One chart showing how Shoreditch is changing
From the mid-nineties onwards Shoreditch became one of the trendiest, most vibrant areas within London, enticing artists, musicians and other creatives. We all know it's changed a lot since then – but how much so?
Over time, as restaurants bars and other forms of entertainment opened up, the area became increasingly "cool", while its close proximity to the City attracted bankers, lawyers and other professionals.
New research by estate agents Stirling Ackroyd shows that 30 per cent of people who live in Shoreditch work in finance, while a further 21 per cent work in London's growing tech sector, and nine per cent in legal services.
And this is also reflected in income. The average annual wage of tenants who live in Shoreditch is now £69,998, comparable to workers living in Clerkenwell who take home £81,323 and those in the West End with £87,760.
"Shoreditch is now a successful business hub – the area has grown up and bought a suit," Andrew Bridges, managing director of Stirling Ackroyd, said.
"And in terms of residential rents, Shoreditch is starting to creep up in line with Clerkenwell and the West End."
But there are concerns Shoreditch has become a victim of its own success. Tech companies, small businesses and many of the bars and restaurants that help create the area's vibrancy are being forced out by spiraling rents.