In April Tower Hamlets was named as the only East London hotspot for young professionals. The data from Lloyds Bank looked at which locations saw the highest number of people from this demographic (aged between 25 and 44) choosing to live in areas. The Borough came 6th in the top ten.
For the third year in a row Hove was the most popular hotspot. This shows that the area continues to be a crucial one for businesses, particularly those involved in modern, technology focused sectors. This attracts people to live there. In addition it has the lowest average house price in the top ten at £380,326. Nearby Brighton (with an average of £383,819) also made the list at number 7.
The locations in London on the list include Wandsworth, Wimbledon, Fulham and Battersea. Of all of them Tower Hamlets was the second cheapest area. Its average property price was £526,060. Only Streatham had more affordable homes with an average of £468,161. The south London area does not offer such a great central location though.
As well as showing the popularity of Tower Hamlets the data also revealed that young professionals are willing to pay premiums to live in the most popular hotspot areas. As much as £71,000 may be spent in pursuit of this, allowing people to live in the location they want where they are close to the amenities they need such as transport links, green spaces, and leisure opportunities.
At Finefair we understand the array of things that attract young professionals to live in Tower Hamlets. It is perfectly located for workers in the City and Canary Wharf whilst offering great savings over living in both of those areas as well as more costly neighbouring locations.
Our array of services allows clients to take advantage of the popularity of the Borough. We provide services like guaranteed rent in Tower Hamlets for investors looking for assurances on their income from a property. We are a long serving provider and always offer an excellent level of service.
If you would like to discuss services with us, or need advice of any kind, please get in touch with our team.