How London Has Been Evolving in Recent Decades

London is a buzzing metropolis today having come a long way from its origin of being a Roam settlement. It is now a leading tourism destination in the world as well as a most desired place to work, live and own property. An old theory was that the young are imported in London and the old are exported. For many decades now, immigrants from various countries of the world have come to the city and settled down creating their own specific areas. Moreover, since 2002, births in the city have soared by 25% as British women who had been delaying childbearing have taken to it seriously and immigrants have no qualms about multiplying. Between 2009 and 2010, London was responsible for 37% of England’s natural population increase, which indicates the surplus of births over deaths. On the other hand, the older generation such as grandparents are less keen on leaving and Black and Asian immigrants who settled in the city in 1960s and 1970s are not interested in moving away from their families in London.

As a result, both the younger and older population is increasing in London with lesser outflows to the rest of England. Net inflows from overseas are remaining positive although dwindling. The current projections are that London’s population will rise from just under 8m to 10m by 2030. Ethnic minorities will account for almost 75% of the increase.

Government finances are getting squeezed to a level not seen in the last 100 years and as such the main task before the city planners now is to find out how to provide education and health care, and housing for so many extra people to live. As a result of property being acquired by foreign buyers and also the surging demand for housing by the rapidly growing population, the average sale price in Prime Central London is now £2.15 million. However, property in this area has always been in high demand.

Over the past decade there have been significant changes in London with some transformational changes taking place in a number of places due to which a series of locations have experienced a shifting of character and a rise in quality. These places have undergone regeneration due to which there have been changes in the perceptions of whole areas of the city, reinvigoration of town centres and rejuvenation of neighbourhoods along with inactive sites being enabled to contribute to bigger communities. Due to transformational changes in 10 locations, there has been a 10% rise in housing capacity since 2008 due to which 20% of London’s employment growth could be accommodated. There are some more areas where these transformations can take place to bring about more growth so that the expanding population and economy can be accommodated.

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There are plans in the pipeline to rejuvenate 10 more locations that will lead to growth of Central London’s capacity by expanding its fringes, revitalising social housing estates so that they can serve their existing residents in a better way and be able to accommodate new housing, reinvigorate former industrial sites and create new opportunities for employment growth beyond the central areas. These will create 30% of the homes and jobs needed by London over the next 8 years. These innovative new developments and innovations have brought about integrated locations in the featured places that have changed and will continue to change the face of London.

In the field of luxury property, there has been a shift in the supply and demand scenario due to the change in population. London has had to evolve to be able to meet the needs of the new mix of inhabitants that has made this modern, cosmopolitan city its home. Developers have had to devise new and innovative techniques to expand in view of the fact that there is lack of space for development and there are geographic restrictions in terms of spaces, due to the existence of listed buildings and Royal Protected Parks. As such they have had to become more innovative and creative so that they can meet the demand. They are now looking at car parks so that they can get viable residential land in prime central London. These sites have now become most attractive to be developed into luxury residential places.

In central London, most of such development is being planned in the Marylebone area which is a historic area situated in the City of Westminster in London. It is reported that nearly 90 schemes are now in the development pipeline in Central London areas and out of these, Marylebone will have 48% out of them.  After the results of the General Elections were announced last year, there was a spurt in investment in the central market, along with other popular neighbouring areas such as Mayfair, Knightsbridge and Chelsea. With the announcement of a Conservative majority, investors and homebuyers thronged the market with over £100 million in transactions being processed on Friday 8th May 2015, with most transactions taking place in the early hours of the morning revealing the frenzy with which buyers wanted to acquire property in the heart of the city. This also reveals that the enduring appeal of the city is not likely to diminish in the near future. As such, it has become essential for developers to continue to look for and gentrify unused spaces such as car parks to meet the burgeoning demands for housing by the surge of people who want to live in the central boroughs of London. Their task will get easier because the dependency on cars is decreasing with the improvements in transport connections and consequent decline in the need for car parking facilities in central London.

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One Response to How London Has Been Evolving in Recent Decades

  1. Since London is the most desired place to work, live and own property, so lots of peoples are coming to London for job, but their parents and grand parents live at their hometown. If you are Indian and moved to London for Job or on long holiday, how you taking care of your parents?
    So, there is Care4parents in India which offers comprehensive In-home health services in India. Just go through for more details.

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