Rental market swinging from West to East in London?

 
Rental market swinging from West to East in London?

If there's one thing that can be said about the property market in London, it's that it can be a fairly unpredictable place, with prices rising in a way that is scarcely ever seen outside the capital, and trends coming and going often - a reality that is being seen in the city at the moment. 

For many years, the West End has been the most trendy and desirable place to live in London. And why not? A centre of culture and home to some of the most famous theatres and shows in the world, the West End is a vibrant and wonderful area for tenants in particular to set up home.

However, it seems that there is a large swing taking place at the moment, with East London all of a sudden becoming far more popular with those who are renting properties. 

According to data released by Move With Us this week, the price of renting a home in areas such as Hackney and Tower Hamlets has now risen to hit levels that are more in keeping with traditionally popular areas like Richmond upon Thames and Wandsworth.

"There has been a reversal of fortunes in London with new trendy neighbourhoods in the East becoming the new popular places to rent in the Capital. In particular the fashionable boroughs of Hackney and Tower Hamlet have experienced a property revival in recent years, attracting a growing number of young people looking to rent," said Robin King, director of Move With Us.

So what are the reasons behind such a rise in the number of people looking to spend their money renting in the East?

There are a number of factors at play here, with the most prominent being the fact that Hackney and other areas are so close to prime commercial regions like Canary Wharf.

The improvement in the economy, which has been taking place since this time last year, has meant more and more companies increasing their hiring intentions, and this has in turn seen more and more young professionals coming to live in the city, with most wanting to live near where they work.

It is a trend that could continue for some months to come as well, particularly with the Bank of England remaining confident of future growth of the economy.