The Legatum Institute recently released their latest UK Prosperity Index. This year is the first time the report is sub national, looking at 389 local authorities instead of the UK as a whole. A number of different indicators have been examined to see what conditions are like in each of these areas.
One aspect of the report that is very interesting is the business environment index. It looks closely at areas to see which are the most attractive for businesses to be based and operate in. Surprisingly the number one area is outside of London. Not surprising though is the fact that the top 13 is dominated by the areas in and around the capital. Seven Boroughs are on the list as well as two neighbouring regions.
London is represented on the list by Richmond Upon Thames, Hackney, Islington, Camden, Kensington and Chelsea, Lambeth, and Westminster. St. Albans and Hertsmere in Hertfordshire are both just outside of the capital.
Incredibly Bristol is ranked as the best area to do business in the UK. The city has earned a fantastic reputation as a hub for innovation. It boosts this with the fact that several projects in the area actively support new business start-ups. This is a major attraction.
Each of the areas in London on the list offers great attractions for businesses. Richmond Upon Thames for example has incredible transport links and is renowned for having more affordable business rates. These have helped draw a number of companies to the area, including banks, creative companies, and various others.
At Finefair we operate across London, offering a wide array of services. One we provide in Richmond Upon Thames is council leasing, helping landlords to let their properties with the local authority. This can offer many benefits, including easing the workload for the landlord and giving them guarantees on their monthly income from the property.
The attractiveness of doing business in Richmond Upon Thames means there is demand for rental properties as people look to move to the area for jobs. Renting is a good option while people get settled and look for an area where they want to purchase a home. With London this can take a lot of time because there are so many locations to choose from.