Hackney rent now more pricey than Richmond

East London has replaced the West as the most desirable place to live in the Capital, if rental prices are anything to go by.

Hackney and Tower Hamlets have now reached the same values as traditionally popular property hotspots like Richmond upon Thames and Wandsworth.

The figures from the Move with Us Rental Index reveal the average advertised rent in Hackney is now £2,125 per month, on a par with leafy areas of Richmond upon Thames and Wandsworth, which are currently £2,195 and £2,105 per month.Average prices in Tower Hamlets now stand at £2,208 per month.

The increase of 9.15 per cent from the same time last year is the fifth highest increase in London, behind the City of London, Brent, Croydon and Westminster.

Robin King, director at Move with Us, said: “There has been a reversal of fortunes in London with new trendy neighborhoods in the East becoming the new popular places to rent in the Capital.

“New developments, property conversions, shops and a dynamic art scene together with their proximity to commuter destinations of the City and Canary Wharf have put these neighborhoods on the map as some of the most appealing places to live in London.”