UK Property Development & Investment News - Alliance Investments

London professionals leaving the capital at younger age to buy in…

Written by Alliance Investments | Jan 15, 2020 5:00:00 AM

One of the most prominent trends in the UK property market is the increasing number of people leaving London and buying homes in cities like Manchester and Birmingham instead. More affordable house prices and booming economies in these regions make them incredibly appealing to homebuyers.

Property in the capital remains unaffordable for many. With an average property price of £619,344 according to Rightmove, it is no surprise that so many are looking at where they can get better value for money.

Now, new research from Hamptons International shows that the average age of people departing from the capital to buy a home elsewhere has fallen to 39 years, from a high of 47 years just a decade before.

While historically most people leaving London did so because they reached the stage of life where they wanted or needed a larger home, this data indicates that an increasing number of younger people and first-time buyers are abandoning the capital for greener pastures in the regions.

Aneisha Beveridge, head of research at Hamptons International, confirmed this, saying: “The average age of someone leaving the capital to purchase a home has fallen to the lowest level on record.

“For many first-time buyers it also means moving further afield to areas such as the Midlands and North where they can get more for their money.”

The research shows that almost a quarter (24%) of people leaving London in 2019 were first-time buyers, a significant increase over previous years. Similarly, almost 15% of those leaving the capital moved to the North – another big increase over previous years.

It is clear from the Hamptons International research that the long-term momentum is with housing markets in cities like Manchester and Birmingham. However, property values in these regional hotspots are increasing as the cities become more desirable and their populations grow.

For example, it is anticipated that Manchester city centre will see a population increase of 5,000 people per year over the next five years. Homes cannot be built quickly enough in the city, and the value of existing homes will continue rising rapidly as competition grows – making this the perfect time to buy and take advantage of the upcoming capital appreciation.

Buying off-plan now means that you can lock in today’s market value and make the most of this future capital appreciation. For more information on our available properties, please click here today.