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.

house-prices-westminster

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:

  1. Bloomberg
  2. Goldman Sachs
  3. Barclays
  4. Accenture
  5. JP Morgan
  6. 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

website

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

Website

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

website

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

website

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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