New Build Investor Guide – City of London

May 2021

Buying a new build property off plan? Check out our Area Guide first

Are you considering purchasing a new build, off plan property in Brent? Want to get the latest information on house prices, demographics and other useful information before you commit to a deal?

Our Area Guides give you the latest relevant information from local governments, the Census and the Office of National Statistics (ONS) data. They’re designed for offshore, new build property investors to help you understand an area in detail so you can make informed investment decisions.

Read on for investor details specifically about Brent but if it’s more detail about the wider UK property market you need, you can download our latest report here. In our report we address two key questions:

1 Is investing in UK residential property still worth it?
2 If so, where are the best opportunities for property investors and why?

City of London

The City of London (a local authority and country rather than a borough) is located in central London. Often referred to as simply the City it’s also colloquially known as the Square Mile, it’s the financial centre of the UK and Europe. The City is the smallest local authority (council) in the UK, spanning just 1.5 miles². The City is located north of the River and borders Tower Hamlets, Hackney, Islington, Camden and the City of Westminster.

Demographics

The City of London’s population is forecast to grow by 22% by 2030

Population (2018) 7,681
Forecast Population 2030 9,367

Source: data.london.gov.uk


Economically Active Population

A largely young, diverse, mobile population.

Age Range Percentage of population
16 – 64 71%
Under 15 12%
Over 65 17%
Martial Status:  
Single 51%

Source: data.london.gov.uk


Average Life Expectancy

The average life expectancy for those born in Lewisham between 2016 and 2018:

Males No data
Females No data

Source: ons.gov.uk


Population Density (2011)

The City is the 4th least densely populated inner London borough (or local authority), with 3,361 people per km2.

Source: ons.gov.uk

International Migration (2018-19)

1,232 new residents from overseas, the third lowest of all boroughs.

Source: ons.gov.uk

Country of Birth

Location of Birth Proportion of Population
UK and Ireland 64%
EU 11%
Other countries 25%

Source: data.london.gov.uk


Crime & Safety

Crime Numbers (April 2017 – March 2018)   5,473
Crime rate per 1,000 population (April 2017 -March 2018) 582
The City has the highest crime rate per 1,000 people of all inner London boroughs.  

Source: data.london.gov.uk


Education

Schools

Primary Schools 5 (1 of which have an Ofsted rating of outstanding)
Secondary Schools      4 (0 of which have an Ofsted rating of outstanding)
Schools and Colleges (16-18 years) 3 (0 of which have an Ofsted rating of outstanding)

Source: compare-school-performance.service.gov.uk


Universities

None

Hospitals

St Bartholomew’s Hospital

General Wellbeing

Population considering themselves in very good health 56%
Population considering themselves in very bad health less than 1%

Source: data.london.gov.uk


Employment & Economy

65% of working aged people employed (compared to 75% across England 74% across London).

Top 4 Sectors of Employment

Finance, banking and insurance  40%
No Data Available N/A
No Data Available N/A
No Data Available N/A

Source: data.london.gov.uk


Major Employers

In 2020, there were 300 companies in the borough employing more than 250 people and 945 companies employing between 50 and 249 people. (source: nomisweb.co.uk)

Jobs and Job density

Aproximately 2,059 residents of the City of London also work in the authority. 310,082 people travel into the borough each day for work and 2,227 residents work outside the borough. The daytime population of borough therefore increases by 307,855 people each day. (source: data.london.gov.uk).

Median Gross Annual Pay for full-time employee jobs (2017) £31,365
Number of jobs in the borough (2019)            92,000
Jobs per resident        0.49 (London average 1.03 and UK average 0.87)

Source: nomisweb.co.uk and data.london.gov.uk


Housing

Number of residential properties in the City of London 6,860

Source: data.london.gov.uk


Property Ownership (2018)

own property outright (no mortgage) 25%
own property with mortgage 17%
rent from a Housing Authority or the Local Authority 17%
rent from a private landlord (representing approximately 1,573 private rentals) 36%

Source: nomisweb.co.uk

Household with no car or van (2011) 69%

Source: nomisweb.co.uk


Household Composition

One person households    56%
One family households     35%
Other  (sharers / students etc)   9%

Source: nomisweb.co.uk


Average House Prices

House prices in the City of London are the 4th highest of all London boroughs.

