The banking sector is one of the most profitable industries to work in if you’re successful. We’re talking about having the ability to 'purchase small islands with your bonus' successful. For that reason, it’s not hard to see why it’s such a sought-after job.
If you happen to be already working in the UK banking sector, there’s a high chance that you're based in London. After all, it is where most of the big decisions are made regarding the economy, and areas like Canary Wharf and the City have become synonymous with the trade.
Despite London’s excellent travel connections, everyone wants to live as close to their job as possible and cut down commute times. And if you’re a banker, that means mainly living in and around the east, south-east and east-central areas of London.
So, to make sure you find the ideal London postcode to call home while you’re not hard at work making sure the UK economy ticks along, we’ve listed the best places to live in London if you work in banking.
South Quay, E14
The two major financial districts in London are the City and Canary Wharf, and it’s the latter where we begin our list. It’s not common knowledge, but South Quay is the official residential area of Canary Wharf and is the place where many of E14’s workers reside.
Bankers often desire lush locations, and this is where South Quay excels with its high-end residential developments with five-star amenities and riverside settings that manage to add an air of tranquillity among the hustle and bustle often found in the fast-paced Canary Wharf.
Rental averages:
One-bedroom properties: £1,585
Two-bedroom properties: £2,350
Distance to work:
0.9 miles to Canary Wharf
3.9 miles to The City
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Stratford,E15
10 years ago, bankers would have most likely rolled their eyes at the thought of moving to Stratford, due to a reputation that didn’t exactly scream ‘fashionable area’. That all changed, however, with the 2012 Olympics, which took place in E15.
Now there are shiny residential developments, a mega Westfield’s shopping centre, Olympic Village, and a plethora of new restaurants and shops that are all helping to increase demand in the area. Affordable rental prices are a bonus, too; certainly something to think about for junior bankers.
Rental averages:
One-bedroom properties: £1,330 per month
Two-bedroom properties: £1,770 per month
Distance to work:
4.5 miles to Canary Wharf
5.4 miles to The City
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Aldgate, EC3
Aldgate is another area that has benefited from recent regeneration. Developments such as Goodman's Fields have ramped the luxury vibes up a notch with their stylish apartments, winter gardens and on-site amenities that include a cinema room with its own popcorn maker.
The EC3 postcode has the extra advantage of being located right in the heart of the action. Don’t worry about hopping on public transport if you’re lucky enough to call one of Aldgate’s swish apartments your home – if you’re office is in the City, expect to walk to work every morning.
Rental averages:
One-bedroom properties: £3,909
Two-bedroom properties: 4,440
Distance to work:
2.9 miles to Canary Wharf
0.5 miles to The City
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Looking for more ideas? Check out the ultimate guide to the best places to live in London!
Wapping, E1W
If you want something slightly more low key, yet still within easy access to the financial districts, look no further than Wapping. This quaint area will charm you with its cobbled streets, maritime influence and riverside bars and restaurants.
The living options aren’t too shabby, either: whether it’s luxury converted warehouses or the recently constructed London Dock development, Wapping offers five-star homes. There are also restaurants, bars and shops at nearby St. Katherine’s Dock and the Tobacco Dock.
Rental averages:
One-bedroom properties: £2,143
Two-bedroom properties: £2,670
Distance to work:
2.3 miles to Canary Wharf
1.4 miles to The City
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Lewisham, SE13
If you have a penchant for modern apartments with nice views and on-site amenities, or like the idea of period properties with charm and character, then look no further than Lewisham in South-East London.
Lewisham offers convenient transport connections into Canary Wharf and Bank in less than 30 minutes and has a selection of property types. Plus, it has the benefit of offering the lowest rental prices on our list - another bonus for junior bankers.
Average rental prices:
One-bedroom properties: £1,185
Two-bedroom properties: £1,445
Distance to work:
8.7 miles to Canary Wharf
8 miles to The City
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Greenwich, SE10
Staying with South-East London, Greenwich is an idyllic area for those hard working bankers who want to enjoy greenery and village-like surroundings when they’re not slogging out 12-hour days.
Greenwich Village is the chic part of town where you can enjoy independent bookshops and period properties, while North Greenwich offers tube access, five-star developments and has the O2 Arena right on its doorstep.
Average rental prices:
One-bedroom properties: £1,440
Two-bedroom properties: £1,890
Distance to work:
5.4 miles to Canary Wharf
5.3 miles to The City
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Angel, N1
While the perception around bankers is that they like high-rise apartments and modern living, some prefer quirky and slightly alternative digs. Quirky may not be a word often associated with Angel and Islington, but it offers a certain charm compared to the usual banking hangouts.
Boutique shops, funky bars, music venues and so many dining options that you’re spoilt for choice can be found in Angel and Islington. If you work in the heart of the City, then Angel should be right at the top of your list thanks to super convenient transport options that take just four-minutes to reach Bank station.
Average rental prices:
One-bedroom properties: £1,700
Two-bedroom properties: £2,460
Distance to work:
5.3 miles to Canary Wharf
3.8 miles to The City
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Knightsbridge, SW8
Ok, so this has nothing to do with distance to work (although it’s not that far) and everything to do with status. Knightsbridge is one of the nicest - and most expensive - areas to live in London. Having a pad here is a badge of honour to say you’ve made it in the industry.
Expect to pay rental fees that are through the roof, but in return you will be afforded the highest of high-end lifestyles in the form of Michelin-star restaurants, luxury shops (Harrods, anyone?), celebrity neighbours and stylish properties, both modern and period.
Average rental prices:
One-bedroom Knightsbridge properties: £3,350
Two-bedroom Knightsbridge properties: £5,475
Distance to work:
7 miles to Canary Wharf
4.9 miles to The City
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Whether you work in banking or are just interested in the areas, we’d love to know what you think. Feel free to start a discussion in the comments below.
