Property Price Growth in the City of London
The City of London, also known as the Square Mile, is the financial centre of London and arguably the world’s leading international business centre.
The City of London was awarded ‘Prime London’ status on Knight’s Frank’s prime league as part of their 2012 report Prime London Expands, where it has firmly retained its title ever since. In fact, in 2014 The Telegraph reported that property prices in the Square Mile had risen by 71% since the housing market crash of 2007, soaring the asking price of apartments for sale in the City to being almost on par with London’s West End.
It is of little wonder why the City has long proved an attractive residential address for financial sector workers. In recent years, however, the appeal has stretched far beyond the realms of banking and commerce. Today, despite recent re-development, the demand for homes in the Square Mile exceeds supply. The City of London Corporation reports that the City has a resident population of 7,400 however 400,000 are employed in the area. It is the combination of a shortage of supply and high demand for City homes that has created a higher than average increase in growth in capital values.
Alternatively, continue reading our guide to discover the driving factors behind the area’s increasing popularity and rising Prime prestige.
World Leading Business Centre
In excess of 17,000 businesses operate within the City of London accounting for 380,000 jobs, with the workforce projected to rise above 400,000 within the next decade.
The City of London has expanded its specialities over the past decade becoming influential in more than just the finance and trading sectors. A study commissioned by the City of London Corporation reported that 70% of employment growth within the Square Mile will also be within media, IT, communications, legal and insurance.
Located in Zone 1 of the London Underground transport network, the City is the best connected area of the capital offering convenient access to the whole of London via a plethora of underground stations including Bank (Central Line, Northern Line, Waterloo & City Line, DLR), Barbican (Circle Line, Hammersmith & City Line, Metropolitan Line) Farringdon (Circle Line, Hammersmith & City Line, Metropolitan Line, National Rail), Monument (Circle Line, District Line), Moorgate (Circle Line, Hammersmith & City Line, Metropolitan Line, Northern Line, National Rail) and St Paul’s (Central Line).
Soon the City will have access to Crossrail from Farringdon, Barbican via a step free access link bridge from Farringdon, and Moorgate which will serve as ticket hall to the Liverpool Street Crossrail station. Not only will this cut travel times across central London, but the area will also benefit from high-speed travel to Heathrow Airport.
For more information on the impact of Crossrail on the property market read our guide Investing in Property - Crossrail Hotspots.
10 years ago, the City was abundant with nine-to-five weekday amenities designed solely to satisfy the area’s employees. However, rising popularity of the City as a residential address has not only spurred development of new homes but also a wider selection of food and retail facilities. Over time, these amenities have further boosted the appeal of living in the City.
The City’s first major retail centre, One New Change, opened at St Paul’s in 2010 as part of a drive to improve the quality of amenities in the area. Comprising 560,000 sq. ft. including 333,000 sq. ft. of office space above the retail outlets, the complex is open seven days a week and provides shopping, dining and entertainment.
For more information about shopping and dining in the City of London visit our area guide.
The City of London boasts an exemplary range of education institutes which add to the City’s appeal to families, students and property investors.
Property Investment Opportunities
In July this year Galliard Homes delivered St Mary At Hill, a boutique development comprising 10 bespoke apartments just moments from Monument station. Boasting meticulously designed interiors, state-of-the art specifications and a central location, the properties are ideally suited to the City worker or London property investor seeking high yields and strong capital appreciation.
For more information on St Mary At Hill visit the development homepage or call our central sales office on 020 7620 1500 to request further information or arrange to visit the impressive show suite apartment.
View all flats for sale in the City.