This is where all the bankers live (and it's not West London)

Helen Cahill
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Picture taken 12 April 2004 of the world
Posh houses in Kensington are just too pricey for young bankers (Source: Getty)

West London has normally been thought of as the residential hot-spot for bankers - but although it still houses the most wealthy people in London, the City folk have moved out.

City workers are now concentrated in the Isle of Dogs and fashionable Islington, according to data from salary benchmarking site Emolument.

Read more: Mapped: First-time buyer house prices in every London borough

Close to Canary Wharf, the Isle of Dogs has clearly become a favourite with City workers who don't want to pay the hefty price tags attached to homes in Kensington and Chelsea.

Young City workers looking to buy their first home would have to shell out £1.1m on average to nest in Kensington and Chelsea. A first-time buyer home in Tower Hamlets, however, costs an average £442,754. To find out the price of first-time buyer homes in every borough, here's a map.

Other popular locations for bankers included Battersea and Southwark, also quite close to the City or Canary Wharf.

Read more: Here is everything you need to know about house prices since Brexit

The most experienced bankers, however, do not mix with their younger counterparts, instead choosing places such as Belgravia, Pimlico, Holland Park, Notting Hill or Ravenscourt Park.

Emolument said "such areas live up to a banker's idea of the perfect home: stunning Victorian houses with leafy gardens in quiet yet fashionable neighbourhoods."

Alice Leguay, Emolument's co-founder, said: "London workers are famed for their fearless attitude to commuting. While some choose to spend a substantial part of their earnings living close or within Zone 1 - namely many foreign workers who prefer to make sacrifices in order to maintain a social life around other foreign professionals, or stay close to international schools - many will eschew cramped London for green spaces and a better quality of life."

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