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Hackney doesn’t need much selling as a location, having developed into one of the most desirable boroughs in London with a fast-increasing population.
That much can be said for its local property market too, with the cost of renting a two-bed home rising 63% over the past decade – making it the area with the largest increase in asking rents across the country.
With such a booming property scene attracting plenty of eager tenants, it’s the perfect time to be a landlord in Hackney. The high rental growth here compares favourably with growth of 25% across the whole of London and 16% nationally over the same period.
These figures come from a new analysis of over 200,000 two-bed rental properties by Rightmove, which also revealed that London dominated the top 10 highest growth areas over the past decade.
While Hackney saw a 10-year increase of 63% (£1,755 in 2018 compared to £1,080 in 2008), Hammersmith wasn’t far behind, coming second on the list with a 59% increase in asking rent – with the cost of renting a two-bed home now £2,894 compared to £1,824 10 years ago.
With a healthy rise in both asking rents and house prices, Hackney has quickly become a higher-priced address, transforming it into a more popular, sought after location for tenants and landlords alike. The 2012 Olympics and countless regeneration projects have supported this improvement, with rents peaking in the second quarter of 2016, Rightmove figures show.
Its transport links are just as impressive, with Hackney only a 13-minute train ride to Liverpool Street and plenty of buses taking commuters to areas such as Oxford Circus, Whitechapel, Canary Wharf and Tottenham Court Road in a matter of minutes.
Properties in the area consist of Georgian houses around Clapton Square and in the streets around St John’s churchyard and its idyllic gardens. Flat-fronted Victorian terraces are also dotted around Hackney Central along with new blocks of flats and converted warehouses, making it an attractive destination for tenants.
Walthamstow, yet another desirable area that Kings Group operates in, appeared eighth on the list, with average asking rents costing £1,393 compared to £914 in 2008 – an increase of 52%. Boasting the longest market in Europe and an array of independent shops, cafes and bars, it’s no surprise that this area is on the up.
The North East London area features Victorian and Edwardian homes and many Warner purpose-built flats (terrace houses with two front doors for an upstairs and downstairs flat, with each flat having its own garden). There are also new flats in the town centre and the Blackhorse Lane area – an ideal location for small families and young adults.
With both areas appealing for tenants, landlords can continue to benefit from rising demand, leading to increased rental yields and fewer void periods.
Here at Kings Group, we can guide landlords through the letting process in North London, East London, Hertfordshire and Essex. For more information on how we can help to rent out your home, contact your local Kings Group branch today.
To find out how much you could be earning in rent each month, you can request a free instant online valuation.