, if rents are reasonable (and big volume builds can keep rents at sensible levels), then you will find tenants will stay medium to long-term. Take that concept further and a business – let’s call it Jess Maddison Dwellings – develops starter homes in partnership with an investment fund and perhaps a retail brand. Then JMD builds a slightly more up-market complex nearby and then a family style development. Brand loyalty keeps the tenants within the overall scheme as they move from smaller to larger properties (thanks to Luke Pledger of BGC Partners) for this plan. What’s the conclusion then? I firmly believe we need a crossparty, apolitical body to reform the way we plan and deliver housing. Institutional funds should be used in partnerships to create sustainable communities. building the future by David Galman David Galman is sales director at Galliard Homes which is delivering developments including Orchard Wharf, Harbour Central and The Stage Go to galliardhomes.com or follow @GalliardHomes and @DavidGalman on Twitter Scan this code to find out more about Galliard Homes and its developments in east London and across the capital £96 Estimate yearly saving for a family of four cutting showers from 10 to nine minutes
I n the last issue of Wharf Life, we ran an interview with Deptford-based artist Dot Young, who mentioned that she draws inspiration from the work of Nobel Peace Prize winner Wangari Maathai. The Kenyan political and environmental activist spoke in the 1970s of a hummingbird trying to put out a forest fire with tiny drops of water while larger animals disparaged it for being too small to help. It replied: “I’m doing the best I can”. “That for me is what we all should do,” Wangari said. “Be like the hummingbird. I may be insignificant, but I certainly don’t want to be like the animals watching as the planet goes down theAsdrain.”Iwrite this, London is in the grip of a prolonged period of hot weather. Grass in the capital is, where irrigation systems aren’t in place, brown and dry. A news story tells me there’s a serious wild fire in Enfield. It’s not the first of the season and it won’t be the last. While firefighters were on hand to bring this particular blaze under control, it’s a stark reminder climate change is going to play a much larger role in our lives as time moves forward. It’s also an alarm bell that the thoughtful stewardship of our planet must remain uppermost in ourTominds.thatend, here are a few ideas – drops of water from the hummingbird’s beak – that may only make a tiny difference in isolation, but could have a significant cumulative effect. Better still with eye-watering bills associated with the cost of living crisis, they might even save your household some money. spare a minute to think about some small measures you could take to help the enviroment in your home by Jon Massey waste not rubbish responsibility Why not take inspiration from Indian lawyer Afroz Shah, who together with his 84-year-old neigh bour, began a project to clean up Mumbai’s Versova beach off his own back? Deal with your own rubbish at home responsibly, sure, then consider disposing of one extra piece of litter in a public space every day, regardless if it’s your job to do so.
shop smart buy produce not plastic
While Tower Hamlets and Newham are not exactly awash browniesablytoadvicepackedwaste,intoschedulesellingpackaging-freewithshopsgoods,whynotaregularvisittheArtOfZeroLivingGreenwichMarket.Dedicatedtocuttingthisplaceiswithideasandonsmallwayslivemoresustain(andreallygoodaswell).
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Property Wharf Life Aug 17-31, 2022 wharf-life.com 19 get generating ghost hunting wet work produce, use and sell your own electricity track down phantom power and eradicate it just save as much as you can
While the large number of flats in east London make arranging domestic generation difficult, that doesn’t mean it can’t be done and, with the cost of energy at an all-time high, there’s no better time to look into such systems. While it remains the case that it takes about 14 years to break even on a solar panel installation, high energy prices can mean a big saving on bills if you can focus your energy use primarily during daylight hours. Currently, price-capped deals mean consumers are spending about 28p per kwh on the electricity they use. A standard home solar system can be expected to knock between £165 and £405 a year off bills, while also generating income from excess energy that flows back into the National Grid at a rate of around £110 a year.While tariffs and deals are variable and there are a lot of things to watch out for (never borrow money from the installer to put up solar panels, for example), the maths around solar is improving and you’ll be doing a little bit extra to help the planet.
