Tuesday, 21 December 2010
UK house prices - Why would anyone want to live in Hackney?
Call me a snob if you like, but I have never understood why people would want to live in Hackney. I can understand why one might have to live there, but choosing Hackney over any other borough in London? That, I am afraid, I have difficulty comprehending.
My personal prejudices are not reflected in Hackney's house price to earnings ratio, which doubled in 9 years. The ratio has retrenched slightly with the collapse of the bubble. Nevertheless, the ratio is hovering around 8, which seems extraordinarily high for what was once the poorest neighbourhood in London.
Perhaps I am wrong about Hackney. If so, what am I missing?