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Westminster Buy-to-Let Guide

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    Investing in Westminster Properties

    London has famously high rent, particularly the city of Westminster, which has some of the heftiest rents going. So, how can London property investors take advantage of the high rental income in this elite location? 

    Our guide will provide all the information you need if your sights are set on a Westminster buy-to-let property.

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      Westminster river view

      Buy-to-Let Property Prices in the City of Westminster

      London property prices are much higher than the national average. The average house price is £524,900, compared to the national average of £261,500, according to Zoopla’s July 2023 UK House Price Index. In particular, prices can reach astronomical heights in the City of Westminster. Zoopla reports that the average sold price for a property in the area in the last twelve months is £1,878,262.

      Increased uncertainty has led to a recent stall in new house sales, and as of July 2023, house prices in London have fallen by -0.6%, according to Zoopla. However, overarching trends still point to growth for UK property prices, so it could be worth investing before prices rise again to enjoy higher capital gains.

      Get a full market breakdown with our 2024 UK house price growth guide!

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      Buy-to-Let Rental Market in the City of Westminster

      According to Westminster City Council, Westminster has the most significant private rented sector in the UK. The estimated 52,700 properties account for 43% of all housing in the area.

      The City of Westminster has some of the highest rents of any London borough. If you look at London City Hall’s London Rents Map, the Westminster median rent in the past 12 months for a 2-bedroom rental is £2925, nearly double the London median of £1500. In Mayfair, this figure jumps to £9425. However, rental demand remains high as affluent professionals are drawn to the area.

      As per the 2011 census, Westminster has an ethnically diverse professional population. There are plenty of job opportunities for high-income professionals. Many corporations have stationed their global or Europe headquarters in the City of Westminster, constantly luring new workers into the rental market. Those who rent are more likely to skew younger than the overall population of Westminster and inhabit childless households. 

      Apart from professionals, buy-to-let property investors may also consider targeting affluent student renters, as four of the top ten UK universities are situated in London, according to the University of Cambridge.

      Due to excessive property prices, the rental yields in London are less than the UK average, coming in at 4.1%. The City of Westminster paints an even worse picture as one of the UK areas with the worst performing gross rental yields, yielding on average just 3.63% as per Zoopla.

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      Buy-to-Let Investment in the City of Westminster: Area Breakdown

      Properties in Westminster can command extravagant rents, and they get even higher for certain sub-districts. 

      But the districts with the most expensive rents come with eye-watering property prices. For example, Knightsbridge ranks as the London area with the highest house price, and many other parts of Westminster make it into London World’s top 20. 

      According to a recent Rightmove report, the average property sales last year in Westminster were sky-high, with areas like Mayfair seeing an average price of £5,046,397. By contrast, Lisson Grove had an average sale of £930,295, the lowest in Westminster. This suggests that more affordable prices can be found if you select your area wisely and are willing to pay over the UK property average for a slice of this prestigious borough.

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        Average Property Prices in Mayfair

        The average property price in Mayfair is £8,998,510.

        Average Rental Yield in Mayfair

        The average rental yield in Mayfair is 1.11%

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        Maida Vale

        Average Property Prices in Maida Vale

        The average property price in Maida Vale is £904,125

        Average Rental Yield in Maida Vale

        The average rental yield in Maida Vale is 4.67%.

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          Lisson Grove

          Average Property Prices in Lisson Grove

          The average property price in Lisson Grove is £1,283,87.

          Average Rental Yield in Lisson Grove

          The average rental yield in Lisson Grove is 5.11%

          (Averages house prices taken from Zoopla, rental yield estimate calculated with figures from,

          London Street View

          What is the Best Area of Westminster to Invest in?

          Upmarket areas like Mayfair are eye-catching to investors despite the low rental yields. This is because of the lucrative gross rental income, plus the reliable demand and stable property value growth that is all but guaranteed with such a central and prestigious location. 

          Looking at areas such as Maida Vale that are further away from central London and more suburban, investors can typically find cheaper property prices. This will lower the initial upfront cost of investing in a buy-to-let in Westminster and make getting a decent rental yield more straightforward.

          While the City of Westminster has many attractive districts for buy-to-let investors, we have identified Lisson Grove as an up-and-coming area. The property prices are relatively low, and the rental yield is high, showing a promising balance between rental demand and location. Lisson Grove is also set to benefit from regeneration, likely resulting in capital value growth and higher rents and rental market. 

          Looking for the best place to invest in property? Take a look at our recently updated guide for more details.

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            Why You Should Consider a Buy-to-Let Investment in the City of Westminster

            When deciding on the perfect buy-to-let location for investors, rental yield and property prices can only make up one part of the story. 

            While selecting the right area for you, you must thoroughly research the specific area’s infrastructure and amenities to ensure you’re targeting the most attractive district for renters. Read more about real estate investing with our free property guide.


