Whereas previous generations were able to move to big UK cities or regional hubs to develop their careers, the current millennial generation is enduring a slump in mobility caused by rising rents.
Canary Wharf’s had fallen behind other rival London districts last year, posting only an eight percent rise in rental growth. This was in comparison with 12 percent for the City and and a 24 per cent jump in Shoreditch. Canary Wharf had, it seemed, started to become unfashionable.
UK professionals working in the City of London are the poorest workers in Britain. Its data shows that based on new roles advertised in Q3 2015, the average annual salary in London is £36,905; just 16.6% greater than the national average of £31,625 per year.