Toilet flushing is about a third of all household water usage – you probably flush as much in a day as you drink in a month, so consider getting a low-flush or dual-flush toilet installed. Failing that, use a water displacement device in the cistern and get any leaks fixed as soon as you notice them. Toilets aren’t meant to run all theShowerstime. are better than baths, but still use about 100litres in 10 minutes (the average shower time). Cut that to nine and a family of four could save about £96 a year on energy and metered water bills and 11,648litres of water. Also, take a bucket into the shower with you and use the water collected (grey water) to give plants a drink in hot weather. While the Royal Horticultural Society doesn’t recommend this as a permanent solution to watering, it says a month or two will be fine provided you’re not using the grey water on foodOh,crops.andfix dripping taps – you could save 26litres of water a day.
save
Why not take a bucket into the shower with you and use the grey water to give plants a drink in the heatwave?
water, power, cash
Here’s a fun game – go through your home and find all the appliances and devices in it that have a light on or a display lit up. While they’re not using huge amounts of power, they will be using some, a steady dripdrip-drip of energy and cash and for what? So you can walk into the kitchen and get the time from your microwave? So you can sit down and simply prod a remote to make the television come on? Or perhaps you like the immediacy of being able to wiggle a mouse for your computer to burst into life? Very few things in your house need to be on standby and having them in such a state or readiness has little practical benefit. While my grandma’s behaviour, which involved walking round her home flicking every plug socket off at night, empty or otherwise to stop the electricity leaking out of the walls, may have seemed over the top, suddenly there’s a sound financial reason for keeping things in the off position. The savings won’t be immense, but just imagine the difference it could make if thousands of people joined in. There’s a drought, hosepipe bans are coming and, to be honest, water is a precious resource and should be looked after – so here are a few things to think about.
A lack of supply in the property market is continuing to underpin prices, according to a recent report. The latest UK Residential Market Survey from the Royal Institute Of Chartered Surveyors (RICS), found that while buyer demand had dipped in July, stock levels on estate agents’ books remained close to an all-time low, with little change in the number of valuations its members were undertaking. The report said sales expecta tions among RICS members for the next year had fallen monthon-month from a net balance of -21% in June to -36% in July – the lowest since March 2020 when the UK went into lockdown due to the Covid-19 pandemic. Also declining were surveyors’ new buyers inquiries, which fell for a third month in a row with a net balance of 25%. The research, which was conducted before the Bank Of England announced that it would be raising the base rate of interest from 1.25% to 1.75% – the largest hike since 1995 – did see a balance of 63% of RICS members report a house price increase for July. “Amid a backdrop of sharply rising living costs, slowing economic growth and higher interest rates, it is little surprise that housing market activity is now losing some momentum,” said Tarrant Parsons, RICS senior economist.“Withmonetary policy set to be tightened further over the coming months, sales expectations point to a further softening in trans action volumes going forward. Nevertheless, with respect to house prices, limited supply available is still seen as a crucial factor underpinning the market.” RICS’ headline house price balance fell to 63% (respondents reporting a rise) – its lowest figure since February 2021, but well above the survey’s long-run average of 13%. In the lettings market, the report found tenant demand continued to rise with a positive balance of 36% of surveyors reporting an increase.WithRICS members also reporting a slight fall in the number of new instructions –meaning a reduction in supply – the report said rents were expected to continue to climb higher over the near-term with all parts of the UK including London expected to see further increases as the year progresses Go to rics.org for more information why RICS’ latest survey shows a cooling market, propped up by an ongoing lack of property supply Amid a backdrop of sharply rising living costs it is little surprise that housing market activity is now losing some momentum Tarrant Parsons, this code to read RICS’ latest UK MarketResidentialSurvey Positive balance of surveyors that reported a rise in rental prices in July 22 by Jon Massey the toeconomyexertpressure
A lack of supply in the property market across London is likely to prop prices up in the short term
36%
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RICSScan
The development includes access to a recently refurbished residents’ pool
Cyclops Mews, E14 Guide: £750,000 - freehold
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Find out how much your home is worth with Alex Neil here featured property
This three-bedroom house is located in a secure gated community on the western edge of the Isle Of Dogs. The property, which is offered to the market on a chain-free basis, comprises a driveway, a garage, a bedroom and a WC on the ground floor, a reception room and a separate kitchen on the first floor and two bedrooms and a family bathroom on the top floor. Residents at Cyclops Wharf benefit from access to a recently refurbished swimming pool, a gym and a 24-hour concierge service. The house is within walking distance of Mudchute DLR and there are several bus routes that connect it to Canary Wharf. Go to alexneil.com
The property has three bedrooms and two bathrooms
for more about this property or similar homes on the agency’s books
contact Alex Neil on 020 7537 9859 or email canarywharf@alexneil.com
SpencerHelloFortag Docklands
“Tell me what is happening to the Docklands property market”, asked the friend of a friend at a recent do I went to in Docklands (after finding out I was an agent in IDocklands).alwaysreply, “It depends if you are buying, selling or both”. The Docklands property market is like a seesaw. For the last two years, it has been quite firmly in the realms of a 90% seller’s/10% buyer’s market. However, unless you are a Docklands buyto-let landlord, Docklands first-time buyer, or executors selling a deceased person’s estate, most home movers are both (i.e. they are both sellers and buyers). So, what determines where we are on the seesaw of a seller’s market or a buyer’s market?
