Homeowners in the UK are selling up and relocating north in record numbers, according to new research from Hamptons.
The estate agent found that the proportion of those leaving the capital for cities such as Manchester and Birmingham has tripled since 2010.
In 2008, one in 17 people moving out of London permanently headed to the north and Midlands, but this has now shifted to one in five.
On average, Londoners are spending £424,610 on their new homes, with this amount allowing them to buy an old-style two-bed flat above a shop in east London. However, this amount is more than enough to purchase large detached homes in regional cities. In Manchester, for example, the current average property price stands at just £192,400.
“With affordability stretched, more Londoners are moving out of the capital to find their new home,” said Aneisha Beveridge, research analyst at Hamptons.
“More people are making a bigger move and buying a larger home sooner to avoid having to pay stamp duty on additional moves as they trade up. For many, this means heading further north.”
These figures come at a time when large businesses and corporations – including the BBC – are moving their operations away from London to Manchester. Increased job opportunities and sustained economic investments are driving the demand for real estate in the city.
Despite supply levels struggling to keep pace with this demand, Manchester is still staking its claim to be the UK’s strongest investment city. Property prices are rising faster than any other city in the country, while investors can achieve yields 67% higher than in London.