Hackney sees surge in ‘millionaire’ rows
Hackney has seen a massive increase in streets with homes costing more than £1 million, according to figures from Rightmove. The research, from the property portal, shows a 900% rise in the number of streets where the average house attracts a £1 million price tag – up from three in 2015 to 30 in 2020.
Areas which have seen the biggest rise include Dalston – once dubbed Islington’s ‘poor relation’. Here, the number of £1 million streets has grown by 600% in five years. The cost of addresses near leafy and cool Victoria Park have also shot up, with a four-bedroom townhouse close to the park now costing up to £1.4 million.
Hackney is attractive to buyers because it offers more space – both indoors and out. This is a key consideration in 2020, particularly as England enters its second coronavirus lockdown, with homebuyers willing to forgo a prime central location for a roomier home.
Film locations often sell homes and Hackney is no exception. One of its most expensive streets is Meynell Crescent, where prices average nearly £1.5 million – the street featured in the film Run Fatboy Run starring Simon Pegg and Thandie Newton. Three-bed Victorian terraced homes in Fassett Square, said to be the inspiration for EastEnders’ Albert Square, also cost between £1.2 and £1.4 million.
You don’t have to be a millionaire to live in Hackney though, the average price across the borough is currently £564,000, down slightly (0.8%) on a year ago.
Nearby Finsbury has also joined the club with 24 ‘millionaire’ streets – up from just six in 2015. New high-end developments, where flats cost more than £1 million, are thought to be behind the area’s surge.
Outside London, Edinburgh is the city to see the biggest increase in streets with the price tag since 2015.
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