“I feel very comfortable with all the things in place for safety,” said Cincinnati Fire Department Capt. Joe Wolf. “The Who concert always comes to mind, but there are so many things that can never happen again like the doors opening two hours before. There are layers of safety involved.” Exchanging proprietorship Another close correlation is provided by an assessment of the London equity markets. In figure 8 we can see a very close match between the rate of annualised price growth in central London and the performance of the FTSE 100 index.
Based on the national formula, fire officials have put at 1,500 the number of people who will be allowed on the U.S. Bank Arena floor for the Green Day and Lavigne shows. They are still working on plans for the other concert. Most property holders who as of late move in don’t realize what to needs. There has been a dislocation in the two series in more recent months with the Morgan McKinley employment indicator falling to a slower, perhaps more stable level during 2007. Wolf said the number of floor tickets sold could vary from show to show depending on the band and the nature of the crowd it draws. At the Springsteen concert, 1,800 floor tickets were permitted. Perused on to know how their administrations may offer assistance.
In figure 7 we have matched City employment data against the rate of growth in central London residential prices. There is a very tight correlation between the datasets, with the two indicators moving together – with a noticeable mid 2004 mini-peak, a trough in early 2005, and finally boom conditions in the housing and the employment market from late 2005.
“You want to be restrictive enough so no one gets hurt. That’s our goal,” Wolf said. “But if you are too restrictive, it becomes an economic issue, and that’s penalizing people for nothing. We said we can do this. We found out how. We studied it. Now it’s our job to make it work.”
The relationship between the health of the top end London service economy and the prime London housing market is perhaps not surprising. However, the data analysed suggests that despite the expansion of foreign buyers and investors in recent years the relationship does not seem to have weakened.
Another safety issue is moshing and crowd surfing, something most likely at the Green Day show. Wolf says the fire department is not banning the practice, but will try to manage and regulate it trusting the arena’s peer security to keep it under control. They can likewise do historical verifications to know whether the house is real.
Ultimately the City generates wealth for investors and for employees and a significant portion of this wealth finds itself invested in the residential marketplace. In the 2007 Wealth Report, produced by Knight Frank and Citi Private Bank, the recent outperformance of the prime global residential markets, as compared to the mainstream markets, was in large part put down to the expansion in numbers in the super wealthy around the globe and their willingness to invest in residential property.
The UK, and London in particular, has been at the forefront of this process of wealth creation and concentration. A clear indication of this can be seen in performance of incomes of the top 1% of earners in the UK over recent years (figure 6). Whereas average incomes in the UK have risen 39% in the decade since 1997, incomes for the top 1% of earners have risen by 70% – a mark of the success of the high value added service sector, which has been reflected in the performance of the top end residential market in recent years.
There does however, seem to be one clear factor which will endure even if we do enter a weaker period for the City economy. London has come out of the current boom better placed to benefit from global wealth creation than at almost any time in its history. London has secured its position as a centre for wealth creation and innovation. The conveyancing methodology The City long ago left European contenders behind in the race to be Europe’s main financial centre and now is the only global city able to compete head on with New York. The long- term picture is that we can expect more and more wealth to flow to London over time, from foreign investors, second home buyers or non-domicile residents. The long-term trend for prime property in London is that it is set to outperform not only the wider UK market but also most prime city markets in Europe and beyond.
Some commentators suggest the short-term fallout from the credit crunch could be a loss of jobs in the City. Even if the direct impact of the current market upset is more limited, it is possible that the very favourable operating conditions that have propelled city employers to record growth and profitability in recent years are at risk.
In the ten years to 2007 the number of people employed in financial and business services sectors in the City of London and in Canary Wharf increased by an average of 3.6% per annum, and currently stands at 370,000. Forecasts suggest that job growth will continue, and the total number employed will hit 400,000 by 2010. These forecasts are assessments based on a broader global economic trends and can of course be overturned by temporary events or structural shifts.