The inflation rate for the UK as published in April of this year shows that the rate is continuing to decline. What impact, if any, Brexit will have on inflation and the economy is still far too early to predict. Certainly the volatility of the BSP, and its lowered exchange rates will likely even out this coming week. One thing is for certain, that is that London itself is continuing to rise economically overall. London’s Purchasing Managers’ Index (PMI) at the close of April this year shows business activity recorded at 51.0, just slightly down from 54.2 in March of 2016.
London’s surveyors have reported that house prices are decreasing, which is good for renters and buyers alike. The RICS Residential Market Survey showed a net balance of -10 for London house prices over the quarter leading to April 2016. Consumer confidence figures also show movement, while they are standing steady at 7 as of April, that figure is down from 9 in March, but London’s are better than the figures for the UK as a whole. Consumer confidence in the UK is reported at a -3, a further reduction than March’s rating of 0.
Yet the relocation to London never stops, and our client’s stand in a good position to take advantage of the reducing prices of London real estate, and the job market also shows great promise. There is a clear trend and a growing demand for skills and labour that are continuously needed in London. London’s Economy Today published a supplement showing the trend of demand in work for skills as deemed by the government to be at a post-16 education and training level.
Over the previous three decades, London’s become progressively more dependent upon the global economy. Due to this, we now specialize in high value business services to many parts of the world. There is an increasingly growing workforce and population and the demand is likewise growing for local services such as schools, retail, and healthcare. The overall report showed that London will continue to report a high demand for those highly skilled, as well as additional professionals needed in London.
With more than a half million workers leaving London from the workforce every year, we will continue to need to replace that workforce with like-minded, and high level trained individuals. This sort of training can also aid in workers ability to adapt to the changes in technologies and the nature of the work to be done here. For more information on how we can manage your move to London call our office or use the contact form on our website.