The top region for pay growth across the whole of the UK over the last decade was in East London, according to new research from accountancy group UHY Hacker Young.
The boroughs of Hackney and Newham saw household income grow faster than anywhere else in the UK since 2014, beating out 180 other regions.
London dominated the top of the list, as salaries boomed in the capital and areas East of the City in particular became more in-demand. Second on the list was Tower Hamlets, while Camden and the City was in third, and Lewisham and Southwark fourth and Lambeth fifth. Wandsworth, Redbridge and Waltham Forest and Westminster were also in the top 10, all seeing growth of more than 50%. The UK average pay growth was 40%.
Martin Jones of UHY Hacker Young said the tech and finance sectors powered the capital’s pay growth.
He said: “There’s been a huge increase in the levels of income in some up-and-coming areas in London. Areas that were seen as lower-income and unfashionable 10 to 20 years ago have become hotspots for growing wealth.
“The growth in household incomes seen across Hackney, Newham, and Tower Hamlets is likely to be closely linked to the number of young professionals now living there. Many of these people will be working in the technology and finance sectors in the City and its fringes – areas like Old Street and Shoreditch that are only short commutes away.”
On the other end of the table, Aberdeen was ranked last in the UK at 15.8%, well below inflation over the same period.
