A PROPERTY hotspot list devised by an upscale estate agency has discovered Shoreditch and Clerkenwell.
Years after creatives from all over the world made their homes, and often their businesses, down the ’Ditch and in the ’Well, Knight Frank — “the world’s largest privately owned global property agency and consultancy” (© Knight Frank) – has added the districts and the City to to its Prime Central London list, which has been tracking luxury property prices since 1976. Gráinne Gilmore, UK residential research chief at Knight Frank, said: “This is the first addition to the index since 2007… and means that the Square Mile and Shoreditch are in the top echelons of London property, alongside Belgravia, Mayfair and Knightsbridge.”
Gilmore said the demand for accommodation in Shoreditch stemmed from the Old Street roundabout tech hub and the Crossrail link (which is due to open in 2019 at a cost of at least £5 billion). Clerkenwell and Shoreditch prices had almost doubled over the last decade, partly because of growing interest from overseas and because of the conversion to flats of lofts close to the City and West End.
Gilmore added: “Even five years ago many City workers would not have considered living in Spitalfields or Shoreditch, despite the flourishing entrepreneurial hub that had emerged there.”
Shoreditch, and Hoxton, came to media notice when Tracey Emin, Damien Hirst and other BritArt names joined Gilbert and George at the City’s fringes, followed by young people in the creative digital business. Affluent City workers then felt confident enough to buy there, despite ShoHo’s grittiness (paradoxically, the factor that had helped to kick off the area’s popularity).
Even the arrival of more celebrities in search of property or parties, among them Jarvis Cocker and Pixie Geldof, has failed to dent ShoHo’s desirability with the über-stylish. Perhaps Knight Frank’s belated accolade will do that.