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.
This week: North London
The north of London contains a mixed bag of affluence as well as deprivation, but the areas towards the outskirts in particular have seen a huge rise in recent years.
Barnet
Barnet is seen by many of its residents as the best of both worlds – excellent transport links into town, yet with easy access to the beautiful Hertfordshire countryside on your doorstep.
According to CBRE’s report, the borough is predicted to be the one of the most populated in London by 2024, and an upcoming regeneration and growth programme in the area is expected to provide 27,000 new homes and around 30,000 jobs.
- Current population: 389,600
- Population growth over next decade: 12%
- Average salary: £34,913
- Average house price: £539,046
- House price growth over last 5 years: 49%
- House price growth 5-year forecast: 24%
- Average rent: £1,514pcm
- Rental growth over last 5 years: 11%
- Rental growth 5-year forecast: 20%
Camden
The borough of Camden is world-famous for its buzzing music scene and bustling markets, as well as the upmarket areas of Hampstead Heath, and has the fourth highest property prices in London.
Home of the University College London, it’s always attracted swathes of students – currently around 22,000 of them. It’s also popular with families and young professionals due to its close proximity to the city centre and the quality of living that can be achieved there.
Euston station, which is located in the borough, will be the destination of the new HS2 rail line.
- Current population: 242,500
- Population growth over next decade: 9%
- Average salary: £44,263
- Average house price: £833,581
- House price growth over last 5 years: 45%
- House price growth 5-year forecast: 16%
- Average rent: £2,652pcm
- Rental growth over last 5 years: 2%
- Rental growth 5-year forecast: 23%
Enfield
As part of the London-Stansted-Cambridge corridor, Enfield has a number of major projects in the pipeline, including a £6bn regeneration at Meridian Water which will create 10,000 homes and 6,700 jobs. With a third of the borough designated greenbelt land, it is another region that offers a key combination of quality of living and proximity to the capital.
In 2019, a new railway station is expected to open connecting the area directly with Stratford and Liverpool Street, further adding to the area’s appeal for Londoners.
- Current population: 333,000
- Population growth over next decade: 11%
- Average salary: £30,826
- Average house price: £403,742
- House price growth over last 5 years: 64%
- House price growth 5-year forecast: 23%
- Average rent: £1,310pcm
- Rental growth over last 5 years: 16%
- Rental growth 5-year forecast: 19%
Haringey
From upmarket Highgate and Muswell Hill to the more built-up areas around Tottenham, Haringey is an area of great contrast. The borough has excellent transport connections, with three different underground lines running through it, as well as the overground.
In the Upper Lea Valley area, regeneration across 10,000 acres is expected to create 20,000 new homes. According to the figures, Haringey is predicted to have one of the highest increases in house price over the next five years.
- Current population: 278,000
- Population growth over next decade: 9%
- Average salary: £31,873
- Average house price: £557,431
- House price growth over last 5 years: 63%
- House price growth 5-year forecast: 27%
- Average rent: £1,456pcm
- Rental growth over last 5 years: 10%
- Rental growth 5-year forecast: 19%
Harrow
While the area is often widely known for its elite boys’ school – which Winston Churchill famously attended – Harrow is actually incredibly diverse, with great affluence as well as deprivation. BME (Black and Minority Ethnic) communities make up 63.8% of the population, and a wide range of different religions can be found across the area.
Bringing the different cultures together, the council hosts an annual festival, “Under One Sky”, celebrating with world music, dance, food and activities.
- Current population: 252,300
- Population growth over next decade: 10%
- Average salary: £32,913
- Average house price: £471,793
- House price growth over last 5 years: 55%
- House price growth 5-year forecast: 21%
- Average rent: £1,426pcm
- Rental growth over last 5 years: 19%
- Rental growth 5-year forecast: 19%
Islington
Islington is one of the most sought-after areas in London, with trendy Finsbury Park, upmarket Angel and well-connected Kings Cross all falling within the borough. Much of it is in the Zone 1 and 2 tube catchments, and the upcoming Crossrail development will be coming to the area in 2018.
At present, there are 2,350 new residential units under construction, and ‘Tech City’ at Old Street roundabout has brought around 5,000 companies to the area.
- Current population: 231,200
- Population growth over next decade: 9%
- Average salary: £47,968
- Average house price: £645,283
- House price growth over last 5 years: 42%
- House price growth 5-year forecast: 18%
- Average rent: £2,109pcm
- Rental growth over last 5 years: -1%
- Rental growth 5-year forecast: 23%
Waltham Forest
Sitting east of Enfield, Waltham Forest is served by the Victoria and and Central lines as well as overground stations. Since the 2012 Olympics, the largest town in the borough – Walthamstow – has seen a huge increase in popularity and gentrification, with a significant hike in property prices.
Investment in the Blackhorse Lane area is expected to bring in around 2,600 new homes and 1,000 jobs by 2025, and the borough as a whole hopes to add 4,000 new houses and 300,000 square metres of business premises.
- Current population: 276,200
- Population growth over next decade: 11%
- Average salary: £29,803
- Average house price: £416,925
- House price growth over last 5 years: 79%
- House price growth 5-year forecast: 17%
- Average rent: £1,346pcm
- Rental growth over last 5 years: 16%
- Rental growth 5-year forecast: 17%
