A new report by Raisin reveals which city in the UK is the best to invest in when starting your own business. Over 670,000 new businesses start in the UK every year, however, it’s been reported that 20% of those businesses fail in their first year – and it’s important to get your location right from the get-go to give you the utmost chance of business survival.
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The study analysed business survival rates as well as office costs and unemployment figures of 20 of the biggest cities in the UK to discover which one would be best to start a new business in.
The data also revealed where house prices have risen the most across the country to show where Brits will be able to earn more money from property.
Leicester Is The Best City In The UK With The Highest Business Survival Rate!
The study showed Leicester is the best city in the UK to invest in for both starting a new business and buying a property. The business survival rate in the city is over 91% and house prices have risen by 28.3% in the past two years, meaning the property market is booming in the midlands city. The average house price in Leicester is £246,000 and is rising.
Leicester is home to some of the UK's largest businesses such as Next, Barratt Developments and Dunelm so it is the perfect place to start a new business.
Also making the top 3 for investments is Bristol and Coventry, as they both have high rates for business survival (88.7% and 90.6%) and house price increases of 26% & 28%.
The Top 30 Cities In The UK To Invest In - Where Should You Start A Business In The UK?
The index ranked 30 of the UK's biggest cities by 5 factors (working population, business survival rate, hours price changes, job claimant rate and price per sq.ft of office space) to determine which city is the best to invest in.
Kevin Mountford, Co-Founder of Raisin UK, said:
“Whether you’re buying a house or starting a business when it comes to investing in something new, you have to weigh up the pros and cons, and the location is a key factor in that. Using the Raisin UK city investment index you can find the most practical and profitable location for your business needs, encouraging the most successful outcome of your investment and hard-earned savings.”
For more information please see the full post here.
Raisin is an online savings solution that has been designed to help you earn more money from your savings.
Sources and Methdology:
The city investment index was populated by the cities which fulfilled all data queries for evaluating the working population, the rates of business survival over 1 year, the variance in house price changes, the amount of people per job opening and the price of office space per square foot to find the best cities to invest in. Each city was allocated a ranking score out of 40 for each factor with an overall ranking out of 200 creating the index.