27 Jan

Southern cities 'to survive recession best'

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.

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