MANCHESTER THE FAVOURED MIGRATION DESTINATION FOR LONDONERS
Manchester has been confirmed as the top migration destination for Londoners leaving the capital.
According to data from Rightmove data, Manchester is the most enquired-about city by Londoners, followed by Birmingham.
And it’s not just Manchester in the North West that Londoners are interested in. Liverpool comes in third on the list, followed by Chelmsford and St Albans. Brighton, Nottingham, Reading, Bristol and Glasgow complete the top 10.
The data confirms what many already knew that some of those living in London are favouring upping sticks when they’re looking to buy their first or next property.
That decision is driven both by the sky-high prices of the property market in London, and the corresponding deposit requirements, as well as the continually developing reputation and city as a whole of Manchester over the last decade.
With the average asking price in London sitting just under £594,000, Manchester offers Londoners considerable savings with an average asking price of just £198,670. The average deposit required also drops significantly, from over £59,000 to just under £20,000 in Manchester.
Rightmove director, Miles Shipside commented that: “It’s no secret that London house prices are significantly higher than other major cities across the UK.
“It may well be the case that people looking to start families and set down roots choose to do so in an area where they expect to have more room to expand.”
GROWING DEMAND SPURRING ON MANCHESTER DEVELOPMENT
Increasing interest from those looking to up sticks and live in Manchester from London are just one of the cohorts that are driving demand for property in the Rainy City.
An ever-growing student population, including graduates who choose to live and work in the city on the completion of their studies, have also seen the population as a whole increase.
Meanwhile, Manchester’s burgeoning reputation as a creative and tech hub has seen major recruitment drives in the city, with healthy wages helping workers afford growing rental prices.
In fact, data released late last year from Cushman & Wakefield highlighted how the Manchester property market has topped the national growth charts in five of the last six years, with asking rents rising faster than any other UK city as competition for quality accommodation soars.
As Julian Cotton, associate director at Cushman & Wakefield elaborated: “The relocation and start-ups of these major corporations and small independent businesses has resulted in the creation of new jobs. It is expected that around 3,100 new jobs will be created per year across Manchester to 2034.
“Many of these jobs will be high salaries based in the city centre. As a result, Manchester’s population is anticipated to grow by 3,500 people per year over the same period creating an ever-growing demand for housing.”