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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