Hackney property watch

Choice area: there are property options galore in Hackney

Hackney is undeniably a great place to live. Though this fact was once a closely-guarded secret among those in the know about the borough’s many stately squares and miles of period houses, the word is now out.

The wide range of different property types in Hackney mean there is a lot to choose from – large Georgian and Victorian houses on quiet leafy streets, canal-side warehouse conversions, modern new-build flats, and ex-local authority properties and houseboats can all be found in fairly large quantities. And the conversion of the Olympic Park into residential areas will add further to the variety of options on offer.

The size of properties tends to rise as one travels north along the ancient road known as Ermine Way (now Shoreditch High Street, Kingsland Road, Stoke Newington Road and Stamford Hill) from the City fringes to the Haringey borders.

Those travelling this journey will also notice a gradual shift from the decidedly urban industrial architecture of Shoreditch and Hoxton to the comfortably leafy neighbourhoods of Upper Clapton and Stamford Hill.

The varied housing stock is not the only thing that attracts people to Hackney. Recent transport upgrades (see above), together with a dramatic improvement in the borough’s schools, have drawn many who might have shunned the area a decade ago.

And the borough’s many parks – from Springfield Park and vast Hackney Marshes along the River Lea to the east, Clissold Park in the northwest, Hackney Downs in the centre and London Fields and Haggerston Park in the south – remain the jewels in the borough’s crown.

As an inner London borough bordering the City, Hackney is thus a choice destination, and its housing market has in recent decades ridden the wave of surging prices that has swept through the capital.

Following a wobbly period post-2008, property prices in Hackney are beginning to rise significantly, and rents remain high.

According to property website Zoopla, average selling prices have gone up over the past year, though they are still well down on their 2008 values. If you’re buying, this is therefore a good time to consider getting into the market.

For renters, the picture is still fairly grim, with the general shortage of affordable housing in the capital continuing to strain many budgets. At the same time, there is considerable variation across parts of the borough.

Average rents in N1 on the City borders are around £2,300 per month, falling to around £1,400 in Clapton (E5) and £1,500 near Finsbury Park (N4). For those on limited budget, housing associations often provide the most reasonable option, and Hackney is fortunate in having a relatively large number associations offering extensive social housing.

High rents are of course good news for prospective landlords, however, and the Hackney rental market has no shortage of demand.

‘Diversity’ has become somewhat of a cliché in recent years, yet this is still the best word to describe the plethora of property options in Hackney – something for every budget and for every taste.