New Build Investor Guide – Westminster
Apr 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 Westminster? 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 to find out more about Westminster and if it’s more specific information about the off plan purchase process you need, download our informative Investor Guide to UK new build property here.
Westminster
One of thirteen inner London boroughs and covering an area of approximately 8.3 miles², the City of Westminster lies immediately north of the River Thames. The borough borders the City of London, Camden, Brent, Kensington and Chelsea, the Thames. A world-renowned destination, home to the UK Government and the Royal Family, Westminster attracts millions of tourists a year and contributes £55bn per year to the country’s economic output. (source: Westminster.gov.uk).
Demographics
Westminster’s population is forecast to grow by 8% by 2030
Population (2018) | 254,375 |
Forecast Population 2030 | 274,812 |
Source: data.london.gov.uk
Economically Active Population
A largely young, diverse, mobile population.
Age Range | Percentage of population |
16 – 64 | 72% |
Under 15 | 11% |
Over 62 | 16% |
Martial Status: | |
Single | 51% |
Source: data.london.gov.uk
Average Life Expectancy
Average life expectancy for those born in Westminster between 2016 and 2018:
Males | 84 years |
Females | 87 years |
Source: ons.gov.uk
Population Density (2011)
Westminster is the eighth most densely populated are in England, with 114 people per hectare.
(Source: westminster.gov.uk)
International Migration (2018-19)
17,752 new residents from overseas
(Source: data.london.gov.uk).
Country of Birth
Location of Birth | Proportion of Population |
UK and Ireland | 48.7% |
EU | 14.2% |
Other countries | 37.4% |
Source: data.london.gov.uk
Crime & Safety
Crime Numbers (to year end September 2020) | 57,389 |
Source: ons.gov.uk
Education
Schools
Primary Schools | 67 (11 of which have an Ofsted rating of outstanding) |
Secondary Schools | 40 (8 of which have an Ofsted rating of outstanding) |
Schools and Colleges (16-18 years) | 33 (9 of which have an Ofsted rating of outstanding) |
Source: compare-school-performance.service.gov.uk
Universities
Home to seven universities, including three which regularly feature in ‘Top 10 best universities in the UK’ lists and rankings.
Kings College London
London College of Fashion
London School of Economics
Royal Academy of Music
School of African and Oriental Studies
University College London
University of Westminster
Health Facilities
Hospitals
University College Hospital (website)
Weymouth Street Hospital (website)
The Wellington (website)
The Princess Grace Hospital (website)
St Mary’s Hospital St John and Elizabeth Hospital (website)
Medical Facilities
Facilities in 2018
Doctors Surgeries | 30 |
Dental Surgeries | 33 |
General Wellbeing
Population considering themselves in very good health | 54% |
Population considering themselves in very bad health | 1.6% |
Source: data.london.gov.uk
Employment & Economy
66% of working aged people employed (compared to 75% across England 74% across London).
Top 4 Sectors of Employment
Finance, banking and insurance | 36% |
Public administration, education and health | 22% |
Distribution, hotels and restaurants | 15% |
Transport and communication | 13% |
Source: data.london.gov.uk
Major Employers
Large numbers of global brands have offices in the City of Westminster Including:
- Bloomberg
- Goldman Sachs
- Barclays
- Accenture
- JP Morgan
- Morgan Stanley
Jobs and Job density
Westminster has the highest economic output of any local authority at £55b p.a. It has the largest night time economy in the UK, generating £3 billion per annum.
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 Westminster | 125,360 |
Source: data.london.gov.uk
Property Ownership (2018)
own property outright (no mortgage) | 18.8% |
own property with mortgage | 12.3% |
rent from a Housing Authority or the Local Authority | 30.9% |
rent from a private landlord (representing approximately 21,900 private rentals) | 38% |
Source: data.london.gov.uk
Household with no car or van (2011) | 63% |
Source: nomis.co.uk
Household Composition
One person households | 45% |
One family households | 40% |
Other (sharers / students etc) | 15% |
Source: nomis.co.uk
Average House Prices
Westminster has the second most expensive average property price of all the 33 London local authorities.
Average achieved price January 2020 | £1,008,593 |
Average achieved price January 2021 | £956,658 |
Increase/Decrease | -5.6% |
Source: www.gov.uk
Volume of Sales
Despite the COVID pandemic, the volume of property transactions only fell by 12%.
