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.”