It used to be that affordable pricing and providing people with an artistic hub was the driver of demand of properties in Shoreditch in London. In the late 90s and early 00s, this part of the capital city became famous for being an artistic hot-spot. Inevitably, this saw an increasing number of people looking to move in. This saw prices rise and a more commercial air coming to the area. The original hipsters and innovators in Shoreditch have long since moved on, out to Dalston, Hoxton and even further East. There hasn't been a dip in demand for letting property in Shoreditch, in fact, there has been a continued increase in demand.
The area is still seen as a cool and happening place to be. However, recent moves to make the area a heartbeat of the technological movement in London has seen Shoreditch gain even more exposure and interest in local properties and business space. The London Silicon Roundabout may be a title which seems a bit naff but it has provided a platform for a bustling tech community. Given the importance of technological products and the increasing importance of developments in this field, having an area where experts can work together and bounce ideas off of each other is a smart move.
While some people bemoan the fact that not enough is being down to support start-up tech companies or individual tech workers, the influx of so many major names is mightily impressive. When you have companies such as Amazon, BT, Cisco, EE, Facebook, Google, Intel, Last FM, Live Music, Qualcomm, Tweet Deck and Workshare opening up premises and offices, there is clearly something happening. These firms bring an air of expectancy, they bring a greater level of interest from smaller firms and of course, they bring people.
Large urban sculpture, Old St, roundabout to Nigel Chadwick
The Local Community Has Benefited
With all of these companies hiring staff or moving staff from other areas into this office, there has been a natural impact on the local community. Local sandwich shops, delis, restaurants, bars and coffee shops have all benefited from the influx of people coming to work in this part of the city on a daily basis. While there has been a focus on the technology impact on the area, businesses of all shapes, sizes and backgrounds have been able to benefit from these new developments.
Of course, when you give people a chance to work in area which offers a great deal of excitement and opportunities outside of working hours, you will find that many people will look to live in this area. Whether it is a boss looking to find a local pad to make long working hours bearable or an employee looking to have as much free time away from work, the demand for property in Shoreditch is continuing to rise. The fast growing tech industry in London has a new home and it is leading many people to focus on finding a new home of their own.
This creates a high level of demand in an area that has already seen demand outstrip supply for some time. Basic economics tell you what this means but when you think of other issues in the East of London in recent times, it is easy to see why the Shoreditch market is booming. The Olympic Games has had a positive impact on how all of the East is the city is considered. There is also the upcoming rail developments which will link the East and West of the city in a way that hasn't happened before.
All of these issues have had an impact on demand for property in Shoreditch and surrounding areas. The emergence of London Silicone Roundabout has only added to the pressure. New property developments and apartments are being added as quickly as they can be built and people who invested in Shoreditch a considerable time ago have a genuine chance to make a strong profit. However, the popularity of the area ensures that many people would prefer to have the property rather than the cash.