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The parallels
with today’s
shortage of
affordable
housing are
obvious
T
he legacy of these revolutions, evident in London
today, can be traced back to the 1760s. While the
first industrial revolution was primarily associated with
the north of the country, London was not immune
from its impact. While the mechanisation of processes
was transforming the economies of the north, London
benefitted from rapid urbanisation, with migration from
around the globe creating a multi-cultural population
base. Meanwhile, rising wealth led to the need for credit
and industrial finance and to the rise of the banking and
financial system. The City became increasingly focused
on its international financial role, with the London Stock
Exchange emerging in 1760 to complement institutions
such as The Royal Exchange, the Bank of England and the
Lloyds Insurance Market.
The second industrial revolution, which started around
1840, was largely an evolution of the first, but with greater
technological and economic progress. Steam power
continued to play a significant role in the large-scale
manufacture of goods but was complemented by the use
of electricity. This led to improvements in the transport
network, especially railways and canals that radiated
from London, connecting the commercial capital with
the growing provinces. There were wider improvements
to infrastructure, with telegraph lines, electricity, gas,
water and sewage systems all aimed at supporting the rapid
population growth occurring in key cities, as well as enabling
unprecedented travel and communication across the country.
For London, these new roads and bridges led to the infilling
of the capital with new housing and the absorption of
suburban parishes into the urban fabric. Daily commuting
into London using the new Royal Mail coaches, and
later the omnibus become viable - the latter frequently
overcrowded to increase the profitability of the route.
The total population in London saw huge growth during
this period, with 2 million people living in London in 1840
rising to 5 million by 1880. In 1841, less than two-thirds of
the capital’s inhabitants had been born there and, much
like today, young people were attracted to the city to take
advantage of both employment opportunities and the
entertainment and shops that were available. However,
this population growth left many urban areas struggling
to keep pace with the flow of workers arriving from the
countryside, often resulting in overcrowded, unsanitary and
polluted conditions. The parallels with today’s shortage of
affordable housing are obvious.
The increased use of coal for both domestic and
industrial purposes increased air pollution levels in London
First Central Bank
established in England
Second
Industrial
Revolution
London
population now
5 million
1694
1840
1880
Industrial
Revolution
1760
CUSHMAN & WAKEFIELD
28
PAST, PRESENT, FUTURE