By Victoria Gray
The number of streets where the average house price has hit £1 million has surged in Hackney in the past five years.
Hackney’s value is on the up and up. New research by Rightmove reports that there has been a 900% increase in streets where the houses have an average value of £1m or above – or millionaire’s rows – in the area.
Dalston address which has become a ‘millionaire’s row’ is Fassett Square which is said to have been the inspiration for Eastenders’ famous Albert Square when the show began in the 1980s.
In 2020 the traditional Victorian Square is very different from the fictional Walford hub, with a newly renovated garden in its center and three bedroom terrace houses worth between £1.2 and £1.4 million pounds each.
Saylan Lucas, manager of Winkworth estate agents in Hackney, said: “A £1m pound street could typically be described as a quiet residential street within close proximity to local amenities, parks and good schools and, to a lesser degree now, stations. The architecture of the houses on the street and whether it lends itself to further development is increasingly a factor, with many opting to buy a smaller home sooner and develop as and when they can afford to; growing the home with the family.”
The coronavirus crisis has seen many people reconsidering their home set up. Having a spacious home is a high priority for many people, and Hackney is seen as somewhere where you can get ‘more for your money’ within London.
Saylan Lucas continues: “The events of this year appear to have acted as a catalyst for this mindset, with more people prepared to be less central. This means a number of buyers in the £1m bracket will be coming from potentially more expensive more central areas.”
So is now a good time to move in Hackney? Turhan Ramadan, the sales and lettings manager at Newington Green’s M&M Property, thinks so. “As one of the longest established agencies in the area, we have seen the transformation of Hackney over the last 27 years, going from an area that once was notorious and newsworthy, to now being quite the hotspot for young professionals and families.”
He continues, “the good thing about Hackney is it tends to retain its sense of community. We see tenants move from one property to the next within the area, when sizing up or down, staying put because Hackney has everything they need, all within easy reach. Some tenants eventually become buyers and some even become landlords. Will the continued growth find a ceiling? As long as Hackney keeps providing a hub that caters for one and all, I feel it will continue to attract people in. Being born and raised locally myself, I may have an element of bias, but that aside, what is not to love?”