The City is a very small area of London and its boundaries have remained largely unchanged since the Middle Ages. It is the historic core of London, which has grown around it ever since. The local authority of The City is the City of London Corporation which is headed by the Lord Mayor of the City of London.
Whilst the area is steeped in history, there is now a flurry of modern property in The City, including some of the most recognisable skyscrapers. The 47 storey Natwest Tower was the first of these, but the recent additions of 30 St Mary Axe, better known as the Gherkin, and 20 Fenchurch Street (the Walkie Talkie) have become landmarks in their own right. The Heron Tower is a residential high-rise building which has made a significant increase in the levels of property investment in The City.
Whilst The City has been a major centre of the world’s finances for centuries, it is now encouraging the growth of residential property for sale in The City, and even has yearly targets to reach.
As the hub of the British economy, The City is well connected to the surrounding area thanks to eight underground lines with 11 stations, as well as the Bank and Tower Gateway stations on the Docklands Light Railway. Liverpool Street, Fenchurch Street and Cannon Stations all provide longer-distance travel links, as do the A1, A10, A3, A4 and the A40 which all begin in The City. Public transport has proved a popular method of getting around since The City became part of the Congestion Charge Zone.
Property for sale in The City is predictably pricey, with an average property price of £814,000.
The 4.5% increase in prices that has occurred in the last year and the push to encourage residential growth has meant the property investment in The City is competitive.
A three bedroom property in The City typically commands a weekly rental of £788.
The City has a residential population of just 7,000, however, up to 300,000 commute to work there. The main residential area can be found in the Barbican Estate.
As The City vies with New York to be the financial capital of the world, prices in the area show no signs of diminishing. Office space development in the eastern, central and northern parts of The City has intensified to accommodate the 500 banks that make this metropolis their home. With the London Stock Exchange and the Bank Of England all being based in The City, the economic power of the area looks set to continue to grow.
There are a number of historic sites in The City, with the most famous of which being St Paul’s Cathedral.
The Guildhall, Royal Exchange, Dr Johnson’s House and small parts of the London Wall can also be visited and attract huge numbers of people every year.
The Old Bailey has contributed to the growth of the legal profession in the north and west sides of The City, which has increased the demand for properties for sale in The City, especially in the Temple and Chancery Lane areas where the Inns Of Court can be found.
The renowned Smithfield Market can be found in the area, and The City is connected to the rest of London thanks to iconic bridges such as the Millennium Bridge and London Bridge.