London has always been a mercurial sort of place, changing quickly with shifts in its populations and economic fortunes. Now comes the (unsurprising) news that two of the London boroughs with the longest industrial and working class histories have become among the capital’s top five most expensive rental areas.
It’s not surprising that this should have happened in Tower Hamlets and Lambeth, partly because of their geography (next to the capital’s prime employment locations), partly because of their legacy building stock: what were once desolate streets of warehousing, wharves and docks have lent themselves readily to redevelopment as office and residential space, creating some of the most striking schemes in London.
The quality and quantity of the surviving Victorian housing stock has also helped, alongside good amenities and ever-improving transport links. These are great places to live, and that’s inevitably reflected in the rising rents across the boroughs.
Here’s a link to Hometrack’s rental index with details of the other most expensive boroughs, and some other bits and pieces you might find interesting.
By Jaimie Beers
Jaimie Beers is Managing Director of Madley Property