Havering is a borough based in Outer London, on the east side, with Romford recognised as the main town in the area.
Economy in Havering
There is a strong economy in Havering, thanks to good job prospects, which is set to become even stronger as a result of the council’s housing regeneration scheme. The employment and business situation remain stable there, with both the private and public sector well-represented, including a number of micro businesses (firms with up to nine employees) and small start-up businesses. There is also a very healthy retail sector in the area, known for the Liberty Shopping Centre and Romford Market. The area is also recognised for its busy night life, with excellent transport links throughout the borough as a whole.
Overall, there were 8,895 micro-businesses in Havering in 2018. Small businesses (those with 10 to 49 employees) numbered 650, while there were 120 medium businesses (50 to 249 employees) and 30 firms employing more than 250 individuals.
Employment in Havering
Office for National Statistics (ONS) figures put Havering as having around 152,300 working age residents (men and women aged 16 to 64). This is 62.9% of the resident population. In terms of employment opportunities, Havering currently has around 8,300 businesses and employs approximately 108,200 people.
Currently, construction is the biggest sector (which is set to grow phenomenally over the next few years). The town itself has a College Construction Campus. Queen’s Hospital, which represents North East London and Essex, is another big employer, while Havering as a region boasts excellent strategic commercial areas in Romford and Rainham (the former with its plentiful office provision at the Romford Office Quarter).
In Rainham, the Havering Riverside Employment Area is a big manufacturing outlet, comprising more than 500 businesses, and perfectly placed in the Thames Gateway development zone. Here, you will also find the Centre of Engineering and Manufacturing Excellence (CEME) and Havering College’s southern campus.
The weekly take home pay of a worker in Havering in 2018 was £642; this was higher than the national UK average, which was sitting at around £571.10.
Recent Investment in Havering
The local authority itself has promised to invest £100m in to the local economy via a huge joint partner regeneration scheme. It is a 12 estate joint venture project, with development Wates Residential, which will result in 3000 new quality council homes being built and old housing in six areas subject to demolition. It will also mean more local construction-related jobs.
Plans for the future
At the last census in 2013, Havering’s population was sitting at 242,080. It’s predicted that by 2029 it will be around 279,55013.
Crossrail, in the form of the Elizabeth Line, is due to begin services in Romford Station in 2019, making journey times across London and into the city centre itself much quicker. This is expected to attract more residents (especially commuters) into the area.
The council has also pledged more than £3bn across the borough to boost employment opportunities, improve neighbourhoods and build the aforementioned housing projects.
Speak to Irene & Michael Agunbiade who specialises in investment property.
Call 0333 123 1330