London is starting a new property boom – on the web. But the launch of the new .london domain later in April will not, experts hope, see the same price spiral that bricks and mortar property is experiencing.
The .london space already has its first occupants: Fortnum and Mason, Meantime brewery, and West Ham United FC are among the first 16 organisations to register a .london domain name, the capital's competitor to .com, .net and .co.uk.
When the first websites go live on 29 April, visitors will be able to type in meantime.london for the brewer, WHUFC.london for the football club, and FortnumandMason.london for the luxury department store.
London seems to be second in the world after New York, which has had .nyc since March.
The new domain is being launched to let London businesses identify themselves directly in their URL as being based in the capital. An open letter written today by the mayor, Boris Johnson, and signed by executives of organisations ranging from Battersea Dogs and Cats Home to Liberty, calls on other London businesses to join up when signups open in late April.
"It is hard to imagine that 25 years ago few of us had heard of the internet," the letter says. "Now we take it for granted: watching films on demand and buying the weekly groceries.
"A web address ending in .london says more about a business than just where it is – it is a statement about who they are and the aspirations they pursue."
Deborah Meaden, the entrepreneur and Dragon’s Den investor, was at the launch for the domain on Wednesday, and told the Guardian that she is involved because "there's going to be a revolution, and I think London should be proud to be part of the first phase."
She said: "London's a great brand to attach your business to. I've told all 19 of my companies to consider whether they'll adopt it, and all of them are going to come back with a proposal. I'm expecting a mixed set: some will feel very attached to the city, but others might have smaller elements of their business which they want to link with London.
"If you're a multinational, and you're doing some community work in the city, why wouldn't you want to link it to London?"
Meaden also dismissed concerns that companies would have to buy new .London domains to prevent "domain squatters" from purchasing their name from under them. "If I'm worried about someone else getting my name, I would think, why would they want it? Instead, I need to consider why I want it.
"Every business should be thinking to themselves about the part that they want to play in the revolution on the internet, but they shouldn't be driven out of fear."
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