East London is booming with tech, talent and entrepreneurs moving to London from the US.
In April 2014, the Home Office will launch the Exceptional Talent Visa. UK Prime Minister, David Cameron announced the launch and the changes to be made to the Visa stream to allow the expedited Visa process for highly talented IT professionals and programmers to enter the UK.
There were only 1000 Tier 1 (Exceptional Talent Visas) granted in 2013, but the new changes will include a 5th Designated Competent Body, in this case Tech City, to endorse applications for the Tier 1 Visa.
90 000 Tech Companies in London
With over 90 000 tech companies in London, this news comes as a welcome relief; London’s tech community will welcome more individuals and start-ups to the city in 2014 than ever before. In recent news from Reuters, Tech London Advocates founder, said that London’s Tech startups are at a tipping point and the next 2 – 3 years will prove vital to reinforce London as a major centre for tech innovation and cement the city as an economic and financial powerhouse in the European Union.
Silicon Valley Comes to the UK
The not-for-profit organisation Silicon Valley Comes to the UK is an industry supported series of events led by industry leaders, entrepreneurs and tech startups who may be in the process of moving to London. Tasked with helping startups scale up, the organisation is a resource for companies considering moving to the UK and has an extensive education programme.
What Does this Mean for Rentals in London?
From a residential property perspective, we’re watching the market carefully to guage any increase in specific area prices and changes to lease agreements and negotiations. While sale prices of residential and commercial properties continue to soar in London, the rental market is quite different and does not always follow trends. When it comes to renting commercial space for tech companies moving to London from the US, we’ve found that there is a very specific area – fondly known as Silicon Roundabout by Londoners, where many tech companies are choosing to rent. However, with Google moving to Kings Cross, some companies are choosing to spread out from the ‘higher priced’ Shoreditch area to other parts of London. East London Tech City is a vibrant area and uniquely ‘London’ with a developing US flair and vibe.
It’s an exciting time to be in London: From startups to popups and tech to toursim, London is the gateway to Europe and the Middle East and we expect to see a major influx of US and Canadian tech professionals over the next 2 years.
London Relocation offers a specialised service for tech professionals moving to London in 2014. We understand your needs and provide an exceptional and guaranteed residential and commercial property search service.
Author – Belinda – G+