LONDON BOROUGHS: Hackney

• Hackney has a gritty, edgy reputation that it still manages to hold on to, but affluence has been long been knocking at its door. It has seen 21% business growth since 2004, nearly double London’s rate, primarily in media, technology and consulting. The locus of activity is Shoreditch.

• Concurrent major transport improvements, such as the new Dalston Junction and Dalston Kingsland Overground stations, have been a catalyst. There have also been improvements in Shoreditch and Hoxton, making the borough significantly more accessible.

• In another multi-million-pound infrastructure plan over the next three years, Hackney Wick Overground station will be made a hub destination that will offer business space, restaurants, new homes, shops, parklands and a 6,000-seat multi-use venue.

• The upshot of all the above has been a population growth of 18% over the last decade. A further 12% increase (or 31,000 extra people) is expected, the third-highest expected growth in Inner London.

• House prices have followed a similar trend. Hackney has had the fifth-highest average house price growth in London over the past decade, at 125%, and 15% growth over the last year alone. Current average house prices across the board currently sit at £606,005, the seventh-highest in Inner London.

• Some areas have much higher prices. For example, average prices in Shoreditch are around £939,996 (RM5.57 million). Investors and first-time home buyers alike would do better to avail themselves of property in more fringe areas, such as Dalston (£576,321), Stoke Newington (£540,532) and Clapton (£454,364).

• Hackney’s cafe culture, clubs, bars and cultural offering sits well with its young population which, at 32.6 years, is one of the lowest average ages. There is gentrification, but Hackney remains very much grounded in the local community, which is part of its charm. This is reflected in a number of local start-up businesses and community groups, such as Growing Spaces, Capital Growth and Growing Communities, that address issues such as a lack of green spaces.

• Hackney is home to a number of rare and ecologically important bees protected under the Hackney Biodiversity Action Plan. Local residents play their part by planting pockets of wild flowers across the area, a ‘River of Flowers’ meant to make the journey back to the hive less arduous.

Source: London living: A borough by borough showcase by CBRE

Source: CBRE London

Related stories:
London: Borough by borough
LONDON BOROUGHS: Hammersmith and Fulham