Wondering which UK areas are the best in terms of business start-ups? Or been curious about how your own area stacks up against other prime areas?
A recent study conducted by M&A Advisor at webacquisition.com showcased that Westminster holds the top position followed by Camden, and Barnet as the leading areas in London for business startups; achieving an impressive score of 80, 74, and 70.5 out of 100 respectively.
The rankings were based on several key parameters, including new enterprise births, the percentage YoY business counts growth, business survival rates, the average Gross Domestic Household Income (GDHI), average Gross Value Added (GVA) per hour worked, average weekly gross salary, educational qualifications, and average life satisfaction score.
1. Westminster (London)
Westminster leads the list with a final score of 80. Not only does the district have the highest number of new enterprise births (7,145), but it also boasts an impressive business survival rate of 46.43%. It ranks high in average GDHI (£13,056) and weekly gross salary (£1,044.7), making it a premier region for business and affluence. The life satisfaction score of 7.38 adds to its appeal.
2. Camden (London)
Camden, another London borough, comes in second with a score of 74.23. Despite having fewer new enterprise births than Westminster, Camden surpasses in the YoY Business Count Growth at 2.95%. Its GDHI (£11,686) and average weekly salary (£937.4) also contribute to its high ranking.
3. Barnet (London)
With a score of 70.53, Barnet offers a compelling mix of a strong business survival rate (43.03%) and good GDHI (£12,154). The area is slightly less competitive in terms of weekly salaries (£749.9) but maintains a respectable life satisfaction score of 7.36.
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4. Birmingham (West Midlands)
The first non-London entry, Birmingham, scores 70.32. The region lags in YoY business growth (0.14%) and has a lower business survival rate (26.32%). However, it compensates with a high GDHI (£18,076) and a decent weekly salary (£750.6).
5. Leeds (Yorkshire and The Humber)
Leeds makes it to the top 5 with a score of 68.64. The city has a balanced performance across metrics like business survival rate (37.57%), GDHI (£15,246), and average weekly salary (£687.4). Its life satisfaction score of 7.54 is another strong point.
6. Hackney (London)
Hackney distinguishes itself with the highest YoY Business Count Growth of 4.97%. Though its GDHI is lower (£7,291), it boasts a high average weekly salary (£916.5) and a strong percentage of the population with NVQ4Plus qualifications (71%).
7. Islington (London)
Islington scores 66.89 and stands out for its strong YoY business growth (3.17%) and a high average weekly salary (£969.7). Despite its lower GDHI (£8,127), it has a respectable life satisfaction score of 7.3.
8. Kent (South East)
Kent earned a score of 66.09. Its strengths include a high number of new enterprise births (8,170) and a strong business survival rate (40.57%). Despite a lower GDHI (£2,974), the life satisfaction score is relatively high at 7.6.
9. Surrey (South East)
Surrey scores 66.08 and excels in business survival rate (44.77%). While the region sees a negative YoY growth (-0.26%), it maintains a decent GDHI (£3,341) and weekly salary (£802.9).
10. Essex (East of England)
Essex rounds out the top 10 with a score of 65.79. The region stands out for its business survival rate (42.92%) and a high life satisfaction score (7.68), though it lags in GDHI (£2,895).
11. City of Edinburgh (Scotland)
With a score of 64.36, the City of Edinburgh makes a strong case for Scotland. Although it has fewer new enterprise births (2,220) and a slight decline in YoY business growth (-0.08%), it compensates with a high GDHI (£12,136) and weekly salary (£787.2).
12. Ealing (London)
Ealing secured the 12th spot with a score of 64.12. The London borough has a stable YoY business growth (0.00%) and a relatively strong GDHI (£9,644). The area’s weekly salary (£733.9) and life satisfaction score (7.69) also contribute to its ranking.
13. Cornwall (South West)
Cornwall ranks 13th with a score of 63.55. It impresses with the highest business survival rate on the list (48.29%). Though it lags in GDHI (£10,996) and weekly salary (£625.6), it has a solid life satisfaction score of 7.58.
14. Hampshire (South East)
Hampshire takes the 14th spot with a score of 63.22. While its YoY business growth is negative (-0.22%), it compensates with a strong business survival rate (43.10%) and decent GDHI (£3,083).
15. Hertfordshire (East of England)
Hertfordshire ranks 15th with a score of 62.96. Despite a slight dip in YoY business growth (-0.03%), the region has a commendable GDHI (£3,141) and a high weekly salary (£806.6).
16. Enfield (London)
Enfield takes the 16th position with a score of 62.56. The area has robust YoY business growth (2.89%) and a decent GDHI (£8,069). Its weekly salary (£802.4) and life satisfaction score (7.41) contribute to its competitive rank.
17. Tower Hamlets (London)
Tower Hamlets occupies the 17th spot with a score of 61.76. Despite a slight decline in YoY business growth (-0.02%), it boasts the highest average weekly salary (£1,274) among the top 20.
18. Wandsworth (London)
Wandsworth comes in at 18th with a score of 61.72. While it has a negative YoY business growth (-1.69%), it impresses with a high GDHI (£13,451) and solid weekly salary (£785.5).
19. Brighton and Hove (South East)
Brighton and Hove holds the 19th spot with a score of 61.67. The region does well in terms of business survival rate (43.61%) and life satisfaction (7.57), though its GDHI (£6,637) is lower than some peers.
20. Harrow (London)
Harrow rounds off the top 20 with a score of 61.58. It features moderate YoY business growth (1.35%) and business survival rate (40.43%). The GDHI (£7,029) and weekly salary (£749.1) are also reasonable, adding to its competitiveness.