More For Your Money: Haggerston, E2

A new star in the East

When the property boom rippled into the north London borough of Hackney, the main beneficiary was Hoxton. Just to the east is the still relatively obscure Haggerston, too rough to be everybody's cup of latte, but an up-and-coming area, destined for rampant gentrification when new underground stations open in 2010.

When the property boom rippled into the north London borough of Hackney, the main beneficiary was Hoxton. Just to the east is the still relatively obscure Haggerston, too rough to be everybody's cup of latte, but an up-and-coming area, destined for rampant gentrification when new underground stations open in 2010.

Haggerston's property stock contains a high concentration of council estates; some of these are visibly unappetising and others are clearly well maintained. There are also a few pockets of period properties, recent and new-build houses and luxury flats, and the occasional warehouse loft conversion. The large Haggerston Park and the smaller Stonebridge Park provide respite from the strong inner-city ambience. Also beneficial are a historic terrace of almshouses, a stunning former bathhouse and an architecturally celebrated modern school.

"Haggerston is sandwiched between Hoxton and Bethnal Green but lacks its own focus," says local resident and shopkeeper extraordinaire Viv Broughton. "No single place represents Haggerston in the way that, for example, Hoxton has Hoxton Square."

Broughton, who has clocked up more than 20 years in the area, says: "People move here for plenty of reasons. Many want Hoxton but can't afford it. They like the buzz of this multicultural area which is close to the City and the West End."

Broughton works on the Haggerston side of Hackney Road, in The Premises, a licensed café bistro which he owns, along with the attached complex of 24 recording studios. "About 50,000 musicians work here every year," Broughton says. Illustrious alumni include Nina Simone, Charlotte Church, Pete Doherty and drummer-cum-chef Jamie Oliver.

"I moved here because it was cheap at the time, a nice interesting friendly area," says Broughton, who wrote Black Gospel: An Illustrated History of the Gospel Sound (reissued as Too Close to Heaven).

"This part of east London has always been a mix of the quite rough and the bohemian. There is still some street crime, but it is low-level and declining. The area is definitely improving, but you have to pick your places carefully."

What properties are available for first-timers?

One-bedroom ex-council flats start at about £120,000, and one-bedroom flats in converted period houses start at about £270,000, says Jonathan Meyers, of Bennett-Walden. Cursory inspection reveals estates with windows that are boarded up, even bricked in. Agents suggest that, even with the better blocks, prospective buyers should research the properties thoroughly, visiting them at night and weekends.

What about rungs higher up the ladder?

The roads along the Regents Canal are among the most popular locations in Haggerston. Agent Blake Stanley is selling two-bed flats off Laburnum Street for £250,000. A recently built two-bed house in Gloucester Square is selling for £275,000, and a two-bed, two-bath warehouse conversion on Wharf Place, near the canal, is going for £275,000. Houses in nearby De Beauvoir Square and London Fields can be twice as expensive as their equivalents in Haggerston.

Should you test the waters?

In a slowing property market, renting before you buy might make financial sense, as it also enables you to learn more about your building and the area before you actually buy. Chris Chapman, of agent Alan Harvey, says that studio flats rent for about £150 per week, and two-bed flats overlooking the canal for between £280 and £300.

What are the ins and outs of Haggerston?

If you work in the City, legs are all you need. Buses to the West End, the City and north to the Dalston Kingsland station, on the North London Line, are frequent on Hackney Road and Kingsland Road. Underground service on the extended and upgraded East London Line will eventually link Hoxton, Haggerston and Dalston with Highbury and Islington, Crystal Palace and West Croydon.

How's the shopping?

Broadway Market in the north-east corner of Haggerston has a Saturday farmers' market, and the Columbia Road flower market is just south of Haggerston in Bethnal Green. Haggerston is also convenient for London's legendary street markets at Brick Lane and Petticoat Lane. Trendy restaurants and gastropubs intermingle with Vietnamese, Nigerian and other ethnic eateries.

How do you have fun here?

Popular with children and their parents is the Hackney City Farm in Haggerston Park, which also contains a well-maintained football pitch. The Geffrye Museum occupies 18th-century almshouses on Kingsland Road. Its collections of furniture, textiles, paintings and decorative arts is displayed in a series of period rooms, from 1600 to the present day. The museum has a contemporary wing with a walled herb garden and a series of period gardens.

Any hidden treasures?

Listed buildings are the 1904 Haggerston Baths, with distinctive ship weathervane, and the Haggerston Girls' School and School House, Weymouth Terrace, built between 1963 and 1965 and designed by British modernist architect Erno Goldfinger. His credits include 1-3 Willow Road, Hampstead, and Trellick Tower, west London (both Grade II*-listed).

And one for the pub quiz

What makes Haggerston a star buy?

Answer: Astronomer Edmund Halley (1656-1742) was born and lived in Haggerston. Halley discovered that comets have periodic orbits and gave his name to one that reappears every 76 years.

Alan Harvey, 020 8980 1111 Bennett-Walden, 020 7275 7177 Blake Stanley, 020 7254 7554