Home Front logoQ.  I want to sell my investment property in the next year or so but the general consensus given its located on the Canary Wharf Estate seems to be to hang on until cross rail opens at the end of 2018. My worry is though that with all the new developments currently under construction mine will be dated and uninteresting to buyers looking for a swanky new pad in this thriving area, so maybe I should sell up now before the competition sets in?

A.  I hear you and actually this is a question I am being asked on a regular basis at the moment particularly by investors given the government has made buy to let less attractive and tax efficient for investors such as yourself. However I do not think you need to worry or be concerned about all the new development, particularly if your property is located within the Canary Wharf Estate itself. Currently there are only two residential buildings located on the private estate and although there are more due to be completed in the future yours will still maintain its prestigious status for sure. I also think it’s really important that you don’t compare new build with re-sales. New build will always carry a premium and generally seems to be smaller square footage. So in actual fact your property will attract a different audience. A buyer that is looking for something more affordable which resale properties offer, you will still offer the prestigious location but for a more competitive price and likely more square foot per pound too. With respect to Crossrail opening next year, yes I do absolutely agree with your comments. Crossrail is going to have a huge impact on the Wharf for sure, this new transport link is sure to secure a surge in price for anyone with a property close to the station. Crossrail Limited, established in 2001, is the company that has been set up to build the new railway that will become known as the Elizabeth line when it opens through central London in 2018. Once the railway is complete it will be handed over to TfL and run as part of London’s integrated transport network. It simply cannot be ignored that the installation of the Elizabeth line in Canary Wharf will further add to the desirability of living in the Wharf, so hold out if you can, financially it’s a no brainer.