Those moving to London in the near future may find that more work is available on the outskirts of the city than in the center. This trend is important to know and watch because if you buy houses in London or rent London apartments on, say, the west side expecting to find work there or in Central London and then end up finding work on the growing east side, you will end up spending a great deal of time and money on additional transportation.
A recent forecast has been released by the Centre for Economics and Business Research (CEBR) which reveals a projected shift in the capital’s jobs market. According to the report, several other sectors which have been lying low are beginning to rise as the crippled financial services sector continues to struggle.
Over the next five years or so, the CEBR report predicts an increase in growth for the sectors of MIT, Internet, Media, and Business Services such as accountancy and consultancy. This is seen as a very positive trend for the city since more than one in five jobs in both the telecommunications and computer markets are based in London. Business service production is also expected to expand in 2013 by 1.9 percent.
East and South East Growth
The CEBR report estimates just over a one percent increase in growth for London. However, that expectation is seen as coming from the East and South East sections with a drop expected in the West and Central areas due to the continued decrease in financial services which are mainly based in those areas.
The reason for this shift in city growth is due to the fact that it is adapting and adjusting to the 2008 crisis by increasing opportunities and innovations in other markets to compensate for the financial sector’s downturn and continued struggle.
Although the main shift is towards the eastern boroughs, better employment and housing opportunities are also showing up farther outside of the city’s center. This growth is also being spurred by the shrinking financial sector, but it also can be attributed to areas being developed in order to accommodate more citizens who are moving there.
Besides a shift in business and employment opportunities to the eastern portion of the capital, social changes are making a move as well. Drawn by newfound jobs and available London flats for rent, the population is moving to east-southeast neighborhoods. This boom has been encouraged by last summer’s Olympics which drew a great deal of business to the area, but is being sustained by further corporate growth.
Therefore, according to the CEPR report, those anticipating London relocation should first look to the east and outlying areas for both job opportunities and greater availability of London flats and apartments, at least through the projected report date of 2017. Those moving to this area of the city will also find a growing social base and increased entertainment venues as London continues to recognize and acknowledge this shift by supplying this section with funds to develop.