What you need to know about The City of London
The City of London forms the area of Central London alongside the borough of Westminster. It also shares borders with Camden, Islington, Tower Hamlets and Hackney. The borough stretches from Temple in the west to EC3 in the east, with other notable areas including Barbican, Moorgate, Blackfriars, Charterhouse, and Houndsditch.
Central London has an overall average property price of £1,544,823 making it the most expensive part of London, however the City of London is the more affordable than neighbouring Westminster with an average property price of £869,710.
Barbican is the most expensive part of the City of London, with the average property fetching £886,903. EC3 is the most affordable area within the City of London, with average sold prices sitting at £603,857. Since 2018, prices in the City of London have fallen by 32% from a high of £1,278,494.
What is living in the City of London like?
The Romans established the settlement referred to as Londinium in approximately 43 AD on what is now the City of London. It served as a major port and had a population of some 60,000 people at its height. The London Wall was constructed around 190-225 AD, part of which still exists in the Tower Hill area.
Now, the City of London is often simply referred to as the City or the Square Mile and houses both London's primary central business district and its historic centre. It forms a very small but noteworthy part of what we now know as the metropolis of London. The City of London is not categorised as a borough, rather a ceremonial county and an enclave that is surrounded by Greater London.
The City of London contains a variety of notable sites, including St Paul's Cathedral, Mansion House, Smithfield Market, the Old Bailey, and the Royal Exchange. The Tower of London is part of the City's historical defensive structures, however, it does not sit within the City's official boundaries. There are several bridges within the City, including Blackfriars Bridge and London Bridge.
As an important financial and business centre, the City of London has been a key meeting point for businesses for centuries. The Bank of England has its headquarters in the area and approximately 75% of the City of London's jobs are related to the financial sector. The City of London is also important to the legal profession and the Inns of Court are located in the Chancery Lane area. Estimates indicate that more than one million people work in the City of London, however, its resident population in 2016 was just 9,401.
There was a period of time when the only development that was happening in the City of London was on office buildings, however that trend is slowly beginning to reverse. In 2010, a target was set to create almost 100 additional dwellings each year, with recent development projects including the Heron, which is a high-rise building offering solely residential units close to the Barbican. The One New Change shopping centre located close to St Paul's Cathedral opened in 2010 as part of a concerted effort to diversify the area. Large parts of the City of London are very quiet during the weekends and it isn't unusual to find that cafés, shops and pubs in the eastern part of the area are only open on weekdays.
Living in the City of London pros and cons
Pro: Lots of notable landmarks
The City of London skyline is undeniably impressive, as the area is home to a number of recognisable skyscrapers, including the 62-storey Twentytwo building in Bishopsgate, the Scalpel on Lime Street, 30 St Mary Ace, and the Walkie-Talkie on Fenchurch Street.
Con: Within the ULEZ zone
The ULEZ scheme is designed to improve air quality within London and this means that all vehicles driven within the zone must adhere to certain emissions standards. All drivers of vehicles that don't meet these standards must pay the £12.50 per day charge. Notably, however, the City of London consistently records the lowest proportion of people travelling to work via car and the lowest percentage of households that own a van or a car.
Pro: Good transport connections
The City of London is served by numerous National Rail and London Underground networks. Seven Underground lines serve the area, with tube stations including Liverpool Street, Mansion House, Blackfriars, Bank and Monument, St. Paul's, and Aldgate. There are also several other tube stations just metres outside the boundaries of the City of London, which include Barbican and Aldgate East. Thameslink services also operate in the area, providing direct connections to St Pancras International, Elephant and Castle, London Bridge and more.
Con: Few schools in the area
Although the City of London is home to numerous institutions offering higher education, such as the Cass Business School and the Guildhall School of Music, there is only one primary school in the area and two independent schools. Residents, therefore, look to the nearby boroughs of Westminster, Southwark, Tower Hamlets and Islington for both primary and secondary schooling options.
Pro: Good cycle infrastructure
There are a number of cycle superhighways and cycleways in the City of London, connecting the area to numerous locations within London, including Tottenham, Stratford, Colliers Wood, and Hoxton.
Is the City of London a safe place to live?
Between July 2021 and September 2021, there were 2,372 crimes reported in the City of London. This was higher than the same period in 2020 when 1,649 offences were recorded but lower than the same period in 2019 when the area saw 2,934 crimes reported.
Throughout 2021, crime in the City of London has been gradually increasing month on month. In January 2021, 285 crimes were reported and this increased to 914 in October 2021. During the last 12 months, 1,091 recorded crimes were placed in the category of violence and sexual offences, with cases of theft accounting for 837 offences, and theft from the person accounting for 755 crimes.
29.1% of offences reported in the last 12 months saw investigations closed with no identified suspects and 25.1% remain under investigation.
Which celebrities live in the City of London?
The City of London is a unique place, as it only occupies 1.12 square miles. Current estimates suggest that fewer than 10,000 people call the City of London home, but that doesn't mean the area hasn't attracted a variety of famous faces over the years.
Gavin Turk, part of the Young British Artist set, lives in the area, as does comedian, playwright and screenwriter Patrick Marber. Before his death in 2019, journalist and broadcaster Clive James also spent time living in the City of London.
Things to consider when moving to the City of London
Affordability should be a key consideration, particularly as in 2018/19 the average private rent for property in the area was £2,210. These figures place the area just behind the boroughs of Westminster and Kensington and Chelsea.
The City of London is the least populous part of London in terms of residents, however its prime location places it at the heart of the hustle and bustle of the city as a whole. Several nearby markets account for much of the area's shopping opportunities, however the area is home to myriad restaurants and cafés serving everything from Turkish to Thai cuisine. The City of London also offers access to some of the best arts, entertainment and cultural offerings in the capital, spanning art, drama, theatre, music and more.