London: Borough by borough

PETALING JAYA (July 8): London is a fascinating city. Its history, impressive architecture and international vibe makes it a delight to visit. It is also a hive of activity in the real estate market as buyers and investors from around the world have London property on their radar.

But London is more than just the city. In fact, the city can be divided into Inner and Outer London and further sub-divided into 33 boroughs or administrative districts.

CBRE London recently released “London living: A borough by borough showcase”, a residential report featuring each borough’s property highlights and features in May.

For the next few weeks, all the boroughs – 14 from Inner London and 19 from Outer London – will be featured on theedgeproperty.com in alphabetical order.

Before jumping into the first Inner London borough of Camden, here’s an overview of the London market so far.

According to CBRE London, rents have risen 6.1% over the last year, with prices up 11%. Moreover, 14,555 residential units were completed in London last year, the highest level since the global financial crisis 2007/2008.

Currently, there are 692 schemes under construction, 311 under application and 1,093 with permission. The average London house price is £458,283 (RM2.72 million) and the average price of residential property for Inner London is 73% higher than Outer London.

“The higher prices in Inner London also reflect considerable price growth over the past several years; an average house in Inner London has more than double in value over the last decade, with growth out pacing that in Outer London by 3.6% per annum,” CBRE London revealed. “However, this trend is shifting. Over the last year, growth across Outer London was 1.5% higher than Inner London.”

The concentration of many developments have been within the 14 Inner London boroughs but developers are seeking opportunities beyond those boundaries.

[NOTE: This is part of a CBRE report “London living: A borough by borough showcase” that features the 33 boroughs of London.]

Source: CBRE London


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