Hackney is an inner London borough that has been on a journey. It was an area known for it’s poverty in the past. Like most of London it has since evolved and changed with the times. This is vital not only for the success of business but equally for culture and growth purposes too. It’s change in recent times has sparked some debate and raised a few eyebrows, alongside questions.
What does Gentrification mean for property in Hackney?
How does gentrification happen and what does it mean? It isn’t simply about poor people being pushed out of an area by rich people. Gentrification can be an opportunity for existing locals to gain wealth and grow as their area expands and thrives.
A recent Harvard study in the US called ‘Nowcasting Gentrification’ has tried to understand this very real change in towns and cities around the world. The study shows that even the addition of a coffee shop, vegetarian eatery or wine bar in an area is a sign that it is on the up. Likewise, the establishment of each new business provides growth and opportunity. This leads to more money in peoples pockets. Property prices hence start rising.
Hackney’s evolution into a great place to live
Why are people upset at the thoughts of this happening in Hackney? Unfortunately if you are afraid of change, this is a scary process. Not everybody is willing or able to move forward.
Ready or not however, Hackney has been moving. Today it is alive with trendy cafe’s and bars. The Mare Street Market is a real gem for any foodie. Tech and finance workers have also brought new jobs and housing demands to the area. The revamping of railway arches has been a huge success. Furthermore, the areas profile has been raised by some pretty big names in the acting world.
Change can be great. It can be embraced if you hop on board. The question remains however. Should gentrification of an area be frowned upon or are we simply denying the flourishing of a community if we do so?
Interested in Investing in Hackney property?
Our team sees the change in a very positive light. If you are considering investing in this very trendy part of London or have a property to sell or let, give our agents in Henry Wiltshire Bow a call. Click on the links below to get our contact numbers. We have lots of local knowledge and are on hand to answer your questions.