Increasing numbers of Londoners pushed out of the capital by high property prices are moving to a seaside town nicknamed “Shoreditch-on-Sea”, an investigation has found.
The newcomers, many aged in their thirties, are being lured to Margate by a thriving cultural scene exemplified by BritArt star Tracey Emin and, crucially, house prices a fraction of those in east London.
In an Inside Out London report due to be broadcast today on BBC One, an estate agent shows a six-bedroom, three-storey home with two reception rooms for sale at £263,500, and a one-bedroom flat for £55,000.
An ex-council one-bed property is currently being advertised in Shoreditch at £325,000. Georgia Brown, of Parkland Estates, said: “I moved from south London and moved here to get on the property ladder.”
James Greenwood, a music producer, said: “I was in Hackney for eight years. I feel so much more free here (and) I’m able financially to build a studio, have a flat and a car for less than I was paying for one room in London.”
Rob Keyton, of Thanet District Council, told Inside Out London: “They are flooding down here, 66 per cent of people who have come down here have come from London.
"For someone selling a one-bed flat in the East End you can come here and buy a glorious six-bed townhouse.”
Margate was also recently crowned “best British seaside town” in an online awards, with voters citing its “retro buzz”.
The resort regularly hosts exhibitions by artists such as Grayson Perry and is home to the world-renowned Turner Contemporary Gallery, with artwork by Emin, who was brought up in Margate, hung over the entrance.
Attractions also include the Dreamland amusement park, which reopened last year following a £10 million renovation.
The park hosted a music festival this year called By The Sea, featuring Wolf Alice, Wild Beasts, Super Furry Animals and Bat For Lashes.
Inside Out London’s report is on BBC One at 7.30pm today