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Hackney named London’s rental hotspot

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18/06/2014
Hackney has been crowned the Capital’s new rental hotspot with average advertised rents in the East London borough climbing almost ten per cent in a year.

According to the latest Move with Us Rental Index, the average advertised rent in Hackney is £2,125 per month, up 9.15 per cent in the last 12 months.

Tower Hamlets, another East London borough, saw rents climb eight per cent to £2,208.

Convenient rail links to Liverpool Street, the refurbished London Overground and a reputation for trend-setting shops, restaurants and art galleries have seen young renters flock to these once undesirable areas.

Robin King, director at Move with Us, said: “New developments, property conversions 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.”

In a reversal of fortunes, rents in the traditionally desirable borough of Richmond upon Thames – a West London neighbourhood known for its family-friendly environment and ample green spaces – fell 3.47 per cent to £2,195.

Central London boroughs Westminster and Kensington and Chelsea are the most expensive places to live in London, both with average rents of over £5,000.

King said: “We expect rents in East 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.”

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