In a frenetic global city there are many buyers who dream of a home overlooking the River Thames – a view of water and of boats is a calming antidote to the stresses of built-up urban life.
A busy building pipeline and plenty of investment to come means buyers have an impressive crop of high-end riverside apartments to choose from, whether they prefer to be close to London’s cultural heart or prefer proximity to its great financial centres.
Recent research suggests buyers are willing to pay a significant premium for the chance to enjoy the ever-changing river – the average surcharge for a prime waterfront home stands at 19.5 per cent according to research by estate agent Savills, which compared sale prices of “front row” apartments to prices achieved up to half a mile, or a ten minute walk, away from the riverside.
The river’s edge between Westminster and Blackfriars bridges contains an extraordinary concentration of cultural institutions: The National Theatre, Hayward Gallery, and British Film Institute.
This is a lively part of town with plenty of tourists, an increasingly impressive range of bars and restaurants, both permanent and pop up, and even a summer beach.
It also possesses some of the best views across the river towards St Paul’s Cathedral and Somerset House.
Once primarily a commercial district, in recent years the South Bank has evolved into a hotspot for luxury riverside property in London.
Buyers can choose between brand new developments like the almost sold-out Southbank Place, a glamorous reboot of the postwar Shell Centre, or plump for one of the historic warehouse conversions around Shad Thames, where cargoes shipped to London’s port from around the world were once stored.
The average sale price on the South Bank is just over £940,000 according to Rightmove, making it excellent value for central London.
Some four east miles along the river from the South Bank, Canary Wharf has been on a long, slow, but steady journey towards bone fide property hotspot, ever since the late Margaret Thatcher decided to repurpose acres of derelict dockland as a brand new financial district to rival The City.
Progress was slow – and expensive – and for many years Londoners dismissed Canary Wharf as a desolate swathe of offices and not much else. But the area has matured and evolved, and Canary Wharf is now a modern destination in its own right with fast Elizabeth Line underground services to City, central London, and London Heathrow, excellent shops, live music and events at The 02, some fantastic restaurants, and a lively programme of cultural events.
In 2011 just 12,500 people called Canary Wharf home. Today that number has almost doubled, according to Tower Hamlets Council. Buyers spend an average of £611,000 on an apartment although the smartest penthouses are priced at up to £4m.
The development of Canary Wharf has been overseen by the Canary Wharf Group which is currently working on the five million sq ft Wood Wharf development, which will include a hub for tech companies. more than 4,000 new homes to rent or buy, and a whole host of new restaurants and venues.
The River Thames meanders its way through some of London’s most sought after postcodes.
Family buyers tend to gravitate towards the western stretch of the river, where they can choose from neighbourhoods including Richmond with its greener and villagey vibes. Barnes is sought after by parents thanks to its proximity to some of London’s top performing independent schools, including St Paul’s, and the bars and restaurants of Chiswick High Road. Chelsea has some particularly good and well established waterfront developments, notably Chelsea Riverside.
To the east, historic Wapping is a good place to hunt down an elegant townhouse or loft apartment in the characterful middle ground between The South Bank and Canary Wharf.
And Canada Water, which is over the river from the gleaming towers of Canary Wharf is very much one to watch. Work has begun on a £4bn redevelopment of the currently primarily industrial area into a brand new neighbourhood featuring more than 3,000 homes.
Because waterfront sites in London are extremely scarce a quality property – especially one with an iconic view of a landmark – tend to outperform other sectors of the market in good times, and hold their value when the going gets tough.
Across the board London’s riverfront properties saw 1.3 per cent price growth in the final quarter of last year, according to Savills.
The waterfront enclaves of West London are hugely popular with families, and family homes have performed better than other property classes over the past year or two.
And with huge investment going into areas like Canada Water and Canary Wharf there is hope that prices will grow there too as new amenities come on stream.
The sheer variety of homes along the River Thames is dizzying. Who could resist a charming but luxurious houseboat moored at Chelsea Reach? Or a historic townhouse on The Mall, the premiere street in Chiswick. The modern apartments of the South Bank and Canary Wharf come with fantastic residents’ amenities. And a former warehouse with plenty of original features is hard to beat. If you want to get away from it all you could even invest in a home on one of the Thames islands, or eyots, which are linked to the mainland by bridge.
Then there is the choice of neighbourhood – from established and affluent to modern and up-and-coming.
With the myriad options available buyers need sound and expert advice, not just on which neighbourhood would best suit their needs but on everything from the best riverboat services to the sometimes complex arrangements surrounding leasehold properties along the river.
With decades of experience and an intimate knowledge of every nook and cranny of London, Black Brick can make sure your waterfront buying journey is plain sailing.
We would be delighted to hear from you to discuss your own property requirements. For a non-obligatory consultation, please contact us.
