With a population of approximately 8.8 million people, Greater London is one of the largest urban areas in Europe, and it’s also the most expensive city to live in outside of Asia. The capital is home to some of the most affluent individuals in the world and also has some of the most deprived areas in England. The cost of property here is among the highest in the world, making it almost impossible for many people to own their own homes or even rent an apartment within a reasonable distance from their job or schools. In this blog post, we look at some surprising facts about Greater London that you probably didn't know about.
In a survey of 18,000 people conducted by a leading crime prevention website, the general feeling amongst Londoners was that they no longer feel safe in their capital city. The results showed that 73% of respondents believe that there is more crime in London than there was five years ago, and only 2% said that they were confident that the Metropolitan Police would be able to reduce the level of crime even further. This survey comes shortly after the Metropolitan Police Commissioner, Cressida Dick, offered her resignation, citing that she doesn't have the resources or the manpower to tackle the ever-growing problem of violent crime in the capital. The Mayor of London, Sadiq Khan, has refused to accept her resignation but has said that the Metropolitan Police needs an additional £50 million to combat violent crime.
When compared to the rest of the UK, the average price of a house in London is more than double the average price in the rest of the UK. In fact, according to data released by the Office for National Statistics (ONS), the average price of a house in London currently stands at a staggering £515,000! The ONS also revealed that the number of sales in London has decreased from 2017, whilst the average number of sales per month across the UK has increased. There are many factors that have contributed to this upward trend in the price of real estate in the capital. One of the most significant factors is the Brexit referendum, in which London voted to remain in the European Union. This was seen as a serious blow to London’s success, and since the result was announced, the value of London real estate has consistently dropped.
Back in 2012, there were only 14 boroughs in London with over 1 million people living in them. These boroughs included Hackney, Newham, Tower Hamlets, and Westminster. However, according to new data from the ONS, there are now 32 boroughs in London with over 1 million people living in them. These boroughs are home to an incredibly diverse population, with the largest ethnic group in London currently being Asian. According to the latest census data, there are currently 2.2 million Asian people living in London; this is the largest ethnic group in the city, making up 33% of the total population.
In 2018, the number of renters in London who were receiving Housing Benefits to pay their rent reached a staggering 50%. This means that there are approximately 360,000 renters in London who are receiving government assistance to help them pay their rent each month. This is a significant increase from the number of people who were receiving Housing Benefits in 2012, which was just 36%. The number of people receiving Housing Benefits in London has steadily increased over the past five years and is likely to continue to rise as the cost of renting in the capital continues to rise.
The number of households in London who are living in temporary accommodation has increased dramatically over the past five years. According to data from Shelter, there are currently 13,500 households in Greater London who are living in temporary accommodation. In 2011, there were just 4,600 households who were living in temporary accommodation. This increase in the number of households living in temporary accommodation is largely attributed to an increase in the number of people being evicted from their homes. Many landlords are choosing to evict their tenants in order to capitalise on the lucrative London real estate market, and there simply aren’t enough affordable homes available for these tenants to be rehoused.
Central London is home to some of the most expensive properties in the world, and it is no surprise that the cost of renting an apartment in the city centre can be up to 7 times more expensive than renting an apartment in the outer London boroughs. There are many factors that contribute to the high cost of renting in Central London, including limited space and overcrowding, as well as a lack of investment in new property developments. Central London is a very densely populated area, which means that there is a limited amount of land available for new developments.
The average asking price for a home within a two-mile radius of Wembley Stadium is now a staggering £1 million pounds, which is an increase of almost £300,000 from last year. The surrounding areas of Wembley are growing in popularity and are becoming increasingly attractive to developers; this means that the price of real estate in this area is going through the roof. This rise in the price of real estate near Wembley Stadium is also being attributed to the fact that the city is hosting the 2022 FIFA World Cup. Wembley Stadium will be the host venue for the opening and closing ceremonies of the World Cup, as well as the final game between the two finalists.
According to UK Finance, British adults currently have the smallest amount of disposable income that they have had in over 30 years. This means that there are fewer people in England who are able to save money for a deposit on a new home, or who are able to afford the rising cost of renting. This is great news for property investors and landlords, as it increases their chances of acquiring a new property and earning a solid rental income. However, this isn’t great news for those who are looking to rent their next home.
The number of homeowners in England is constantly increasing year-on-year, which means that there are significantly fewer properties available to rent. According to data released by the Residential Landlords Association (RLA), there will be an estimated 250,000 fewer homes available to rent in England by 2024. This means that there is likely to be an increase in competition for rental properties, especially in high-demand areas such as Central London. This is bad news for tenants, as it means that they will have fewer options to choose from and will likely be competing with other tenants for a smaller number of available properties.
It is clear that the price of real estate in London is constantly growing, making it increasingly difficult for the average person to own their own home, or even rent an apartment in the city. Whilst this is good news for landlords and investors, it is
