East London BTL Flat - Canary Wharf/Poplar area

v0n

balsingh wrote:

I'm looking around London too. Will £150k get you anything good in that area??

Atm £150k is the bottom limit for areas like Beckton. It's on it's way up now. Close to Canary, DLR, A13 for Lakeside shopping just round the corner...
http://www.rightmove.co.uk/viewdetails-6901756.rsp?pa_n=9&tr_t=buy

bmlg03922

thanks for the info so far guys but do you all think that these areas will get makeovers??? The location is great and the view are too but some of these areas do look a bit dogdy.

Would I benefit from buying here as opposed to another part of London (long term price rises etc. due to Olympics maybe)?

I am looking at a 1 bed flat as I think that is what the average Canary Wharf worker looking to rent will want. Nobody wants studios cos they are just too claustrophic!!

lynzpower

Poplar, while Ive lived round here, has never seen any major transformation althouh Nmiah will probably know a bit more. There have been umpteen efforts to "regenerate" the market area in poplar, free pitches for traders, start up grants etc, but amounted to very little. Shame though I dont think its bad round there.

One thing I would say, is in order to secure an IO mortgage you would be looking in the region of 700 a month ( complete guestimate) before voids . TBH secretaries & admin in CW would be able to afford that themselves to buy TBH.

Very occasionally, you might find a flat on the islnad itself for 150 (ish) and I would suggest they are more rentable than the poplar/ all saints end for wharf workers, but TBH with the amount of voids round here I wouldnt, and a quick browse on rightmoves rental section shows stuff like this
http://www.rightmove.co.uk/viewdetails-7073266.rsp?pa_n=1&tr_t=rent
http://www.rightmove.co.uk/viewdetails-6457276.rsp?pa_n=2&tr_t=rent
Which there are cheaper on there. Whatever you choose to buy there are some pretty cheap stuff already out there. Check your yeilds before making any decisions to proceed. Personally, I wouldnt. I think the CW bubble has burst.

v0n

On the other side of Canary Wharf, on Isle Of Dogs however there's been massive regeneration over the last 6 years, last buildings of old docks and old port storage halls on Westferry Road were demolished, new, very expensive penhouse developements followed, the area is green, modern with only few two and four storey buildings still waiting for re-deverlopement (mainly those 60ies council buildings around yacht club marina). The once concrete jungle is now looking much better than any part of East London.

balsingh

v0n wrote:

On the other side of Canary Wharf, on Isle Of Dogs however there's been massive regeneration over the last 6 years, last buildings of old docks and old port storage halls on Westferry Road were demolished, new, very expensive penhouse developements followed, the area is green, modern with only few two and four storey buildings still waiting for re-deverlopement (mainly those 60ies council buildings around yacht club marina). The once concrete jungle is now looking much better than any part of East London.

I always thought the Isle OF Dogs was pretty much 50% council and 50% private. Maybe the move has been towards private flats etc. Where did all the council placed tennants go if the council blocks have been knocked down and replaced?

lynzpower

balsingh wrote:

I always thought the Isle OF Dogs was pretty much 50% council and 50% private. Maybe the move has been towards private flats etc. Where did all the council placed tennants go if the council blocks have been knocked down and replaced?

Either in hostels, or buying in BTL flats from private investors

sparkle84

Asa canarywharf worker I would like to point out that there is no way I would live in Poplar - there are hundreds of vacant BLT flats in CW itself for rent usually at knock down prices - BTL in that area has been over for quite a few years now

nmiah786

lynzpower wrote:

Poplar, while Ive lived round here, has never seen any major transformation althouh Nmiah will probably know a bit more. There have been umpteen efforts to "regenerate" the market area in poplar, free pitches for traders, start up grants etc, but amounted to very little. Shame though I dont think its bad round there.

One thing I would say, is in order to secure an IO mortgage you would be looking in the region of 700 a month ( complete guestimate) before voids . TBH secretaries & admin in CW would be able to afford that themselves to buy TBH.

Very occasionally, you might find a flat on the islnad itself for 150 (ish) and I would suggest they are more rentable than the poplar/ all saints end for wharf workers, but TBH with the amount of voids round here I wouldnt, and a quick browse on rightmoves rental section shows stuff like this
http://www.rightmove.co.uk/viewdetails-7073266.rsp?pa_n=1&tr_t=rent
http://www.rightmove.co.uk/viewdetails-6457276.rsp?pa_n=2&tr_t=rent
Which there are cheaper on there. Whatever you choose to buy there are some pretty cheap stuff already out there. Check your yeilds before making any decisions to proceed. Personally, I wouldnt. I think the CW bubble has burst.

Lynzpower is right, there really has not been much regeneration going on in Poplar at all apart from revamping the market square. And I dont think there is much else planned either!!!! Bringing the Idea Store has not really helped that much IMHO.

However, there has been quite a few new houses being built there. Especially in the area encompassed by the A13 and Abbots Road, but I dont think its made it that more desirable. If I was a CW worker, I 'd probably choose the Island before Poplar to rent in.

Sparkle, so where do most CW workers rent in or are they all home owners!

Kruger

sparkle84 wrote:

Asa canarywharf worker I would like to point out that there is no way I would live in Poplar - there are hundreds of vacant BLT flats in CW itself for rent usually at knock down prices - BTL in that area has been over for quite a few years now

Bring it on, in my own selfish opinion, I hope this trend will continue, having just finished uni, it doesnt look like I'll be able to afford a house until at least 2030, BTL has got to be one of the worst things to happen to those born within the last 20 years, caught in the rental trap with a very dim light at the end of a very long tunnel.

balsingh

sparkle84 wrote:

Asa canarywharf worker I would like to point out that there is no way I would live in Poplar - there are hundreds of vacant BLT flats in CW itself for rent usually at knock down prices - BTL in that area has been over for quite a few years now

So where is the nearest place tro CW that you & other CW worker are preapred to live/rent????