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London 'outperforms other UK areas'

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London economic outperforms other UK areas

A new analysis of data from the Office for National Statistics (ONS) has revealed that London has been outperforming other areas of the UK from an economic perspective for a considerable amount of time.

Figures from 2007 - prior to the onset of the financial crisis and the collapse of Lehman Brothers - were compared to the latest available statistics.

It was found that a clear trend has established itself that sees the UK capital consistently outperforming the rest of the country as a whole.

The city's nominal output has increased at a much faster rate than that of other regions - and employment and unemployment rates have also fared better, with an increase of over 250,000 jobs at a time when most other regions have seen a significant decline.

Larger growth has been seen in active business stock and the average income of the capital's residents has been steadily on the rise, where residents of other areas have had to endure declines.

It would appear that this trend has not gone unnoticed by foreign investors, as Knight Frank recently noted that individuals from 52 separate countries purchased property in the very heart of London throughout 2012 alone.

Head of UK residential research at Knight Frank Grainne Gilmore said that this is by no means a new phenomenon.

However, the expert did note that a new model has begun to emerge in the years since the start of the global financial crisis, with many investors appearing in emerging economies.

"The appetite for London property remains strong and there is an increasing interest in London property from a widening range of overseas buyers," Ms Gilmore commented.

The ONS acknowledged that the path through recession has been very different from that of other parts of the UK.

Indeed, since the very start of the economic downturn, the city demonstrated a very strong output growth in 2008 - a time when growth in other regions began to slow.

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