Hackney Empire Music Hall, Built 1901 (image: Jim Linwood)
Over the past couple of months, I have been struck by the increased interest in the lettings market in the E2 / Hackney area of London.
We currently have properties in the area, in particular in a development called Acton’s Lock (formerly known as Union Wharf) – a development situated on Pritchard’s Road, in the heart of Hackney town. It was completed almost 5 years
ago, and it’s staggering to see the change in the lettings market over the years. Upon completion in 2007 the rent for a 1 bedroom property was a lot lower than expected, however every year since we have seen a steady increase in the infrastructure around the area, which has had a positive knock on effect to the rental value.
Over the last 2 months, we have had a fair amount of properties in the development become available for renewal, with 90% of tenants wanting to renew their tenancy. With this, we have seen a rapid rise in the rent achieved for these 1 bedroom properties, from achieving a rent of around £270 per week last year to now achieving around the £300 per week – an 11% increase. All of the properties that we have available in this development have stunning Juliet balconies, overlooking the Regents Canal.
Read more of this post