When you’re 24, have £6 million in the bank, and want to buy your first home, where do you look? Not on the same street as your parents, it turns out.

Young millionaires in London today are rejecting the traditional postcodes favoured by their parents and grandparents, and are instead turning towards emerging hotspots in the east and north of the capital.

“Rather than buying in pricey Knightsbridge or Mayfair, today’s ultra-rich are seeking out the up-and-coming areas of tomorrow, such as Hackney,” explains Claire Reynolds of Savills’ prime central London office. The number of celebrities buying houses in east London has shot up in recent years, with Keira Knightley purchasing a treehouse-inspired penthouse in Shoreditch and Ed Sheeran also said to own two flats in the area worth £1.45million.

Savvy millennial buyers, Reynolds adds, are willing to move somewhere more edgy, in the hope that property prices will rise. Once these areas gentrify, adds Liam Bailey of Knight Frank, the older generations begin to follow.

So where, and in what, are millennial millionaires investing their money?

Move over Mayfair

Research by Knight Frank has revealed the favourite areas of ultra-rich millennials (those born after 1977, according to the Centre for Generational Kinetics). In London, these hotspots are around Southwark, Bermondsey and Aldgate, where they made up the highest proportion of prime property sales last year. Next most popular are Tower Bridge and Wapping.