Best Insurance

Want to work in London's Westend? What sectors should you focus on?(22-Feb-2011)

Traditionally, The Square mile and Westend have been the two main locations in London that the young and highly aspirant professionals have been flocking into. Hitherto, it was simple, financial services dominated the employment scene in these two locations in London.

Changing economy and the varying degrees of international competitiveness across various sectors has had its impact on these well accepted traditional paradigms. For the first time since the dot.com crash, technology, media, and telecoms have overtaken financial services as the biggest acquirer of office space in Westend. Popularly referred as the TMT (Technology, Media & Telecoms) sector, the demand fuelled by giants such as Google, Twitter and Facebook all looking for rental space in Westend, one can safely say at the days of dominance by the financial sector in Westend has come to an end. The Square mile will however continue to be dominated by the financial sector.

The other factors that have helped the TMT sector moving into Westend are, availability of several large newly developed Grade A space offering attractive rental terms and efficient cost of use for the tenants. In 2010, the cost to rent was about £75 per sq.ft and this was after a 14.5% gain in 2010. The increased demand is expected to push the rental prices up by 14% this year and a further 11% next year. At this rate, the cost per sq.ft in Westend will cross the £100/sq.ft threshold, the levels that prevailed in 2007, before the economy started to decline.

Kesh Thukaram, Director of Best Insurance commented, it is increasingly clear that the financial sector no longer dominates the London employment market. TMT's domination is bound to continue for the foreseeable future. He added that in terms of insurance costs and insurability, currently most insurers are indifferent to sector their customers work and variable pricing by employment sector is virtually non- existent. However with the fast changing landcape of the economy, one cannot be indifferent to employment sector when it comes to protection policies such as mortgage payment protection cover or income protection insurance. It is being predicted by some of the leading underwriters that very soon occupation will become an integral part of the underwriting criteria. This would mean that people working currently in say public sector will pay more than the ones working in Telecoms for the same type of policy.

Best Insurance has a wide range of payment protection and income protection covers and free advice that helps people make the right choices depending on their personal circumstances.