Retailers on London's West End shopping streets face an 80% surge in business rates bills according to new research. Property specialist Gerald Eve has found shops on Oxford, Regent and Bond Streets will pay a total of £293 million per year as a result of revaluation from today, which will come into effect in April 2017.
London attracts more international retailers than any other European city, according to a report published today.
The 'Destination Europe report, from global real estate adviser, JLL, found that Bond Street is the preferred street when it comes to luxury retailers. Retail space in New Bond Street can command €12,300 per square metre per year, making it the most expensive in Europe.
The capital pipped Paris, Moscow and Milan in the rankings.
House prices in London have risen by more than 17 per cent in the past year according to the latest survey.
Prices increased by at least five per cent in all of the UK's five largest cities for the first time in a decade, with London seeing the biggest rise (17.3 per cent.)
Plans for a multi-million pound redevelopment at New Covent Garden Market have been given the green light.Read the full story ›
London and the South East are facing a major skills crisis in the construction industry - with the amount of skilled labourers nowhere near meeting the demand for work. A new report by the London Chamber of Commerce and Industry, along with KPMG, reveals that when it comes to projects between now and 2017, there is a gap of nearly 15,000 workers. Without more people- and more training- this situation is set to jeopardise house building and large infrastructure projects.
The industry has experienced great difficulties in recruiting enough skilled workers, for both professional roles and manual trades, to keep pace with new work. According to the report, a 51% increase in training provision would be required to meet demand for skilled labour between 2014 and 2017 to plug the gap.
255,000 workers are needed on site to deliver the 2015 pipeline of housing yet 400,000 of the workforce are expected to retire in the next 5-10 years. 20% more workers are required to meet the pipeline of around £96 billion of construction projects in 2014-17,
Colin Stanbridge, Chief Executive of LCCI said:
"Our members have long spoken to us about their difficulties recruiting sufficiently skilled workers. The detailed findings of this report highlight just how grave skills shortages are in the construction sector, with significant deficits of capable workers across numerous trades and professions.
Richard Threlfall, KPMG UK Head of Infrastructure, Building and Construction said: "This report calls on the industry itself to wake up and take responsibility to increase levels of training dramatically. It also calls on Government and training providers to recognise that the industry is changing, with ever greater application of technology and a trend towards offsite manufacturing - the skills required in the industry tomorrow will be very different from the skills required today. And above all it calls on all in the industry to take steps to boost the image of the construction sector as an attractive career path for the next generation in our schools and colleges.
The Mayor of London will be stepping behind the coffee counter today as part of his launch of a new rate for the London Living Wage.
Boris Johnson will be marking the beginning of Living Wage week at the first coffee shop in the city to commit to paying the increased wage.
The London Living Wage is calculated on an hourly rate based on the combination of the cost of living in the city and 60 percent of the median wage.
Over 60,000 children in the capital are facing Christmas homeless this year, according to a new report from the charity Shelter.
The charity has found that the number of families living in B&B's and in shared housing has almost doubled in the past three years.
More than half of those families also say their children's mental and emotional health has been affected by their living situation.
Some children are facing a commute of up to two hours to get to school because of their living arrangements.
London is on track to see 570,000 new homes in the next 10 years, more than enough to house the city's growing population, according to new research by London estate agents Stirling Ackroyd.
Hotspots in Southwark, Tower Hamlets, Islington and Hackney are set to lead home developments.
A net balance of 8% of surveyors have reported falling house prices in London for the month of September according to the Royal Institution of Chartered Surveyors. This brings to an end four years of growth for the Capital.
Looking ahead surveyors are expecting to see a rise across the UK in the next 12 months but prices in London are only expected to increase by 1%. This has been blamed on new buyers acting with particular caution
A major lettings network has released information showing that average private sector rent rates are at an all-time high.
Rents in the South East recorded a 3.4% year-on-year increase.
The average monthly rent in London now stands at nearly £1,200 after increasing by 3% year-on-year.