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?

8 comments:

Mark Wadsworth said...

Hackney has nothing going for it AFAICS.

Ἕκτωρ said...

It's fashionable. Lots of Fulham and Notting Hill youngsters who don't want to appear as such move there, realise it's horrible and then move back.

Anonymous said...

AFAICS?

dearieme said...

Ratios have both a numerator and a denominator. It's often wise to consider the changes in each.

dearieme said...

P.S.
AFAICS = A financial and investment curmudgeon speaks.

(At least, I think it's "curmudgeon".)

Alice Cook said...

Dearieme,

Don't worry. I am going to get there.

Alice

Anonymous said...

Believe it or not but Hackney was always considered to be the posh part of the East-End!

Many parts of the borough are pleasant, Vicky Park, London fields, even Stokie, but thge population has changed radically over the last twenty-five.

The Whites, aka, the English have moved out and been replaced people from all over the world. This has happened in many other London boroughs and the downside, crime, political corruption, religious mania, outweigh the benefits by a factor of 10.

The young middle-class trendies live in Well Street or Haggerston/Dalston, which they call the 'inner-city' and socialise almost exclusiveley with people like themselves. It is de facto aparthied. A five minute tour of Hoxton would confirm this.

I like these kids, though, they do not mug, they do not rape and they do not shoot young girls queuing up for chicken and chips.

RB

btw: UK house prices are still crazy. I wonder why.

Alice Cook said...

I am going to start posting average price data for individual towns and the London boroughs.