East London tops West in popularity

23 June 2014

East has replaced the West as the most desirable place to live in London. Rents in the stylish boroughs of Hackney and Tower Hamlets have now reached the same values as the usual property hotspots such as Richmond upon Thames and Wandsworth.
The latest data from the Move with Us Rental Index has revealed the average advertised rent in Hackney has increased by 9.15% from the same time last year to £2,125 per month. Asking rents in the trendy borough have now reached similar levels to those seen in the leafy areas of Richmond upon Thames and Wandsworth, which are currently £2,195 and £2,105 per month.
The lively neighbourhood of Hackney has seen a steady influx of young professionals who work in the city, a trendy crowd attracted to the vibrant environment. It has experienced a revival in recent years with new shops, eateries and art galleries opening on every corner.
The borough of Tower Hamlets has also seen significant rent rises in the past 12 months with the average asking rent increasing by nearly 8% to £2,208 per month. The proximity of these East London Boroughs to the City and Canary Wharf has been a magnet for commuters. This is particularly due to their convenient rail links to Liverpool Street station from London Fields and the improvement of the London Overground which reaches Dalston Junction.
However, average asking rents in the traditionally popular boroughs of Richmond upon Thames fell by 3.47% to £2,195 per month. Despite younger renters moving to the East of the capital, Richmond is still a favourite for families with its top-performing schools, bigger houses and open green spaces.

 

East has replaced the West as the most desirable place to live in London. Rents in the stylish boroughs of Hackney and Tower Hamlets have now reached the same values as the usual property hotspots such as Richmond upon Thames and Wandsworth.

The latest data from the Move with Us Rental Index has revealed the average advertised rent in Hackney has increased by 9.15% from the same time last year to £2,125 per month. Asking rents in the trendy borough have now reached similar levels to those seen in the leafy areas of Richmond upon Thames and Wandsworth, which are currently £2,195 and £2,105 per month.

The lively neighbourhood of Hackney has seen a steady influx of young professionals who work in the city, a trendy crowd attracted to the vibrant environment. It has experienced a revival in recent years with new shops, eateries and art galleries opening on every corner.

The borough of Tower Hamlets has also seen significant rent rises in the past 12 months with the average asking rent increasing by nearly 8% to £2,208 per month. The proximity of these East London Boroughs to the City and Canary Wharf has been a magnet for commuters. This is particularly due to their convenient rail links to Liverpool Street station from London Fields and the improvement of the London Overground which reaches Dalston Junction.

However, average asking rents in the traditionally popular boroughs of Richmond upon Thames fell by 3.47% to £2,195 per month. Despite younger renters moving to the East of the capital, Richmond is still a favourite for families with its top-performing schools, bigger houses and open green spaces.

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