New Experian analysis reveals a fundamental change in where families and homeowners are looking to base their lives.
The average house price in the UK now stands at £275,000, and £521,146 in London. This cost, coupled with many employees now working for home at least for part of the working week, has inspired people to relocate to find a healthier work life balance.
Many movers have left their regions’ main urban location for neighbouring towns and villages.
The rural district of Harborough in the Midlands has seen an influx of movers from Leicester, while the market town of Selby in North Yorkshire – famous for its medieval abbey – has seen arrivals from nearby cities Leeds, Bradford, and York.
The picturesque town of Tewkesbury in the Cotswolds has become a desired location for those looking to leave Cheltenham and the trend is also happening north of the border, with East and Midlothian now home for those leaving the capital, Edinburgh.
Locations which have seen a substantial drop include the London boroughs of Camden and Brent, and Oxford and Cambridge – cities which are surrounded by iconic English countryside but are still accessible for commuters moving to those areas.
London saw the largest proportion of movers leave their region, with 12% leaving for locations in the south-east and 8% heading further afield into the East region.
The switch will not only have an impact on the movers seeking a greener and more balanced lifestyle, but the communities they are both moving to and from.
Reliable transport links and cheaper housing can be seen to be driving demand, while businesses, organisations and planners need to be aware of the changes to meet the demands of these evolving demographics.
The trend is also likely to accelerate changes already seen in British high streets over the last decade, with new retailers and services opening to cater to the needs of the new arrivals.
Colin Grieves, managing director of Experian Marketing Services, said: “The pandemic has caused people to examine their priorities, and many have decided to enjoy the benefits of lower cost housing and greener space while still being able to continue their careers. Flexible working means people no longer need to be tied to their office, with a longer occasional commute an acceptable compromise.
“Only by understanding this profound change can local authorities, city and town planners and other organisations begin to think and plan differently. For example, ensuring there is sufficient transport services to meet demand is just one area which will require a new approach.
“For retailers and marketers, it’s crucial they take advantage of these new opportunities. The country’s high streets are evolving due to the surge in online shopping but with it brings the chance to reflect the consumer habits of these new groups which have swapped the city for the country. Planning the delivery infrastructure as demand increases is also no small task.”
Flexible working has enabled much of this change and has also benefited employers, providing wider access to talent than was previously possible when employees were constricted by their commute.
This in turn has the potential to rebalance the economy away from some urban areas. The Government has prioritised its ‘levelling-up’ agenda and jobs that may have only been accessible in major cities can now be done remotely, helping to spread economic benefits across the country.
