Hackney has been the golden area in London over the last two decades according to the latest data from Lloyds Bank. In 1996 the average house price in the area was £75,000. Twenty years later and this price was just over £605,000. This translates to an eye-watering 702% increase.
The amount people expend on their home has also risen substantially in the same period. People who purchased homes in Hackney in 1996 could have been expected to pay 3.3 times the average annual salary for their home. Now the cost is 14.2 times the average annual wage.
The rise in values shows just how popular Hackney has become. The area was formerly unfavoured and had quite a negative reputation. This changed substantially though, with the Borough becoming one of the most desirable in the whole of the capital. It is trendy and artistic, as well as retaining the diversity.
Shoreditch has been behind much of the change in attitude towards Hackney. The formerly working class area became one of the most popular hotspots in London in the mid 90s, seeing a wave of gentrification as more creative industries and individuals moved in. It proved to be very attractive to tech businesses too.
The development and transformation of Shoreditch has set such a precedent that its name is now synonymous with this kind of project. It also had a big impact on investors. They now look very carefully at areas in London to see which could become the next hot area rather than focusing on established prime locations.
At Finefair we saw our services rise in popularity alongside the transformation of the Borough. We are a leading provider of estate management in Hackney and support landlords all across the area. Our focus is on ensuring properties are kept in the best condition. We achieve this by building great relationships with tenants and arranging for professionals to take care of any maintenance needs. We are also proactive with inspections.
If you would like to find out more please get in touch with a member of our team.