East really is the new west as Shoreditch has overtaken Notting Hill Gate in the average price for a one bedroom flat under the £1m mark.
Shoreditch now matches and overtakes Notting Hill Gate in both the price per square foot and the average price for one bedroomed flats under one million pounds, eastlondonlines has found.
Using Zoopla.co.uk to search for flats valued under a million, within half a mile of Shoreditch High Street Station and Notting Hill Gate, flats in both areas were priced at similar level. Some in Notting Hill were more expensive than Shoreditch, but it was not uncommon to find the opposite in terms of price per square foot.
One bedroom flats vary in Shoreditch from £335,000 to £725,000 and from £400,000 to £849,950 in Notting Hill but eastlondonlines found the average price of a one bedroom flat in the west to be £509,630, whereas the east came in higher at £520,380.
We also looked at the size of the flats. One two one bedroom flat currently on the market near the Bethnal Green Road in Shoreditch was priced at £1351.35 per square foot, whereas a similar flat in Notting Hill, near Sussex Gardens, was on the market for £1312.99 per square foot.
Foxtons Estate Agents in Shoreditch confirmed the increase in values of property and told us they were not surprised that the area is now overtaking Notting Hill in prices. They also remarked that they have found Shoreditch to be one the most “popular and sought-after” location in East London for buying homes.
Eastlondonlines’ findings follow a report released by the Nationwide building society yesterday, which stated that the average house price in London has increased by 18 per cent, fueling concerns of a “price bubble” in the capital.
By Polly Dennison