London has been dubbed a hotbed of entrepreneurship as it is revealed more than half of its residents plan on setting up their own business at some point.

A study by Expert Market showed 51% of those who live in the capital said they wanted to set up their own business at some point compared to 34% of people who lived outside of London.

Eight percent said they already had their own business or worked for themselves.

The high concentration of graduates and access to networking and finance is thought to have played a part in the appeal.

Other people said they were fed up with their own job (especially the commute) which lead them to dream of starting up alone.

A spokesperson from Expert Market said: "It's clear from this study that London is a hotbed of budding entrepreneurs. Investing in business in London should be made easier, to encourage greater development and growth in the start-up scene.

People - FreeFoto.com

People – FreeFoto.com

"We've seen a lot of fintech start-ups in London recently and we expect to see a lot more in the near future. London has so many opportunities for people starting out it, it is not hard to see why so many people want to get involved and work for themselves."

The number one reason given was the appeal of being your own boss. This was followed by the prospect of earning more money, creating a legacy and being able to do something more creative.

However, lots of Londoners also showed doubts about setting up their own business. Those who said they would never do it gave a variety of reasons including not having access to enough money (62%), the economy not being in good enough shape (41%), fear of failure (38%) and not having a good enough business idea (32%).

There was also a discrepancy between men and women with many more men planning on setting up their own business than women.

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