LONDON BOROUGHS: City of London

• The City of London is the UK capital’s financial district. Some 370,000 people work there but only 7,915 people live in the area, the lowest population in any London borough. More Londoners keen to benefit from living close to work are slowly beginning to decamp to the City, especially as its afterhours life has improved in recent years.

• The area is also popular with students. This, and an acute lack of housing supply in the area, has significantly pushed up house prices. The City had one of the highest rental and house price growths in London last year. Average prices now stand at £912,145 (RM5.33 million).

• House prices here have increased 224% in the last decade. This compares with 150% in Kensington and Chelsea, and 140% in Westminster. At this rate, the City’s residential property values will catch up with the London’s prime west end market in about five years’ time.

• The development of a residential market is expected to occur in tandem with the City’s projected population growth of 8.2% over the next decade, which might outpace growth rates in historically more residential boroughs such as Lambeth, Camden, Westminster, Wandsworth, and Hammersmith and Fulham.

• New schemes are designed to attract the attention of the City’s financial class who demand a luxury specification. Some of these have recently achieved prices in excess of £2,000 per sq ft.

• However, demand still outstrips supply. There are currently just 161 units under construction and a further 654 being planned, or around a third of the level needed to meet the City’s projected household growth of 2,615 over the next decade.

Source: London living: A borough by borough showcase by CBRE

Source: CBRE London

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