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
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.
One Bishopsgate Plaza (Heron Corporation)
| Total Number of Apartments | 160 |
| First Launched | October 2019 |
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 |
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 |
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
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