            The City of Westminster is a bustling urban centre that boasts high-profile London landmarks. This includes art hot spots like the National Gallery and Tate Britain, venues like the Royal Albert Hall and those found in the West End, and an exciting dining and nightlife scene. 

            Despite the inner-city location, Westminster and its vicinity is also home to some of London’s largest green spaces like Hyde Park, Green Park and St. James’s Park.

            Potential tenants won’t find much to be desired regarding leisure and the arts in Westminster. The area has an image that promises prestige and an aspirational lifestyle that will continue to attract affluent renters despite the extravagant rents.


            Westminster is located in Transport for London’s zone 1, making it exceedingly well-connected for public transport. Many underground lines serve it, and several major railway stations can be found in the area, as well as an extensive bus network.

            Public spending in London is the highest in the UK, coming in at £13,719 per head in 2022, which is 15% higher than the UK average. In terms of infrastructure, Westminster is well-connected, convenient, and well-maintained. These favourable conditions look set to continue with the promise of regeneration projects in the area.


            There are planned regeneration projects on the cards for Westminster to create further jobs and opportunities for residents and businesses.

            Westminster City Council’s ‘Church Street Masterplan’ was approved in 2017, and since then, various projects have been greenlit in different parts of Westminster. In 2020, the city council pledged to turn the area into a carbon-neutral green city by 2040 by utilising new technologies and promised a multi-billion-pound investment for renewal.

            These projects are set to bring even more rental demand to the area, as well as push up rents and property values in the future, making Westminster an area worth investing in sooner rather than later.

            Read our Off-Plan Developments guide for the latest on urban regeneration and property investment.

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              Off plan property construction site with workmen

              Westminster New Builds

              Demand for new build developments are growing in London and across the country, as the private rental market is currently experiencing an undersupply of available homes. There have been calls for new builds to help address the shortage, and new build developments are increasingly popular with property investors and tenants alike. This is because newly built properties are more likely to have lower maintenance costs, high quality interiors and facilities, and superior energy efficiency.

              City of Westminster Council are providing new build housing for the local community through regeneration and housing schemes. But the area is also very popular among private developers, especially when it comes to the luxury new build market.

              However, investing in new build developers in Westminster is a pricey business. The area is generally an expensive part of the UK when it comes to property, and acquiring new builds usually comes with a premium. For more affordable new build investment opportunities, it may be worth looking at cheaper areas of London, or expanding the search to other UK regions.

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              Off-Plan Property

              Off-Plan Property in Westminster

              While new builds are becoming more in demand, investors are aware of the elevated price that is expected when buying a newly built property. This is why off-plan arrangements are becoming more popular as a way to acquire a new build property at a discounted price.

              Westminster is a very popular area meaning there are plenty of new build projects being currently worked on or in the pipeline. This means there are chances to find off-plan investment opportunities in Westminster, but it’s likely that these properties will be costly, even with the discounts that investing off-plan can offer.

              It could also be worth searching for off-plan property in Watford and other London areas to find a better deal. Major cities in other regions such as Manchester and Liverpool are good bets for off-plan property and much more affordable than London.

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                Big Ben Street view

                How Does the City of Westminster Compare to Other UK Regions when it Comes to Buy-to-Let?

                The luxury price tag on London properties may put off some investors, but it’s easy to see why many are still drawn to a prominent location such as Westminster. 

                Of course, high rents are an attractive factor, allowing investors to collect more gross rental income every month. But it’s worth keeping in mind that rental yields are relatively low in London compared to other UK locations such as the North West, and the City of Westminster follows this trend.

                Demand is high in Westminster and other London areas, but the same can be applied to other major UK cities such as Liverpool and Manchester. In fact, young professionals are increasingly moving away from London to take advantage of the more affordable lifestyles up north. Rental enquiries have exploded since 2019 in all areas, but the North West has exhibited the highest increase.

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                Want to Invest in the City of Westminster in 2024?

                If you have the initial funds to take on the excessive property prices, the City of Westminster is often considered a safe investment. For London investors, high rental demand, high gross rental income, and stable capital value growth are all attractive benefits. 

                However, the returns on your investment may accumulate quicker in another area with higher rental yields. Yields are generally low in London overall, so it could be worth looking at more up-and-coming cities, such as Liverpool and Manchester, to see more substantial returns. Have you ever wondered what is an investment property ? and can a foreigner buy investment property in the UK? learn more with our free guides.

                With so many factors to consider, it can be challenging to get the most out of your buy-to-let investment, so it’s wise to take advantage of expert advice to ensure you’re getting the most lucrative deal possible. 

                Interested in buy-to-let? Take a look at some of our most recent guides to learn more!

                Map of City of Westminster

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                Jessica Ferris

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                Jessica Ferris is a property writer at RWinvest, helping our readers stay ahead of property market trends with the latest news and statistics.

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