Docklands: Enjoy London life on the river

Background

Docklands, which falls into the London borough of Tower Hamlets, Greenwich, Newham and Southwark, is one of the fastest developing areas of the city, making it the perfect place to move to early to take advantage of all the positive changes currently underway.

Situated on the River Thames, the docks in question at one time formed part of the largest port in the world and while the bustle of trade may now have quietened, there is still plenty to keep people busy in this lively part of the capital.

Today, Docklands is considered a popular place to live and as a thriving business capital, it could be the perfect place for professionals to reside if they wish to avoid a long daily commute.

Development plans in Docklands have been in action for around 30 years now and it is home to the iconic Canary Wharf, which includes the country's highest building.

As a result, people living in Docklands can enjoy an urban view and ever-changing skyline that may only face competition from cities such as New York.

Property

It may come as no surprise that property for sale in the Docklands area is relatively pricey, particularly when compared with other regions of the UK.

According to the latest Land Registry figures from January of this year, in the London borough of Tower Hamlets, where much of Docklands falls, house prices have doubled over the last ten years as the area becomes increasingly popular with buyers.

The average property price today is £339,533, an increase of one per cent on the pervious month's figures and a rise of 4.5 per cent since last year.

Broken down, people planning to buy a home in Docklands should be prepared to fork out an average of £430,092 for a detached property, £338,074 for a semi-detached pad and £362,586 for a terrace.

And choosing an apartment does not come much cheaper, with the average cost of a flat or maisonette which prove so popular with professionals standing at an average of £333,129.

Such prices could see consumers having to secure a hefty mortgage, along with saving up a sizable deposit.

For these reasons, property to rent in London borough of Tower Hamlets - and in particular Docklands - may be far more affordable.

Indeed, for a studio flat to rent in the area, Britons may only need to spend £1,361 a month, rising to £1,400 for a one-bed, £1,881 for a two-bed and £2,600 for a three-bed property.

Transport

As such a busy business district, it should come as little surprise that Docklands has excellent transport links.

While trade boats may now be a rare sight on the river, there are still plenty of means of getting around, including numerous bus routes and the Underground service.

Canary Wharf itself has a Tube station stop on the Jubilee line between Canada Water and North Greenwich.

There are also extensions planned for the above ground Docklands Light Rail and in the next few years, the area will be included in the major Crossrail link, offering fast services to Central London and north Kent.

Amenities

As a thriving business and media district, Docklands has plenty to offer in terms of amenities, from sophisticated restaurants to bustling eateries offering a quick and tasty bite to eat and glamorous bars to visit in the evening.

There are also plenty of shops to keep even the most hardened fashion addict occupied at the weekend and with the O2 Arena just down the river there are bound to be plenty of big events on the horizon.

Docklands is only set to grow as exciting developments of its waterfront area continue, which may mean now is the best time to move to the district and jump straight into life in the city.

Written by Ben Carter

Published 5th March, 2010

© 2010 Estates IT Limited