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You work in the City, your partner works in Canary Wharf, lets call the whole thing off. Or you could move to Wapping, the perfect compromise for a couple where neither party wants to sacrifice precious minutes sleeping in for the commute in the morning.
With the London Overground and National Rail station on the High Street, Wapping is only a 10 minute journey from both business hubs, which has had an effect on the sort of people buying in the area. Estate agency Savills says that, over the past few years, around 40 per cent of its business in Wapping has come from people working in either finance or insurance.
The revival of the East London line isnt the first regenerative push in the Zone One location, as much of the restoration of its waterside warehouses happened in the 1980s.
Our analysis shows that buyers on the Eastern stretch of the Thames are prepared to pay around 16 per cent more for a home located within 100m of the shore
And theres more to come. Nearby St Katharine Docks has been improving its lifestyle offering for a while now, and London Dock, a major new development by Berkeley Homes, will bring 30 new shops and restaurants and developer Ballymore is also building at Wapping Lane. All this new development has attracted overseas investment to the area for the first time, not least the Chinese, who have announced a new embassy on the site of the former Royal Mint opposite the Tower of London.
The Prospect of Whitby pub
Theres plenty of investment opportunity for UK buyers, too, with kudos from famous residents such as Helen Mirren and Graham Norton, and rental yields of 3.8 per cent. “These strong yields coupled with little oversupply and the fact there is very little scope for further residential development will help underpin values and push prices up once sentiment returns to the market,” says James Hyman, a Wapping resident and head of residential at Cluttons. “Its opposite Shad Thames, a short walk over the river, but is 20 per cent cheaper,” he adds.
According to agents at Dexters Wapping, the average rent on a two bed sits between £1,900 to £2,300 per month, increasing to £2,800 to £5,600 per month with a river view.
“Our analysis shows that buyers on the Eastern stretch of the Thames are prepared to pay around 16 per cent more for a home located within 100m of the shore,” says Frances Clacy, a Savills research analyst.
Popular roads include Wapping High Street and Wapping Wall, “home to so many stunning conversions. Ivory House is a particular favourite,” says Alex Hensley, associate sales director at Chestertons Tower Bridge, while Scott West at KFH London Bridge prefers Oliver Wharf, the first warehouse conversion in Wapping and the freehold houses in Roding Mews, Kennet Street and Spirit Quay.
Hamptons International data suggests the average home is around £700,000. “Even though prices have dipped slightly compared to last year, one in five homes sold in Wapping this year for £1m plus,” says Aneisha Beveridge, research analyst at Hamptons International.
Smith's of Wapping
Some of east Londons best kept museum secrets are in Wapping, including Wapping Old Stairs. Theyre pretty much what they say on the tin at high tide – a set of old steps leading down to the river –, but at low tide remnants of previous centuries are revealed. Its thought pirates and smugglers were executed here and the eerie spot has featured in a Tom Baker Dr Who episode. Thames River Police Museum is housed within Wapping Police Station, a working building, and tells the story of the worlds first police force. Visit by applying through thamespolicemuseum.org.uk for a tour on appointment. You can barely move for riverside pubs around this spot, but the Prospect of Whitby is a local favourite. Dating from 1520, it claims to be the oldest riverside tavern. For a bite to eat, Smiths of Wapping is a refined seafood spot on the High Street that has been attracting fish fanatics for over 50 years. For a daytime coffee, shake and a cake, Cinnamon Coffee Shop on Wapping Lane is a modern, yet cosy, spot with no frills decor.
House prices Source: Zoopla
Transport Source: TfL
Time to Canary Wharf: 9 mins
Time to Liverpool Street: 14 mins
Nearest train station: Wapping Overground
Best roads Source: Hamptons International
Most Expensive: Star Place: £1,326,364
Most Affordable: Watts Street: £432,900