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An increase in property prices, both residentially and commercially has seen London become the most expensive city to live and work in, worldwide. Reports from the major property companies, notably Savills and Knight Frank, have shown that prime office rents across central London have risen by nearly 10%. With high demand and a lack of supply in the coming months prices are steadily increasing , filtering out into historically less regarded areas such as Midtown. This, paired with an increase in residential property prices (approximately 20% in the last year) throughout London – notably due to the impact Crossrail is having on less prime locations such as Whitechapel, has led to London overtaking Hong Kong, New York and Sydney as the priciest city in the world.
The influx of overseas investment has been a driving factor in sending property prices through the roof, however, the increasing strength of the sterling against the dollar is also having a huge impact. The average cost per employee of living/leasing office space in London now stands at £73,000 per year; double the amount in Sydney and four times as expensive as Rio. Oliver Salter, surveyor and newcomer to the London scene is all too familiar with the cost of London,
“As a recent graduate moving to London the options of renting are expensive, regardless of where you look. On the commercial side, we are seeing rents rising across central London, but especially in areas such as Clerkenwell and Shoreditch – areas that have become increasingly popular in recent years”.
This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.