While Shoreditch is still the go-to prefix to ‘hipster’, its status as a millennial hub is somewhat outdated. Especially when you look at the sort of people who can now afford to buy there.
“This year, Shoreditch made its way into the top 20 per cent most expensive neighbourhoods in the capital, staking a claim to be the Mayfair of the East End,” says David Fell, research analyst at Hamptons International. According to his research with figures from the Land Registry, prices have increased by almost 70 per cent over the last five years and 10 per cent of sales were over £1m.
Further research by Jennet Siebrits at CBRE shows that a third of Shoreditch residents are now earning over £60,000 a year. While Shoreditch has long been a work hub, largely textile manufacturing, now it’s the third largest tech cluster in the world after San Francisco and New York. “The area now hosts 3,200 tech firms per square kilometre, compared with the London average of 58,” Siebrits says.
Not only has this influx of workers brought new coffee chains, Michelin-starred restaurants and a Nobu Hotel and private members club The Curtain to the area, it’s also led to new homes. Developers jostle for limited space, but a fifth of all homes sold last year were new builds. Big residential projects in the pipeline include Principal Tower – next to Amazon’s new HQ – Long & Waterson with a Highline-inspired raised garden and One Crown Place, a restored Georgian terrace next to Liverpool Street station.
With Crossrail coming to the transport hub, Shoreditch High Street on the Overground and Bethnal Green tube half a mile away, it’s also one of the best connected places in the capital.
In the early stages, new homes attracted buy-to-let investors, but more and more City workers are now interested in living there.
“[The local market] is now being re-shaped and diversified by younger first time buyers and owner occupiers,” says Polat Ali, director of Hunters Shoreditch.
“The local lifestyle has also attracted downsizers migrating inwards to be close to the heart of the action, swapping period houses in Islington or further east for something smaller and easier to maintain,” says Nicole Efthymiou, head of sales at Savills Shoreditch, who adds that over two-fifths of their buyers are international, with the area appealing to students, too.
Read more: Focus On King's Cross
So what’s prompted this surge in domestic interest? Possibly, a drop in prices suggests Eric Cheung, sales manager at Marsh & Parsons Shoreditch. “We are now seeing decreases at between five to 10 per cent. This has had a positive effect on encouraging first time buyers into the area, in particular 25-30 year old City workers... Buyers are now paying £375,000 to £550,000 for a one-bedroom flat in a prime area and £1.1m to £1.2m for three bedroom houses.”
Prime spots include the Shoreditch Triangle around Columbia Road, with its famous flower market, and the nearby Jesus Green Estate, with its beautiful period houses.
Still king of the warehouse conversion, if you’re looking for spacious quarters with buckets of character, you’re sure to find it in Shoreditch.
To really delve into Shoreditch’s hip bar scene, head to Hoxton Square where you’ll find Happiness Forgets in the basement of number 8-9. Touted as one of the best cocktail bars in the world, it’s an overwhelmingly popular speakeasy style bar. For some of that ethical plant-based life, head to Essence Cuisine on Leonard Street, a newly opened vegan restaurant from LA that’s doing some pretty amazing things with not-meat. It’s also close to Redemption, an alcohol-free bar on Old Street, if you want to carry on the night as sober as you started it. If, however, you choose to jump on the booze wagon, soak it up with a trip to the Brick Lane Beigel Bake, a 24 hour institution serving smoked salmon and cream cheese beigels and salt beef, with some New York-style cheesecake to finish. Walk it off at the Geffrye Museum of the Home, a journey through British home life from 1600 to the present day that’s sure to fascinate any Hot Property reader. Or go to Rich Mix, an arts hub, music venue and cinema.
House prices Source: Zoopla
Transport Source: TfL
Time to King’s Cross: 25 mins
Time to Liverpool Street: 12 mins
Nearest train station: Shoreditch High Street
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