Lewisham and Southwark topped the list of 150 regions in the UK.

Chartered accountants Hacker Young found that disposable incomes in Lewisham and Southwark grew by 5.3 per cent in the past year.

Young professionals moving into the borough are fueling the increase according to research.

The two boroughs saw their rates of disposable income rise from £19,711 to £20,756, which significantly surpassed the national average 0.5 per cent increase.

Coventry came bottom of the 150 region-list with the city’s residents having 4.3 per cent less in disposable income to spend compared to last year.

Colin Jones, partner at Hacker Young, said: “The rapid gentrification of Elephant & Castle, Bermondsey and Peckham is drawing in a wave of young professionals who now see them as exciting places to live.”

“Borough Market is bursting at the seams with visitors and has led to the creation of numerous other trendy markets across the area, such as the Druid Street Market and Peckham Farmer’s Market.

“These attractions and the opening of new restaurants and music venues have transformed these areas into genuine alternatives to already fashionable places like Hoxton and Shoreditch where real estate prices have already soared.”

“Borough, Elephant & Castle, and Peckham offer excellent transport links and short commute times into central London, and the expansion of the Night Tube looks set to increase their popularity even further.”

“The arrival of more people with healthy incomes is good news for local businesses, but it has driven up property prices which is putting pressure on lower income residents to cash out if they are homeowners. Those longstanding locals who are in the private rental sector are likely to see their rents pushed up.”

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