Hackney becoming a top rental hotspot in London, it is claimed

East London has replaced location in the West as the most desirable place to live in the Capital, with rents in the trendy borough of Hackney becoming a new hotspot, it is claimed.

Rents in Hackney and Tower Hamlets have now reached similar levels to traditionally popular property hotspots such as Richmond upon Thames and Wandsworth, according to new data from property firm Move with Us.

The firm’s latest rental index shows that the average advertised rent in Hackney is now £2,125 per month, an increase of 9.15% from the same time last year. This is not far off the £2,195 and £2,105 per month recorded in Richmond and Wandsworth.

According to the index report 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.

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, up 8% from this time last year.

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

‘There has been a reversal of fortunes in London with new trendy neighbourhoods 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,’ said Robin King, director at Move with Us.

‘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 neighbourhoods on the map as some of the most appealing places to live in London,’ he explained.

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,’ he added.

Anthony Cornwell, 24, a PR executive, is moving to Stratford within the next few weeks. He was attracted by the area’s transport connections and its green spaces. ‘I’ve got a lot of friends in the East already. The area continues to undergo regeneration as part of the Olympic legacy, with the Queen Elizabeth Olympic Park open to the public and hosting gigs and festivals,’ he said.

‘Victoria Park is home to Lovebox music festival and the shops, restaurants, bars and casino at Westfield mean there’s always plenty going on in the social scene. Stratford’s excellent transport connections mean I will be just 14 minutes away from my office in Bank via the Central Line and it’s still easy to get to and from the West End for a night out,’ he pointed out.

‘It costs us £1,980 a month to live in Stratford in a three bed. It has definitely gone up in recent years. Compared to five years ago, living costs in this area have risen significantly,’ he added.