The demographics of Clerkenwell’s population

Once a hub of the printing and watchmaking industries, Clerkenwell has become a desirable location for young professionals due to its proximity to the City of London and its vibrant cultural scene. If you’re considering investing in a buy-to-let property in this area, it’s essential to consider several key factors. In this post, we’ll explore Clerkenwell’s population size, age distribution, employment rate, education level, volume of renters versus homeowners, and crime rate.

Population Size and Growth

Clerkenwell’s population has grown steadily in recent years, with estimates suggesting that it now has around 17,000 residents. This figure represents a growth rate of around 7% since 2011. When compared to the average London borough, Clerkenwell’s population growth rate is relatively high. This is due in part to the area’s appeal to young professionals seeking to live and work in the heart of the capital.

The population of Clerkenwell is relatively young, with the median age being 35 years old. This is significantly younger than the UK average, which stands at 40 years old. The area’s demographic makeup is attractive to buy-to-let investors, as it suggests a high demand for rental properties among young professionals who may not yet be ready to buy their own homes.

Employment Rate

The employment rate in Clerkenwell is higher than both the London and UK averages, with around 80% of the population being in employment. This high employment rate is in part due to the area’s proximity to the City of London, which is one of the world’s leading financial centres. The presence of numerous creative and tech companies in the area also contributes to the high employment rate. For buy-to-let investors, a high employment rate is a positive sign, as it suggests a reliable source of tenants who are able to pay their rent.

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Education Level

Clerkenwell has a relatively high education level, with over 60% of the population holding a degree-level qualification or above. The area is also home to several notable universities, including City, University of London, and University of the Arts London. The presence of these universities means that there is a significant student population in the area, which can be a reliable source of tenants for buy-to-let investors. However, it’s worth noting that student tenancies often come with their own set of challenges, such as a shorter rental period and a higher turnover rate.

Volume of Renters versus Homeowners

Clerkenwell has a high volume of renters, with around 60% of the population living in rental properties. This is significantly higher than the UK average, which stands at around 49%. The high demand for rental properties in the area is due to several factors, including the high cost of buying a home in London and the transient nature of the area’s population. For buy-to-let investors, the high volume of renters is a positive sign, as it suggests a reliable and consistent demand for rental properties.

Crime Rate

Clerkenwell has a relatively low crime rate when compared to the average London borough. According to police data, the area has an average crime rate of around 83 crimes per 1,000 residents. This is higher than the London average of around 35 crimes per 1,000 residents. However, it’s worth noting that like any urban area, there are certain areas of Clerkenwell that may be more susceptible to crime than others.

Conclusion

Clerkenwell is a dynamic area with a growing population that is younger and more highly educated than the national average. Its high employment rate, proximity to the City of London, and concentration of creative and tech companies make it an attractive location for professionals, and its high volume of renters provides a consistent demand for rental properties. 

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