The ‘dead zone’ London neighbourhood renters are unexpectedly flocking to

Towering skyscrapers, corporate buildings, and a slightly dead soul.

In many ways, Canary Wharf feels like parts of Manhattan in New York City: slightly cold, very business-like, and met with the sentiment that its primary purpose is to make money. It’s capitalism at its finest.

During and immediately after Covid, the area struggled. Businesses were pulling away as more workers moved to home-working and hybrid models.

But with subsequent investment from businesses like JP Morgan (which, earlier this year, issued a full-time return-to-the-office mandate for most of its staff), it’s been able to recover somewhat.

Now, new research has found that Canary Wharf – despite being regarded as a slightly dead zone in the past – is now the number one most searched for London location by renters looking for new digs.

It’s worth noting that Rightmove’s data is based on where tenants are searching for properties, rather than actual letting agreements signed, but it’s an indicator of how general attitudes towards the area are changing.

Clapham came in second place, followed by Fulham, Battersea, Wimbledon, and Marylebone, while prospective homeowners are also looking at snapping up property in the area, as Canary Wharf ranked seventh out of the top 10 London areas for buyers.

Housing in Canary Wharf

Now, it goes without saying that Canary Wharf comes with an immense price tag.

According to Rightmove data, over the last year, the average property here has come in at £602,850, rising further to £715,572 for terraced homes.

Things aren’t much more affordable in the renting world, as the average figure for the borough of Tower Hamlets is £2,364.

But, evidently, there are renters out there who are willing to meet this price tag for a mere chance at living in the so-called ‘Manhattan-on-Thames.’

‘I always like the idea of working there’

When 27-year-old strategy consultant Chevelle Mo first moved to Canary Wharf, she was working at KMPG. She was fresh out of university, and had always liked the idea of being based in the area, which she says was ‘very much inspired by The Apprentice.’

‘I love how accessible everything is and how there’s so much to do – it only takes a maximum of 15 minutes to get to either a really good restaurant, a cafe, the mall to do some shopping, or even a fun activity place like Fairgame or Electric Shuffle,’ she says.

‘Canary Wharf is a very safe and clean place, a community and working professional hub, and has a really good selection of stunning modern flats to live in.’ Though she’s still renting for now, she has dreams of owning a one-bedroom flat in the area one day.

Like Chevelle, 28-year-old business development executive Richard Philpot has lived in Canary Wharf since 2022.

He was first drawn to the area for its well-known status as a major business hub – and was fixated on living in a modern, community-driven apartment complex. He landed on 10 George Street, where a studio flat starts at £2,600 per month, and a one-bed £3,000.

He reflects: ‘What I like most about living in Canary Wharf is the mix of being in London while feeling like you’ve stepped into your own hub. It’s connected enough to make getting around simple, but day to day, it feels like a break from the rest of the city.

‘New areas such as Wood Wharf keep adding restaurants and shops, so there’s always something new to explore. Plus, great events and programs make the place feel like a proper neighbourhood, where I often meet familiar faces.’

Is Canary Wharf having a renting renaissance?

As Marc von Grundheer, director of estate agents Benham and Reeves, tells Metro, Canary Wharf has actually undergone a fairly impressive transformation over the last few years.

‘What was once perceived as a soulless financial district defined by glass towers is now a genuinely vibrant residential destination, and one of the most sought-after rental markets in East London,’ Marc explains.

It’s all down to investment that it’s now a place where people want to live seven days a week. As Marc says, almost everything you could possibly need is within walking distance – and that includes gyms, supermarkets, and schools.

There’s also a fair amount of green space, considering it can sometimes feel like a bit of a concrete jungle, including Mudchute Park in the nearby Isle of Dogs. Marc says: ‘The waterside setting offers a lifestyle that you simply do not find in many other parts of London.’

The connectivity is also a pull for many tenants, as Canary Wharf is well-placed on the Jubilee Line, the Elizabeth Line, and of course, the DLR and the Thames Clipper, if you fancy an alternative style of commute.

Marc says: ‘All of this together has helped Canary Wharf not only recover post-pandemic, but firmly establish itself as a thriving, desirable community where renters are increasingly choosing to put down roots and not just because of work.’

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