However, Canning Town’s climb out of its deprivation ditch has been speedy, mainly due to its hot location less than two miles from Canary Wharf, with enough empty land to build new homes on an impressive scale.
Its transformation into a shiny new regeneration zone has seen developers lining up to fling £3.7 billion at a series of housing projects that will create 10,000 new homes and rebrand this area as a new suburb of trendy east London.
The latest convert to the delights of Canning Town is Mayor Boris Johnson. In September he committed to building 1,000 rental homes there for young Londoners.
The average price of a property in Canning Town is £342,435, well below the £500,000 London average but still more than seven times the city’s average annual household income of just over £45,000.
A third-way option between renting and buying is shared ownership, and Notting Hill Home Ownership has 42 such properties available at its Rathbone Market development. Prices start at £106,000, which will buy a 40 per cent share of a one-bedroom flat with a full market value of £265,000. Two-bedroom flats start at £136,000 for a 40 per cent share.
“We are already witnessing great changes in this part of town,” says Katie Bond, director of Notting Hill Home Ownership. “Being so close to Canary Wharf, Rathbone Market offers great starter homes for young professionals looking to start a new career in the business market but priced out of the financial district.”
The Rathbone Market project is big, and, when complete, will include about 650 homes. The area has good transport links but has suffered from a dearth of facilities. However, Rathbone Market will have 35,000sq ft of shops and cafés and at its heart is an open square which will provide a new home for the area’s eponymous market.
It will also have a community centre and a library on the site, which is on the busy Barking Road but is also close to several small parks including East Ham Nature Reserve and the tennis courts at Hermit Road Recreation Ground.
That’s that for tat
Canning Town is a long-term work in progress but its Zone 2 station, on the Jubilee line for the Tube, and on the Docklands Light Railway, provides fast links to Canary Wharf and Stratford.
Some diehard locals fear that with the changes, their original East End Rathbone Market will become a mini Spitalfields/Borough Market. Early indications are that stalls selling “cultural cuisine, retro goods, vintage clothing and ladies’ fashion” are in, while knock-off designer handbags and second-hand tat are out.
- Visit www.nottinghillhousing.org.uk/rathbone
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- Flats for sale Rathbone Market