London’s lifestyle offer is one of the key reasons it consistently ranks among the world’s best cities in which to live, work and visit. It is one of the most cosmopolitan cities on Earth: 37% of London’s workforce was born abroad (1).
Living in London
As London’s population grows, its residential geography is continually changing. Post-industrial London is being transformed as new areas emerge, particularly along the former wharfs of the Thames and in East London. Docks, factories and power stations are being re-imagined which creates a unique combination of history and contemporary design.
London is the greenest city of its size in the world. Green space covers almost 40% of Greater London – some 35,000 acres of public green spaces (2). It is also the second most sustainable city in a ranking of 50 of the world’s leading cities, ahead of Hong Kong, Singapore and New York (3). London also scores ahead of its peers in terms of quality of life. In a recent survey London ranked within the top 40, out of 440 cities, in which to live ahead of New York and Tokyo (4).
Renting a home is common amongst Londoners well into their thirties, with the average age of a first-time home buyer now 37 years old. As a result, the proportion of households in the private rented sector has increased from 14% to 30% over the last decade (5).
Trends in Tenure: London
Source: English House Condition Survey (2003-4 & 2013-14)
Demand for housing
London’s population has grown by 1.1 million people over the last decade and will grow by a similar amount over the next 10 years. This means there is a vital need for new housing. London has identified a series of opportunity areas that will form the basis of residential development over this period.
Average London House Prices
Commuting into London
London’s workforce use public transport to travel from further afield. Infrastructure projects such as Crossrail will deliver improvements to connectivity as well as journey time savings particularly through the central section and on the south eastern section, also improving access.
JLL Residential Research has undertaken an in-depth analysis of the residential property prospects at each and every Crossrail station.
Art and Culture in London
The capital is a major centre for arts and culture, while its leading museums and galleries are among the most visited in the world (6). Three of the top ten museums and galleries in the world are in London which boasts over 850 galleries in total (7). It’s no surprise then, that London is the most popular tourist destination in the world for overnight international visitors (8).
Tourism in London in 2013
The number of visits to London in 2013 was the highest since 1961, with over half of the visitors to the UK visiting London.
Theatre or football?
More than 22 million people attended London theatre performances in 2012/13 (9) . Indeed, London theatre is better attended than Premier League football and takes more money at the box office (£619 million) than London’s cinemas (10).
London is equally renowned for sporting events. In 2014 London was crowned the SportBusiness ‘Ultimate Sports City’ in the world. In recent years, London has welcomed some the world’s biggest sporting events, from the 2012 Olympic and Paralympic Games, to the 2014 Tour de France.
Food and culture
Growth in Hospitality
As tourism numbers are forecasted to continue to rise, it is encouraging to see the hotel sector growing and evolving its offerings across all market segments. The pipeline for London is expected to remain strong over the next three years, with 16,000 hotel rooms due to open in the capital. The majority of new room supply will come from budget sector. For further details read the London Hotel Development Monitor report by JLL and London & Partners.