27
Jan
Southern cities 'to survive recession best'
The cities that are equipped to cope best with the recession are
those in the south, a new study has stated.
Policy institute the Centre for Cities has argued that some
locations are less vulnerable to the consequences of the downturn
because they have more highly-skilled and educated
workforces.
It noted that in 2008 locations such as Reading, Oxford and
Cambridge saw some of the smallest rises in unemployment of any
British cities, leading the thinktank to conclude that their
knowledge-based economies are more flexible and resilient.
Such areas may consequently see house prices hold up better, as
fewer people may withdraw from the market due to unemployment or
the fear of it.
Land Registry figures covering the 12 months to November 2008
indicated that price falls in these locations were lower than the
average for England and Wales.
Reading saw a drop of 10.2 per cent, Cambridgeshire 11.3 per cent
and Oxfordshire 8.4 per cent, compared with a national figure of
12.2 per cent.
