Community news and investigative journalism for Wapping E1W and Tower Hamlets London

Average asking price of property in Wapping hits £901,031

By on January 11, 2017 in Property

According to a report in today’s Evening Standard Wapping tops the league for increase in house prices during the last decade as the average asking price is now £901,031.

The reality of social cleansing on a scale never before seen in London is encapsulated in this glib paragraph from the Standard:

“Accordingly, asking prices have grown a stonking 154.8 per cent in a decade to an average of £901,031, which means it is now a location full of City types and overseas owners, while born-and-bred east enders have taken the money and run — or been priced out.”

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One-bed flat in Wapping for £498,000? Bargain! I’ll have three!

‘A location full of City types and overseas owners’?

The City types are undoubtedly making their presence felt if only by the increasing number of Range Rovers in Wapping.

Overseas owners are nowhere to be seen of course as to them a flat in Wapping is simply another form of currency and so they practise ‘buy-to-leave’ by keeping their properties empty while the homeless walk the streets outside.

New builds of flats in Wapping often see flats being sold ‘off-plan’ (before they are actually built) several times as property speculators gamble.

A walk along Wapping High Street illustrates the problem, numerous very shiny and very expensive estate agents offices, some of which work together to arrange group tours for prospective buyers from China.

When ordinary (i.e. not rich) people are forced out of areas such as Wapping where their families may have lived for generations the communities they leave are being destroyed by their forced exile.

All is not gloom and doom however. Shares in estate agents Foxtons have fallen to a record low according to a report in the Guardian after a steep dip in profits amid warnings that housing sales would fall in 2017.

This reminds LW of a joke that did the rounds during the property crash of the 1980s.

Q: “Why doesn’t an estate agent look out of the window in the morning?

A: “Because it gives them something to do in the afternoon.”

What? You thought property prices could only ever rise? Oops. Silly you.

 

 

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  1. OTE says:

    This article is written as though an increase in property prices is a negative thing… why is it negative for the value of a location to be appreciated by others and thus, reflected by an increase in the demand?

    The whole concept of being ‘priced out’ is ridiculous, people have sold up and moved somewhere else – this is their choice – just as it is for people from outside Wapping to find it a nice place to live and want to purchase a property here. If Wapping was still full of people born and bred in the East End it wouldn’t be the diverse and interesting place it is (and property would ironically not have appreciated to the extend it has)

    • Mark Baynes says:

      An increase in property prices is not in itself a bad thing. When a one-bedroom flat ex-council flat costs £490,000 and there are an increasing number of homeless people in the capital it is an obscenity.

      And I dont see how Wapping being full of people who can afford to buy a one-bed flat for £490,000 means that is suddenly becomes a ‘diverse and interesting’ place. Unless you mean diverse rich people?

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