When considering job options or expanding their business, many are put off London because of its ranking as the world’s most expensive city to live and work in.
London had previously topped the cost of living list with a £80,700 a year cost to the average Londoner but it is now ranked third on the list. A new study has found that the capital is now ten per cent cheaper than it was in 2008.
The report measures the average cost of renting an office in the city and living space for their employees. Estate agents, Savills, responsible for the report, said accommodation for the average Londoner now stands at a total of £71,000.
Why has it lowered?
The Savills Live-Work Index, provides information for companies about the cost of doing business in capital cities across the globe. Experts have said that London’s drop in cost was part due to the fall in the value of the pound after the Brexit vote. London now ranks closer to Paris (£60,900) and Tokyo (£60,000) than the top two positions Hong Kong (£85,000) and New York (£90,700).
The decision on where to start a business, or move a current one, depends on how productive an organisation can be in that city and how competitive a city is in attracting human capital to its job market. Business location is a long-term decision, so sound business fundamentals are important as well. London’s appeal as a hub of the world’s largest businesses and top talent will continue.
Touchstone Recruitment has a range of permanent, temporary and contract job roles across London. If you are interested in a move to London, or are a business owner looking to fill a number of new positions after opening a branch in the capital, get in contact with us today.
Call us on 020 3143 4600 to let our specialist team know what role you are looking for, or what type of roles you are looking to fill.