"It’s incredible to think that over the last 30 years these districts have evolved and become the dynamic hubs they are now"
Of the top ten financial hubs in Greater London – excluding the City itself – six lie outside West London. City Road, towards Clerkenwell (EC1V) has the fourth largest no. of financial businesses, with 1,309 registered in the postal district. The financial sector now makes up 6% of all businesses in EC1V, previously an area synonymous with tech given its location on the edge of the ‘Silicon Roundabout’.
SE1 has also taken the number 2 spot in the top 10 emerging financial hubs. The postal district has 1,640 financial businesses, demonstrating the growing appeal of heading south of the river and the success of regeneration around London Bridge and beyond.
Alongside this, 3 postal districts within North West London have built an impressive number of registered financial businesses.
Camden Town and Regent’s Park (NW1), Golders Green and Hampstead Garden Suburb (NW11) and Harlesden and Kensal Green (NW10) have a respective 1,397, 1,139 and 1,002 financial businesses registered. Companies within the financial sector now make up 13.5% of all businesses within NW11.
Andrew Bridges, Managing Director of Stirling Ackroyd, comments, “London’s financial heart has always seemed the City of London. But the scarcity of City office space and the growing attractiveness of new locations over the wall is causing an increasing number of businesses to bypass the City or relocate. Brexit may have fuelled fears that the capital’s financial reputation is dimming but, in reality, it’s growing. Spiralling rents have pushed financial businesses towards cheaper locations that still benefit from the transport links, ready customers and global positioning London offers, as well as an enticing range of cafés, bars and restaurants.
Budding financial businesses are gathering in the East of London – drawn in by the start-up culture and gradually transforming the area’s reputation as a cultural hinterland into a serious economic rival. Our data shows an emerging ‘game of loans’ as rival centres emerge to try to take the city’s crown. City Road, Shoreditch and Old Street have all been seen as top tech locations, but now the focus is turning to finance. Fintech is the future and the city fringes are the perfect place for this to unfold.
The North West of London has long had a financial reputation but the rising number of financial firms proves that the area is attracting more and more small businesses. Lower rents and the leafy environment are an instant pull for commercial renting and it’s likely that this hub will only grow in the near future.”
City Road overtakes the City
City Road (EC1V) has more financial businesses per km2 than all City of London districts). EC1V now has a business density of 1,704 financial services companies per km2 – providing a pool of potential clients for fintech start-ups.
It’s not just EC1V making the top 10 for financial business density, EC2A – home to Old Street and Great Eastern Street – is also climbing the table towards the top 10, even overtaking Regent Street.
W1 postal districts, including W1U, W1G, W1K, W1J and W1B hold 6 of the top 10 areas for financial business density, showing West London retains a leading position as the most concentrated area of financial businesses.
Andrew Bridges concludes: “City Road represents the best of east London – an eclectic mix of creativity, food, development – and now finance. Old Street isn’t known for its banking credentials but all that is changing. It’s incredible to think that over the last 30 years these districts have evolved and become the dynamic hubs they are now. When we first arrived in Great Eastern Street it was an up and coming, relatively unknown corner of the Capital – now it’s building up an impressive financial reputation.”
