Rents in the London boroughs of Hackney and Tower Hamlets are now reaching the same values as the traditionally popular property hotspots such as Richmond upon Thames and Wandsworth.
The latest data from the Move with Us Rental Index has revealed that the average advertised rent in Hackney is now £2,125 per month, an increase of 9.15% from the same time last year. 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.
Hackney has seen a steady influx of young professionals who work in the city and 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 now standing at £2,208 per month. This is a jump of nearly 8% from this time last year. Move with Us said 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.
Robin King, director at Move with Us, said: “There has been a reversal of fortunes in London with new trendy neighborhoods in the East becoming the new popular places to rent in the capital. In particular the fashionable boroughs of Hackney and Tower Hamlet have experienced a property revival in recent years, attracting a growing number of young people looking to rent. New developments, property conversions, shops and a dynamic art scene together with their proximity to commuter destinations of the City and Canary Wharf have put these neighborhoods on the map as some of the most appealing places to live in London.
“We expect rents in the East of London to continue catching up with the boroughs in the West which have been conventionally popular with families, as more and more people shift to the up and coming areas of Tower Hamlets and the ultra-trendy Hackney.”
