The capital has long been associated with a booming property market and ever-expanding population. In this series, we look at the latest figures from property management firm CBRE focusing on all of London’s 33 boroughs, separated into north, south, east and west.
Synonymous with being the wealthy part of town, with well-to-do Kensington, Chelsea and Fulham within its remit, West London has arguably seen less drastic transformation than its neighbours in the east.
Brent
The borough of Brent is best known for its major football ground, Wembley Stadium, with its surrounding 85-acre park. The park contains the largest build-to-rent scheme in the UK, with a 5,000-unit development, capitalising on the borough’s popularity with renters. There are more than 25 tube stations in Brent and a number of parks and open spaces so the area is appealing to those who want to balance London life with green space.
- Current population: 332,100
- Population growth over next decade: 9%
- Average salary: £30,530
- Average house price: £489,402
- House price growth over last 5 years: 57%
- House price growth 5-year forecast: 17%
- Average rent: £1,765pcm
- Rental growth over last 5 years: 9%
- Rental growth 5-year forecast: 19%
Ealing
Because of the new Elizabeth Crossrail line, Ealing is on the up with several new housing projects taking advantage of the increased transport facilities that will benefit the area. The borough is home to two ‘garden suburbs’, Brentham Garden Suburb and Bedford Park, and around 330 hectares are designated as part of the Metropolitan Green Belt.
- Current population: 351,600
- Population growth over next decade: 8%
- Average salary: £33,357
- Average house price: £489,106
- House price growth over last 5 years: 52%
- House price growth 5-year forecast: 17%
- Average rent: £1,694pcm
- Rental growth over last 5 years: -1%
- Rental growth 5-year forecast: 19%
Hammersmith & Fulham
Hammersmith & Fulham is a desirable area matched by a hefty price tag. With rivers, parks, local amenities and shops, as well as a central location offering easy access to the city, it is popular with a wide demographic. The White City area is seeing major £8bn regeneration, and the Westfield shopping centre is also being extended. The call for student housing may grow with Royal College of Arts and Imperial College London set to build campuses there.
- Current population: 185,300
- Population growth over next decade: 7%
- Average salary: £48,105
- Average house price: £775,770
- House price growth over last 5 years: 36%
- House price growth 5-year forecast: 17%
- Average rent: £2,193pcm
- Rental growth over last 5 years: 4%
- Rental growth 5-year forecast: 21%
Hillingdon
Heathrow Airport and Brunel University fall within the Hillingdon borough boundaries, making it an important area internationally, and British Airways has its headquarters there. It is also home to GlaxoSmithKline, IBM, Mitsubishi and Marks and Spencer, providing thousands of jobs. Uxbridge Business Park is set to expand to two new buildings, and 1,300 homes are being built at RAF Uxbridge.
- Current population: 301,000
- Population growth over next decade: 11%
- Average salary: £32,217
- Average house price: £416,693
- House price growth over last 5 years: 61%
- House price growth 5-year forecast: 21%
- Average rent: £1,296pcm
- Rental growth over last 5 years: 14%
- Rental growth 5-year forecast: 18%
Hounslow
With great road transport links both into London, the surrounding area and further afield, Hounslow has attracted a lot of international business, also due in part to its proximity to Heathrow Airport. It is served by two London Underground Lines, as well as overground train lines. Chiswick Park, a major office development in the borough, is home to a wide range of companies including Starbucks, CBS News and Foxtons.
- Current population: 274,200
- Population growth over next decade: 10%
- Average salary: £31,340
- Average house price: £406,095
- House price growth over last 5 years: 52%
- House price growth 5-year forecast: 24%
- Average rent: £1,522pcm
- Rental growth over last 5 years: 14%
- Rental growth 5-year forecast: 20%
Kensington & Chelsea
This exclusive borough houses much of London’s wealth, despite its small population – the average cost of a home here is more than £1.4m, although this is skewed by super-luxury developments where homes can be sold for as much as £30m. On the flip side, it was also the location of Grenfell Tower, the towerblock which tragically set on fire in June this year.
- Current population: 159,000
- Population growth over next decade: 5%
- Average salary: £73,959
- Average house price:£1,405,521
- House price growth over last 5 years: 36%
- House price growth 5-year forecast: 17%
- Average rent: £3,464pcm
- Rental growth over last 5 years: -2%
- Rental growth 5-year forecast: 19%
Richmond upon Thames
Famous for its 2,000-acre Royal Park which is home to hundreds of deer, Richmond is a popular choice for affluent families. The Outer London borough also attracts thousands of tourists each year, with its abundance of pubs, restaurants, museums and green space providing an alternative to busier central London. The borough is served by the District Underground line.
- Current population: 197,300
- Population growth over next decade: 9%
- Average salary: £53,106
- Average house price:£673,135
- House price growth over last 5 years: 47%
- House price growth 5-year forecast: 21%
- Average rent: £1,767pcm
- Rental growth over last 5 years: 2%
- Rental growth 5-year forecast: 20%
Westminster
Right in the centre of London, the City of Westminster is a borough that also holds city status, and is one of the most expensive places to live in the capital. It makes up a large area of central London including the West End, Buckingham Palace, Soho, Mayfair and Piccadilly. Developments in Westminster often involve maintaining existing facades to keep the character of the area and its distinctive architecture.
- Current population: 242,100
- Population growth over next decade: 8%
- Average salary: £55,308
- Average house price:£1,044,649
- House price growth over last 5 years: 48%
- House price growth 5-year forecast: 21%
- Average rent: £3,329pcm
- Rental growth over last 5 years: -1%
- Rental growth 5-year forecast: 21%