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To show this, initially, I will go back to 1995 to ascertain what has happened to average house prices over the long term in Docklands. The average Docklands house price has risen from £77,496 in 1995 to £545,401 in 2021, a growth of 603.8%. Interesting, when you compare that against the national figure of 407.2%. Also, looking at where our local authority stands against other areas, we are 19th out of 331 local authorities in England & Wales for house price growth.
It’s called the property ladder for an excellent reason, and the health of the whole Docklands property market is very dependent on those bottom rungs of that Therefore,ladder. looking at the data for our local authority, paying particular attention to the lower end (in terms of price), some intriguing data comes to light. It is crucial as the lower end of the property market (in terms of price) is a good bellwether for the whole Docklands property market.
Continued on page 2
It comes down to simple supply and demand economics. i.e. the number of properties on the market versus the number of buyers in the market. Like when someone sells goods or services, it’s the same with property. So, when we have a low supply of properties on the market and high demand for properties to move into (like we have had for the last two years since the end of lockdown one), house prices go up. Docklands house prices are 6.4% higher than a year ago. The other side of the coin was seen in the Credit Crunch years of 2008/9. Many people wanted to sell their houses in Docklands, yet the banks weren’t lending, so people couldn’t buy. This meant the supply of property on the market exceeded demand; hence Docklands house prices dropped by 16% to 19% in 18 months (depending on what type of property you were selling) as we had a 20% seller’s market / 80% buyer’s Whilstmarket.demand and supply are the key driving force on the balance of the buyer/ seller’s market seesaw, it is not the only influencer of the property market. The price band is also an essential determiner of house prices, albeit over the longer term.
PROPERTY MARKET NEWS August 2022www.docklandspropertyblog.com Canary Wharf
So, I looked at the following … 1.Lower 10th Percentile of the Docklands housing market – i.e., the bottom 10% in terms of the value of properties sold – e.g., small apartments I started my property career working for an independent estate agent in the Wapping area. Since 1994 I have been based in and around East London. I started my own company in 1995 and it has grown from humble beginnings to become a well respected sales, lettings and property management agency operating in the Docklands and East London areas. Then in 2007, I opened my first branch in the Medway area. I am proud that we now have three branches in Kent. My operation is set to expand in 2020 and beyond.
I am a long term member of both the NAEA and ARLA and a former Regional Representative for the latter. As the owner of a growing residential and commercial property portfolio, I understand well the trials and tribulations that property owners go through. I have well over 20 years experience of regenerative Dock’s areas and specialise in new development reporting. I am happy to advise you on all aspects of property. So, if you are looking at your first buy-to-let (even if it is with another agency), or have trouble with a tenant, feel free to contact me. I offer honest and impartial advice. property prices have risen by 603% since 1995
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The thought I am trying to get across to every Docklands homeowner/buy-to-let landlord is that there isn’t just ‘one’ Docklands property market. There are markets within markets - almost like a fly’s eye. It is essential not to look at just the headlines but delve deeper when considering what is really happening and not to just look at the overall averages. As we enter the height of the summer, the Docklands property market seesaw has started to change ever so slightly, changing from the 90% seller’s/10% buyer’s market we have had in the last two years to more of a 70% seller’s/30% buyer’s market.
With that in mind, if you can spot trends before anyone else is aware of them you could find yourself some potential Docklands property bargains.
If you are in the area feel free to pop into the office which is based at Landmark Estates, 264 Westferry Road, London, E14 3AG
• The average value of a Docklands property sold in 1995 in the lower quartile (i.e., the bottom 25% of the Docklands property market) was £42,250, and in 2021, it was £375,000, a growth of 787.6% (compared to the national average of Some417.7%).ofyou might be asking yourself, what do all these different figures mean to the Docklands homeowners, firsttime buyers and landlords? As the overall average is below the lower 10th percentile and lower quartile growth figures, the lower end market in Docklands has performed better than the middle to upper end in terms of house price growth since 1995.
Would you like to know how much your property is worth without having to speak to a pesky estate agent? We are offering a FREE and INSTANT online valuation service. Simply visit: Https://valuation.lmlondon.com enter your address and hey presto, a current rental and sales valuation.
T: 020 7515 0800Spencerwww.lmlondon.comFortag Sales Director Continued from page 1 For your free Docklands property reports visit: www.docklandspropertyblog.com and ex-local authority properties in the less popular areas, which mainly attract buy-to-let landlords.
