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Often referred to as the square mile, The City of London is the corporation capital of Europe, yet home to only 8,200 people. As one of the major financial and business centres of the world, the City of London understandably offers plenty of employment in a variety of sectors.
The city within a city is only enhanced by its rich history, culture and green spaces that are available for the public throughout the year. Living in the City of London is a truly privileged position to be in, but if you have decided to move away, what can you expect when selling your home?
Looking to sell your City of London home?
The City of London is the beating heart of the capital’s cultural, business and financial sectors. Most of the square mile is dedicated for commercial space, meaning very few properties are available for purchase or rental, which is reflected in the population.
Properties in the area are almost solely flats and apartments; when they do come on the market, you can expect to achieve upwards of £1,021,603. However, because property doesn’t come onto the market very often, it is expected that you could possibly achieve a lot higher, due to your property’s location and rarity.
Looking to rent your home?
You may want to move out of the City but want to keep your property to rent out. So what can you expect on the rental market?
Due to its small area and limited population within the heart of the UK's economic capital, rental prices are a lot higher than anywhere else in Britain. A one bedroom property in the City of London will bring in a healthy monthly income of £1,694, while two beds should achieve around £2,118 per month.
If you have a three bedroom property, you can expect to receive an average of £2,922 PCM while four bed properties go for around £3,435 per month. This amount also changes with the type of property you have on offer, with houses going way above the average.
Buyer demographic in City of London?
Property in the City of London has become increasingly popular with foreign investors looking for a piece of London’s housing bubble. While foreign investors may not necessarily live in their London properties, those who are looking to reside in the area are generally single professional males aged 41 on average.
There are a limited number of properties available in the City of London, and so it can sometimes be rare for a property to make its way onto the market. Because of this, there is insufficient data as to how long your property should take to sell.
That said, it can be deduced from rarity on the market alongside the prime location that your property in the City of London will not take long at all to sell. Property in the neighbouring City of Westminster takes 101 days to complete the process; it can be expected to achieve a lower time period for property in the City of London.
Similar locations to City of London?
While the City of London is at the heart of everything that goes on in the capital, there are definitely places in the city that are more affordable, as well as remaining largely central. Moving to Westminster might be a good option if you enjoy the hustle and bustle of London. If you would prefer more peace and quiet, while getting a little more space for your money, you might want to consider moving to Barnet or Enfield in North London.
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