A suburban oasis in the East End of London, Mile End is fast becoming a property hot spot. As this weekend's Field Day Festival winds up, we're looking at how the property market is developing and what's drawing people to Mile End.
If you're planning to buy in Mile End, you should do it soon. Property prices have been rising and rising fast. Last year the average price of a home in Mile End increased by 24%, putting the average price 47% higher than in 2010. At £499,282, the average property price is now higher than in similar neighbourhoods Bow, South Bromley and Stepney. But, at 11.4% lower than the overall London average, the area is still popular with bargain hunters.
Suburb in the city
Mile End isn't a hipster hotspot like Shoreditch or Dalston – yet. It's a pleasantly residential area with low-key nightlife, including a good mix of traditional British boozers and trendy gastropubs. One of the highlights is Mile End Park, which is a great place to relax during the summer. The park is ideal for those who like to stay active; as well as providing the perfect spot for a jog, the park boasts a climbing wall and a sports facility with swimming pool and sport courts. Culture vultures will find plenty to entertain at the art pavilion, while foodies can indulge at a number of local places to go out for a bite. There are several high street chains such as Nandos in Mile End, alongside independent burger bars and ethnic restaurants. Columbia Road flower market is a short walk away, as is Victoria Park Village with its selection of boutiques and bistros.
Who's moving there
If you're selling a property in Mile End, you can expect interest from buy-to-let landlords and first-time buyers. Mile End is particularly popular with the under-35 crowd. Young professionals love the easy commute from Zone 2; even easier if they work for one of East London's numerous tech start-ups. Mile End is also home to the main campus of Queen Mary University London. Unsurprisingly, 20% of the area's residents are students.