The Big Smoke has always been synonymous with sky-high property prices - and according to recent reports, it's bubble might be about to burst.
In fact, a survey discovered that 66% of London business respondents confirmed that rising housing costs and a lack of availability are having a significantly negative impact on the recruitment of entry-level staff. As little ago as 2015, the same survey reported that 55% of respondents felt this way - that’s a significant increase of uncertainty in a relatively short space of time.
The severe shortage of affordable homes, both to buy and to rent, in The Big Smoke is driving young talent away, crippling staff retention rates for London businesses of all shapes and sizes.
Regarding the cost of living, the capital is becoming an unforgiving beast and it's having a snowball effect on businesses trying to keep their heads above water.
Not only this, but the housing shortage is also becoming a headache when it comes to attracting more senior employees, with 59% of London firms citing it as a problem for recruiting mid-level managerial staff, compared with 45% in 2015.
Speaking on the subject, Eddie Curzon, CBI London director, explained:
“This survey speaks loud and clear - London’s housing shortage is a ticking time bomb.”
Now, if you’re a London-based business owner and you’re reading this, shaking your head, perhaps it’s time to move your commercial venture northbound.
If you’d like to see your business flourish long into the future, Stoke-on-Trent is the place for you.
Not only is this one of the UK’s buy-to-let hotspots, but the cost of living is more than reasonable, and its exceptional transportation links mean that you’ll be able to attract a wealth of talent from in and around the city (as well as ambitious graduates from Keele and Staffordshire University); you’ll be able to retain your staff, too.
A great deal of investment is going into Stoke-on-Trent and its cultural attractions, entertainment facilities and local amenities are constantly improving.
Not only does Stoke-on-Trent offer the potential of a bright, prosperous and stable commercial future, but you'll also see your business overheads drop dramatically - a win-win situation if ever we saw one.
London's housing market is burning, and rather than go down with it, you should strongly consider rising from the ashes and setting up the next chapter of your business in Stoke-on-Trent - you won't regret it.
Want to know more about the area? Here’s a look at all that’s wonderful about Stoke-on-Trent.