Finefair is a lettings agent Hackney landlords put their whole faith in. We can adapt and offer a comprehensive service. Therefore our clients can be confident we are taking care of everything.
Boom in Hackney property prices
Hackney is the quintessential hotspot, full of new builds and independent businesses. The area has a vibrancy that few others can match because of large scale investment. While many areas in London have a traditional feel, this Borough feels new and modern.
The transformation of Hackney has taken several decades. In 1998 the area was the 28th most expensive Borough with an average house price 15% below the city’s average. In twenty years it has shot up the list, currently sitting 11th. House values are now 15% above the average for London, a huge 28% turnaround.
To put this in even more glowing terms, prices rose by 568% in those two decades. As a result it is the highest growth local authority in the whole of England in that period. The performance beat every other area, including established prime markets. For example Kensington and Chelsea saw a 421% rise.
What drove the change?
Hackney became a hotspot because of the impressive spending power of property owners and residents in the area. It is a very popular destination for people who work in the booming media and tech industries. This gave rise to all kinds of independent businesses, including shops, bars, restaurants, and also entertainment options. The success of these businesses was the inspiration for new job creation.
In addition developments of new housing make the area very popular. Young professionals love modern homes with all kinds of added extras. They also value the fact they can live in close proximity to all kinds of amenities and incredible transport links.
Prices continue to show impressive growth, earning 3.5% in the year to December 2017. This is impressive because the market has been through a lot of ups and downs recently. The growth beat popular areas like Islington (2%) and Waltham Forest (2.3%).
If you own a property in the area and want to work with a local lettings agent Hackney clients rate highly, choose Finefair. We also support new investors, helping them choose the perfect strategy. Don’t hesitate to contact us today.