London’s may have established itself as one of the world’s top tech capitals, but it is facing a mass exodus of staff due to soaring property prices and the growth potential of regional digital economies, with Manchester, Glasgow, Leeds and Liverpool set to be future hotspots.
That is according to a report compiled by online estate agent HouseSimple, which ranked the 30 regional digital tech hubs identified in the recent Tech Nation 2017 report by average house price, number of digital jobs and digital tech sector growth potential.
Manchester came top, with average house prices of just £161,611, but more than 60,000 digital jobs and tech sector growth potential of 85%. Glasgow was a close second, with average house prices coming in at £119,487, and tech sector growth potential of 81%. although, the city currently has a third of the digital jobs in Manchester.
Leeds is third, with slightly higher average property prices than Manchester, at £171,052, but the second highest tech sector growth potential, at 92%.
London only ranks 19th, due to average house prices of £481,345, three times higher than in Manchester and four times higher than in Glasgow.
HouseSimple chief executive Alex Gosling said: “Britain was described by Chancellor Philip Hammond as an ‘innovation powerhouse’ and the digital tech sector is predicted to lead the way when we leave the EU.
“The digital economy is expanding rapidly, creating new jobs and opportunities in cities across the UK. London has been the beacon for the digital tech sector in the UK, but the flame is starting to burn a little less brightly, as the high cost of living and unaffordable property prices has seen an exodus of tech workers and tech businesses.
“Regional tech hubs are set to boom over the next few years, as the local digital economies become more established. And the regions best placed to take advantage of the investment being pumped into the digital tech sector will be the ones that can offer not just the best job opportunities but also the best quality of life.”
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