Average achieved price January 2020 £773,937
Average achieved price January 2021 £781,788
Increase/Decrease  +1%

Source: www.gov.uk


Volume of Sales

During the COVID pandemic, the number of property transactions fell by 54%.

Number of residential sales to year ending September 2019 186
Number of residential sales to year ending September 2020    86

Source: ons.gov.uk


Achieved Rents (January to December 2020)

Mean monthly average rents in the borough:

  London Median Rents
(per calendar month)
City of London
(per calendar month)
Studio     £950 No data available
1 bedroom £1,200 No data available
2 bedrooms £1,450 No data available
3 bedrooms £1,750 No data available

Source: london.gov.uk


New Build Developments in the City of Lodon

Just three new build large developments are currently available for sale in the City of London.

Construction PropTech Pioneer

One Bishopsgate Plaza (Heron Corporation)

Total Number of Apartments 160
First Launched October 2019

Visit Website


Average Prices – One Bishopsgate Plaza

  Minimum Average Maximum
Price £1,300,000 £2,254,038 £4,400,000
Price per ft² £1,927 £2,288 £3,003
Area (ft²) 580 958 1,664

source: Molior

  Minimum Average Maximum
1 Bedroom £1,300,000 £1,367,500 £1,445,000
2 Bedroom £1,800,000 £2,219,643 £3,100,000
3 Bedroom £3,820,000 £4,147,500 £4,400,000

source: Molior


Barts Square (Helical)

Total Number of Apartments 226
First Launched October 2014

Visit Website


Average Prices – Barts Square

  Minimum Average Maximum
Price £770,000 £1,602,144 £4,500,000
Price per ft² £1,295 £1,679 £2,294
Area (ft²) 453 946 2,513

source: Molior

  Minimum Average Maximum
Studio £770,000 £850,000 £930,000
1 Bedroom £790,000 £949,974 £2,160,000
2 Bedroom £1,050,000 £1,615,302 £2,155,000
3 Bedroom £1,650,000 £2,651,296 £4,500,000

source: Molior


The Denizen (Taylor Wimpey Central London)

Total Number of Apartments 99
First Launched September 2017

Visit Website


Average Prices – The Denizen

  Minimum Average Maximum
Price £725,000 £1,303,391 £2,255,000
Price per ft² £951 £1,453 £1,725
Area (ft²) 544 892 1,521

source: Molior

  Minimum Average Maximum
1 Bedroom £725,000 £922,049 £1,455,000
2 Bedroom £1,010,000 £1,359,188 £1,745,000
3 Bedroom £1,750,000 £1,963,000 £2,255,000

source: Molior


Environment & Leisure

The City is is home to:

St Paul’s Cathedral
Guildhall Art Gallery
20 Gardens
The Barbican Centre – Europe’s largest multi-arts venue
The Bank of England
The Old Bailey

Transport

The City of London’s overground and underground stations are in Zone 1.

Overground Stations

City Thames Link London Blackfriars
London Cannon Street London Fenchurch Street
London Liverpool Street Moorgate

Underground Stations

Aldgate (Circle line) Bank (Central, Northern, Waterloo & City lines and the DLR)
Barbican (Circle, Hammersmith & City and Metropolitan lines) Blackfriars (Circle and District lines)
Cannon Street (Circle and District lines) Liverpool Street (Central, Circle, Hammersmith & City lines and Metropolitan lines)
Mansion House (Circle and District lines) Moorgate (Circle, Hammersmith & City lines and Metropolitan lines)
St Paul’s (Central line)  

Local Government

The Labour Party

UK market report 1536x768 2 PropTech Pioneer