Traditional hotspots such as Kensington, Chelsea and Mayfair are, according to Pan Peninsula's High Earners Report, no longer desirable places to live. These days, Tower Hamlets is more likely to be one of the top choices for wealthy workers.

The top five London locations for high earners are:

1.       Wandsworth

2.       Hammersmith & Fulham

3.       Camden

4.       Islington

5.       Tower Hamlets

Andrew Covill, sales and marketing director of Pan Peninsula comments: "As property developers, we know the importance of a good address but it should never be the deciding factor.  The regeneration of hitherto under invested parts of London means that high earners now have a better choice of quality properties all around the capital."

Sarah Street, a high earner living in Greenwich explains: "I was fed up with sacrificing my free time by wasting so much of it on a train, so decided to buy a flat near my job in Canary Wharf.  I hadn't considered living there before - years of innate snobbery made me think Fulham was the only address to have - but now I wouldn't want to be anywhere else."

This sentiment is reflected in the report. The average high earner commutes for about 59 minutes a day and 42% of these white-collar workers want to reduce this time.  To achieve this, nearly half (47%) would prefer to move house rather than change jobs or their mode of transport.

In fact, if they could cut down their commuting time by just 20 minutes each day, they would save themselves the equivalent of 8.3 days a year. And, if high earners did have extra time at home, they would reject watching more TV, cooking or entertaining in favour of reading - a huge three quarters (75%) of them named this as their preferred pastime!

Andrew Covill added: "The fact that people are choosing parts of London such as Tower Hamlets, Hackney and Southwark is great. It shows they have their priorities right and want to maximise their free time by being near their place of work."

Other findings from Pan Peninsula's High Earners Report show that high earners name London as their favourite city - ahead of New York, Sydney and Paris.  Reasons cited were the cosmopolitan make up of the city, the range and diversity of restaurants, shows and entertainment.

Find out more about Pan Peninsula at www.ballymore.co.uk/panpeninsula.com.