Has Shoreditch lost its cool?
Goodlord's data has revealed that a massive 83% of people moving out of their East Central homes during 2018 relocated to a different area of London, with only 17% deciding to stick around despite its reputation as a creative enclave boasting trendy neighbourhoods such as Shoreditch and Hoxton.
We analysed 60,000 tenancies processed through our online platform to see where people were moving from and to across the capital. We found that, of those renters waving goodbye to East Central, they were most likely to move further East or to South East London.
Putting down roots in Peckham
As well as attracting the tenants abandoning East Central, renters in East and South East London were the most likely to stay within the same area; with 61% of renters in South East London choosing to stay local when they moved. The South East includes increasingly popular neighbourhoods such as Bermondsey and Peckham. East London and South West London were the next most popular areas with renters, with 54% and 53% of people respectively choosing to keep living in these areas when they moved.
But it’s a different picture on the other side of town. For renters moving out of their homes in either North and West Central London, the data shows a lack of appetite to stick around. Only 22% of renters remained in North London when they moved home, with only 26% choosing to remain in West Central London.
“It was surprising to see such a strong trend amongst those living in Shoreditch during 2018, giving its reputation as one of the capital’s most vibrant areas," says Goodlord COO and co-founder Tom Mundy.
"Despite the average salary of tenants in East Central East Central rising by almost 7% during 2018 - the highest salary increase throughout London - the vast majority traded in their proximity to Central London and some of the capital’s best nightlife in order to move further East or towards the South Eastern boroughs," he says.
“With Londoners renting for longer, we are seeing more people experimenting with different areas of the Capital as they look to put down roots. The East, South East and South West are clearly engendering the greatest levels of loyalty amongst Generation Rent.”
This story was originally published in Time Out