Home Residential Property Rents in cool east London now more expensive than west London

Rents in cool east London now more expensive than west London

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18th Jun 14 10:27 am

Rents in trendy east London hotspots are now overtaking those traditionally popular wealthy areas in west London, according to a study.

Flats and houses to rent in Hackney and Tower Hamlets are rising rapidly, up 9% in Hackney in the last year to an average of £2,125 a month.

Tower Hamlets has seen a similar boom, with rents up 8% to £2,208.

This is more than rental values in former “yuppie” neighbourhoods Wandsworth and Richmond. Rents have stayed the same over the last year in Wandsworth, at around £2,105, while falling by 3% in Richmond to £2,195.

Robin King of Move with Us, which carried out the study, said: “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.”

The rise in young workers looking for cheap accommodation near the City and Canary Wharf could ironically be part of the reason for rent hikes. Plus, new arts and culture hotspots and east London’s edgy reputation contribute to the area’s “coolness” factor.

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