Tower Hamlets is the most affordable ‘fashionable’ borough in London to invest in property, according to online estate agent eMoov.co.uk.
In aid of the end of London Fashion Week and the start of the London Fashion Week Festival, eMoov looked at the most fashionable quarters in London based on nightlife, shopping, street art, cultural activities and foodie and libation destinations.
The research, based on which location offers the most affordable option for buyers as well as which has seen the largest price increase since the last London Fashion Week, showed that Tower Hamlets is the most affordable fashionable London location (£468,412). The area has seen a price increase of only one percent since last year.
In South London, Southwark and Lambeth, with average property prices of £507,766 and £533,312 respectively, were recommended as fashionable locations to live. The Southbank has an average property price of £661,240 and has experienced a two percent increase since last year. Bermondsey (£546,327), Peckham (£562,352), Maltby Street (£581,666) and East Dulwich (£635,671) follow in the list.
Hackney, which has seen a five percent increase in property price since September 2016, is home to the Stoke Newington (£685,143), Dalston (£575,084), Clapton (£603,931), Hackney Road (£487,875) and Shoreditch (£520,534), fashionable for their offerings in shopping, night life and street art.
Camden has seen an eight percent increase in property prices, with the average now at £848,580, while Kensington & Chelsea has seen as increase of 14 percent. The average property price in Notting Hill is £1,045,167, which is down three percent compared with last year, but pricing in the area has increase by 55 percent over the last five years.
Russell Quirk, founder and chief executive of eMoov.co.uk, commented: “London has always been at the forefront of fashion, and the capital is considered one of the trendiest cities in the world. Whether it’s clothing, art or a vibrant social scene, London has a lot to offer aspiring buyers.
“Unfortunately, the one downside of a place becoming trendy is that the increasing buyer demand brings with it an increasing price tag. We wanted to show potential homebuyers that there are some more affordable alternatives for property across the capital without compromising on the fashionable image that comes with it.”
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