Number of residential sales to year ending September 2019 | 1,947 |
Number of residential sales to year ending September 2020 | 1,711 |
Source: ons.gov.uk
Achieved Rents (January to December 2020)
Mean monthly average rents in the borough of Westminster:
Studio | £1,213 per calendar month |
1 bedroom | £1,950 per calendar month |
2 bedrooms | £2,659 per calendar month |
3 bedrooms | £3,900 per calendar month |
Source: london.gov.uk
New Build Developments in Westminster
Construction began on 603 new units in Westminster in 2020, a total of 2,391 units under construction at the end of 2020. A total of 554 units were completed during 2020. Aproximately 475 apartments were sold in 2020 (in schemes with more than 20 units). There were 1,373 units under construction but not sold and 420 completed but unsold apartments in Westminster in 2020. (Source: Molior)
Major Developments in Westminster
In this section we turn our attention to some of the new build developments which are are popular with investors. Buying off plan property can mean it’s more difficult to obtain data, but we have tried to capture information you will find useful, including average house prices and an indication of sales to date. We hope this will help inform your understanding of the housing market in Westminster.
West End Gate, W2 (Berkeley Homes)
Total Number of Apartments | 672 Apartments (542 Private) |
First Launched | January 2017 |
Average Asking Prices – West End Gate
Minimum | Average | Maximum | |
Price | £642,000 | £1,444,760 | £4,320,000 |
Price per ft² | £1,380 | £1,744 | £2,210 |
Area (ft²) | 401 | 814 | 2,072 |
source: Molior
Minimum | Average | Maximum | |
Studio: | £642,000 | £660,000 | £692,000 |
1 Bedroom | £749,500 | £906,717 | £990,000 |
2 Bedroom | £1,230,000 | £1,471,647 | £2,020,000 |
3 Bedroom | £1,580,000 | £2,257,412 | £4,320,000 |
source: Molior
101 on Cleveland, W1 (Dukelease)
Total Number of Apartments | 88 Apartments |
First Launched | May 2019 |
Average Asking Prices – 101 on Cleveland
Minimum | Average | Maximum | |
Price | £1,200,000 | £2,031,233 | £3,955,000 |
Price per ft² | £2,058 | £2,316 | £3,083 |
Area (ft²) | 539 | 846 | 1,283 |
Source: Molior
Minimum | Average | Maximum | |
Studio | £0 | £0 | £0 |
1 Bedroom | £1,200,000 | £1,345,909 | £1,430,000 |
2 Bedroom | £1,935,000 | £2,037,500 | £2,210,000 |
3 Bedroom | £2,545,000 | £2,861,889 | £3,955,000 |
Source: Molior
Noma London, NW6 (Clarion Housing)
Total Number of Apartments | 195 Apartments (109 Private) |
First Launched | July 2018 |
Average Asking Prices – Noma
Minimum | Average | Maximum | |
Price | £480,000 | £801,958 | £1,147,500 |
Price per ft² | £743 | £900 | £990 |
Area (ft²) | 538 | 886 | 1,281 |
Source: Molior
Minimum | Average | Maximum | |
Studio | £0 | £0 | £0 |
1 Bedroom | £480,000 | £497,000 | £510,500 |
2 Bedroom | £725,000 | £774,237 | £847,500 |
3 Bedroom | £876,500 | £939,794 | £1,048,500 |
Source: Molior
Carrick Yard, Lisson Grove, London NW8 (Link City)
Total Number of Apartments | 168 Apartments (109 Private) |
First Launched | 2020 |
Average Asking Prices – Carrick Yard
Minimum | Average | Maximum | |
Price | £720,000 | £1,072,727 | £720,000 |
Price per ft² | £1,244 | £1,300 | £1,244 |
Area (ft²) | 553 | 827 | 553 |
Source: Molior
Minimum | Average | Maximum | |
1 Bedroom | £720,000 | £767,778 | £790,000 |
2 Bedroom | £1,070,000 | £1,097,500 | £1,120,000 |
3 Bedroom | £1,280,000 | £1,366,667 | £1,555,000 |
Source: Molior
Environment & Leisure
With some of the most popular tourist destinations and iconic buildings in the world, some famous leisure facilities and landmarks include:
- The shopping streets of Oxford Street, Bond Street and Regent Street
- Five Royal Parks
- Nineteen historic squares and gardens
- Home to the government and the Royal Family
- Numerous theatres, museums and art galleries
- Thousands of bars and restaurants
Transport
The London Borough of the City of Westminster lies in Zone 1
Overground Stations
Charing Cross Station
Marylebone Station
Paddington
Victoria
Underground Stations
Baker Street
Bayswater
Bond Street
Charing Cross
Covent Garden
Edgware Road
Embankment
Great Portland Street
Green Park
Hyde Park Corner
Lancaster Gate
Leicester Square
Victoria
Maida Vale
Marble Arch
Marylebone
Oxford Circus
Paddington
Piccadilly
Pimlico
Queensway
Regent’s Park
Royal Oak
St James’s Park
St John’s Wood
Temple
Tottenham Court Road
Warwick Avenue
Westbourne Park
Westminster
Local Government
Conservative Party
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