With vastly more job and cultural opportunities, megacities continue attracting people from all over the world. Since the beginning of the 1980s, the population of London has increased by more than 2 million inhabitants and in the next 20 years, it is forecast to increase by almost 1.5 million.
Demand for housing and house prices
The growing population inevitably leads to rising housing demand and prices. In August 2023, the average price of a house in Haringey, the ninth most expensive borough, increased by nearly six percent. That was the borough with the strongest house price growth in that year. On the other hand, Kensington and Chelsea (the capital's priciest borough) saw prices decline by 10 percent - a result of the market cooling.
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Office for National Statistics (UK), & GOV.UK. (October 18, 2023). Average house price and percentage change from the previous year in London (UK) in August 2023, by borough (in GBP) [Graph]. In Statista. Retrieved July 22, 2024, from https://www.statista.com/statistics/1029250/average-house-prices-in-london-united-kingdom-by-borough/
Office for National Statistics (UK), und GOV.UK. "Average house price and percentage change from the previous year in London (UK) in August 2023, by borough (in GBP)." Chart. October 18, 2023. Statista. Accessed July 22, 2024. https://www.statista.com/statistics/1029250/average-house-prices-in-london-united-kingdom-by-borough/
Office for National Statistics (UK), GOV.UK. (2023). Average house price and percentage change from the previous year in London (UK) in August 2023, by borough (in GBP). Statista. Statista Inc.. Accessed: July 22, 2024. https://www.statista.com/statistics/1029250/average-house-prices-in-london-united-kingdom-by-borough/
Office for National Statistics (UK), and GOV.UK. "Average House Price and Percentage Change from The Previous Year in London (Uk) in August 2023, by Borough (in Gbp)." Statista, Statista Inc., 18 Oct 2023, https://www.statista.com/statistics/1029250/average-house-prices-in-london-united-kingdom-by-borough/
Office for National Statistics (UK) & GOV.UK, Average house price and percentage change from the previous year in London (UK) in August 2023, by borough (in GBP) Statista, https://www.statista.com/statistics/1029250/average-house-prices-in-london-united-kingdom-by-borough/ (last visited July 22, 2024)
Average house price and percentage change from the previous year in London (UK) in August 2023, by borough (in GBP) [Graph], Office for National Statistics (UK), & GOV.UK, October 18, 2023. [Online]. Available: https://www.statista.com/statistics/1029250/average-house-prices-in-london-united-kingdom-by-borough/