Yep, there are pa-lenty of conventionally 'cool' streets in the city, populated by fashionistas but look closer and they're all chains or upmarket boutiques, underneath the indy second-hand vibe, where the prices are no different from posho West London. Typical example would be places like Broadway Market St or Exmouth St, famous for their hopping vibe but also very expensive, and hyped. Despite being in the heart of working class areas, you'll rarely see any members of that class represented. Still great to hang out in, with good food:
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Peckham is still going strong, and very in with the hipsters for the nightlife and Bussey Building, though its sister block went the way of the redevelopers (there are even two skyscrapers planned). Lots of great independent food options still, the cheapest cinema in the city and local markets -it'll be very hard to erase the 'edge' the area has too, no matter how many council blocks you populate with middle class flat-white drinkers.