Where are London's top Millenial Hotspots?

Where are London's top Millenial Hotspots?

London recently came in 4th place overall as a UK Millennial Hotspot, however, the city didn’t perform well for affordable housing which is an important factor for Millennials.

TheHouseShop.com dug deeper to find where in London is best for Millennials to live, with a focus on affordability.

The top five London Millennial Hotspots are:

1. Redbridge - Best For Culture
2. Croydon - Best For Young Families
3. Newham - Best For Star Neighbourhood: East Ham
4. Barking & Dagenham - Best For First Time Buyers
5. Tower Hamlets -  Best For Hipsters, Foodies And Festival Heads

As housing costs have climbed to astronomical rates in London over recent years, Millennials are struggling to make ends meet. Stuck between a rock and a hard place, due to high rents and cost of living along with stagnant wages, the majority of Millennials are left unable to save for a home. Leaving many to rely heavily on the bank of mum and dad, or leave the capital altogether to get a foot on the property ladder.

Living in upper-crust areas like Kensington and Chelsea and even the hipster thick area of Hackney, would be dream locations for many Millennials, but sadly these areas are unrealistic options due to the high cost and many are finding they need to compromise when choosing somewhere to live.

The top 5 London Boroughs highlighted in the report are not without their problems, having suffered from a chequered past, crippling debts, violent crime, youth disenfranchisement and high levels of unemployment

However, things are looking up as all our hotspots are now experiencing mass regeneration, as developers realise the untapped potential for building housing, new transport networks and more community focused amenities. With house prices and rents in these areas already starting to climb as a result of this recent influx of investment, Millennials will be better off getting in on the action now, before it slips out of reach.

Nick Marr, Co-Founder, TheHouseShop.com, commented on London’s Millennial Hotspots results: “As London came in the top five for our national Millennial Hotspots 2017 Report, its only right that TheHouseShop.com delve deeper into the region, to find out which of London’s Boroughs are the best, most affordable places for Millennials to live. Although most would dream of living in areas such as Kensington and Hackney, they are unrealistic and Millennials will need to compromise if choosing to buy property in the capital.”

The results from the London report revealed that Redbridge is the best borough for affordable housing, has benefitted from regeneration and is within an easy distance of zone 1 and trendy Shoreditch, proving the area is ideal for cash-strapped Millennials.”

All of the top 5 boroughs featured in our report are experiencing significant investment and regeneration, so while prices are affordable now, they may not stay that way for long. For Millennials who want to enjoy the same type of value appreciation and neighbourhood improvement that many of their parents' generation enjoyed, these areas are some of the last locations in London that can offer a similar experience.”

Join our mailing list:

Leave a comment

Latest Comments

Scott Garnet
Scott Garnet 06 Nov 2017

If you have a patio or a porch it is important to make sure that any connecting doors are secured. Good advice for sliding glass doors is replacing the panels with storm resistant glass and getting heavier...

view article
richardrawlings 01 Nov 2017

What has not been mentioned here is the effect of not only higher interest payments, but also that these payments are less likely to be offsettable as a business cost due to the scaling back of mortgage...

view article
Kelvin Lloyd
Kelvin Lloyd 09 Oct 2017

IT is up, to the Planners. If they will only give permission for bungalows on certain (suitable) sites, they will be built.

view article
maggie swift
maggie swift 09 Oct 2017

It's just the beginning of the shocking rise.

view article
maggie swift
maggie swift 09 Oct 2017

I have recently read that the bungalows can provide social housing for elderly residents in London.

view article
zoe glover
zoe glover 05 Oct 2017

Update! Worst company I have ever dealt with. Undervalued a Cambridge property by over 100k, wont take on any evidence of valuation including a RICS valuation done 3 years ago for the very same value...

view article
Paul Edwards
Paul Edwards 27 Sep 2017

Its nonsense articles such as this that make it harder to get clients to realise just how difficult the market is out there. When you see Rightmove and there are more 'price reduced' then 'new' most days...

view article
Tom Allen
Tom Allen 20 Sep 2017

Absolutely agree with you!

view article
RyanGeo 18 Sep 2017

A sharp correction would be a less dramatic expression to use. That is already underway in certain sectors in Reading where I practice as Chartered Surveyor

view article
sean benton
sean benton 01 Sep 2017

Identity theft is a thread for any profession. So,people should stay alarmed. I once take help from a letting agent and came to know that letting agents are taking every precaution to prevent fraudulent...

view article
Mark N.
Mark N. 30 Aug 2017

We have seen a surge in instructions over August and that should continue into September too.

view article
Chris 30 Aug 2017

Unfortunately, all the legislation bears its force on Landlords and ignores, naively, the effect of Rogue Tenants on the ability of landlords to keep houses in repair and offer properties for rent at reasonable...

view article

Related stories

More articles from Property