Hackney has become the most popular place to live in London for new buyers according to research conducted by Savills.
The research has shown that four out of five of the electoral wards with the biggest price rises – of up to 30 per cent in the £350,000 to £400,000 price range since 2007 – are located in the London borough.
Hackney is the fastest-rising borough with a plethora of bars, clubs and restaurants opening up regularly. The top spots in the area include Hoxton on the edge of the city and Hackney Marshes.
Other London boroughs that have seen a growth in popularity are Peckham, Lewisham and Brixton, who are getting buyers from surrounding wealthy areas moving in.
Experts have speculated that this is largely to do with the government’s Help to Buy scheme, with first time buyers being prompted to move into areas of the capital that they would not have considered before now. The Help to Buy scheme was put in place to help first time buyers get a foothold on the property ladder, by lowering the deposit requirements for homes with a price tag of £600,000 or below, theguardian.com reports.
Whilst speaking to telegraph.co.uk, Natalie Hall of estate agent Fyfe McDade said: “Hackney’s popularity started with Broadway Market, which was the birth of ‘Hackney Cool’, which spread into London Fields and Wilton Way, creating micro-communities with their independent delis, shops and boutiques.”