Brought up OK around new favourite London area (7)

I believe the answer is:

stepney

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'london area' is the definition.
I don't know anything about this answer so I can't judge whether this works.

'brought up ok around new favourite' is the wordplay.
'brought up' is a reversal indicator (in a down clue, letters go up).
'ok' becomes 'yes' (OK can mean yes).
'around' means one lot of letters goes inside another.
'new' becomes 'n' (common abbreviation eg NT for New Testament).
'favourite' becomes 'pet' (synonyms).
'n'+'pet'='npet'
'yes' going around 'npet' is 'yenpets'.
'yenpets' backwards is 'STEPNEY'.

Can you help me to learn more?

(Other definitions for stepney that I've seen before include "part of East London" , "East London area" , "part of the capital" , "East London district" .)

I've seen this clue in The Times.

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