• The average value of a Docklands property sold in 1995 in the lower 10th percentile (i.e., the bottom 10% of the Docklands property market) was £30,500, and in 2021, it was £308,000, a growth of 909.8% (compared to the national average of 428.4%).
www.linkedin.com/in/dockside-property-services-88b45339/www.facebook.com/LandmarkEstates/www.twitter.com/Landmark_E14 Docklands’ Millennials to Inherit £106,033 Each From Their Baby Boomer Parents The total value of homes owned by Baby Boomers in Docklands alone is £1,532,379,849 – and two-thirds of the Docklands Millennials are set to inherit all that in the next few decades! Could this be the answer to the housing crisis? Could Docklands Millennials live it up for the next few decades, safe in the knowledge they will get a huge lump sum to pay off their debts and buy a house with what is left? For more Dockside Property News check www.docklandspropertyblog.comout THISSCANwww.docklandspropertyblog.comMEANDREADFULLARTICLEAT...
… and if one looks at our figures for Docklands and the whole local authority, you can see the three parts (lowest 10% / lowest 25% and overall average) have performed quite differently.
2.Lower Quartile of the Docklands housing market – i.e., the bottom 25% of Docklands property in terms of their value, e.g., first-time buyer homes and mid-market buy-tolet property.
One place for more information is my Docklands Property Market blog. If you are a landlord or thinking of becoming one for the first time, and you want to read more articles like this about the Docklands property market together with regular postings on what I consider the best buy to let deals in the Docklands area, then it is well worth reading. You can also email via spencer@lmlondon.com
GIVES YOU MORE POTENTIAL BUYERS, WHICH MEANS A BETTER PRICE FOR YOU. Call Felicity J Lord Canary Wharf on 020 7987 6776 or visit fjlord.co.uk/flink to learn more. Properties throughout Docklands, South and East London Call us now for a free, no obligation valuation 020 7515 0800 valuation@lmlondon.comwww.lmlondon.comREQUEST A VALUATION 020 7293 wharfads@trinitymirror.com2247 Advertise on this page be part of the Canary Wharf conversation To advertise here call 07944 000 144 or email jess.maddison@wharf-life.com Fast, affordable, conveyancing services Call our team on 020 7205 4021 or email cmiller@kiddrapinet.co.uk, ypatel@kiddrapinet.co.uk or mzvarykina@kiddrapinet.co.uk kiddrapinet.co.uk Call 020 3941 9966 for a free valuation The market is moving, isn’t it time you did? Estate Agents - Professional Services - Classi eds Wharf Life is published by Massey Maddison Limited and printed by Ili e Print Cambridge. Copyright Massey Maddison Limited 2021 In regard to advertising material submitted by third parties and printed in Wharf Life, each individual advertiser is solely responsible for the content of such material Massey Maddison Limited accepts no responsibility for the content of advertising material, including, without limitation, any error, omission or inaccuracy therein Photographers of all ages and abilities are invited to enter the Canary Wharf Photography Competition, with the chance to win up to £1,500 in Canary Wharf Gift Cards. There are four adult categories this year –Art & Architecture, Transport & Travel, Up Close and Personal with Nature & Wildlife and Water. There are also two Junior contests for ages 5–11 and 12–17 with gift card prizes of £250 plus a camera. The deadline for submissions is 16th September at 5pm. Go to canarywharf.com/photography to enter Photography Competition 2022 Win up to £1,500 in Canary Wharf Gift Cards Wharf Life Aug 17-31, 2022 wharf-life.com24
Wharf Life Aug 17-31, 2022 wharf-life.com 25 How much is your property worth? If you are thinking of moving then please call to arrange a free, no obligation valuation of your property Canary Wharf & Docklands | 020 7537 9859 alexneil.com Bagshaw Building, E14 £1,160,000 Two Bedrooms Apartment Stunning Views Private Balcony Onsite Facilities Transport Links St. Davids Square, E14 £800,000 Five Bedrooms Town House Private DevelopmentChain Free Concierge Facilities West India Quay, E14 £800,000 Two Bedrooms Apartment Stunning Views Concierge service Underground ParkingTransport Links Barnsdale Avenue, E14 £750,000+ Three Bedrooms Town House Driveway Garage Garden Catchment Area Cyclops Mews, E14 £750,000 Three Bedrooms Town House Gated FacilitiesDevelopmentConciergeChainFree Clutton Street, E14 £650,000 Four Bedrooms Town House Stunning Garden Well Presented Scope To Extend Transport Links Taeping Street, E14 £600,000 Two Bedrooms End of Terrace Beautifully PresentedWest Facing Garden Parking Fantastic Location Callingham Close, E14 £575,000 Three Bedrooms Terraced House Garden Cul-De-Sac Chain Free Transport Links Taeping Street, E14 £600,000 Two Bedrooms End of Terrace Beautifully PresentedWest Facing Garden Parking Fantastic Location
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