With the London exodus, a rising number of people and businesses are moving out of London. And many are looking to cities in the North of England. Below we discuss some of the top reasons why this is a growing trend.
Businesses leaving London
The London exodus has been happening for a number of years, and this trend is continuing with many people looking to move out of the capital. In the past couple of years, large numbers of foreign-born residents in particular have moved away. PwC even published a report in January 2021 that projected London’s population will decrease by more than 300,000 this year.
In particular, a growing number of young professionals are choosing to move out of the capital to elsewhere in the UK. And many are choosing cities in the north with strong job prospects and lower costs of living. With lower house prices and rental costs, areas like Greater Manchester provide much more for the money compared to London, while still providing the opportunity to enjoy vibrant city life.
With the recent increase in remote and flexible working, some professionals are using this as an opportunity to move to cities with better liveability. While people usually get paid less in the north compared to London, living costs are substantially lower, leaving more money in resident’s pockets.
Because of this growing trend, investors are also looking to the north, especially across Greater Manchester, for their next property investment. The city-region has lower entry prices and prices are slated to increase substantially. Savills forecasts the North West to lead UK house price growth in the coming years with prices expected to rise by 28.8% across the five years to 2025. This means homebuyers and investors could potentially earn strong capital appreciation if they act now.
Businesses are following suit
In recent years, numerous large companies have relocated from London and other areas of the South to growing areas of the North. Salford in particular is home to the headquarters or major proportion of operations for BBC, TalkTalk, ITV and M&S. Recently, BBC announced its further expanding its operations at MediaCityUK and across the north.
A significant number of businesses are continuing to flock to Greater Manchester. New businesses and startups are also opening their doors there as renting office space is much cheaper. In 2020, Manchester was even named one of the leading global hotspots for startups because of its high-quality local talent and strong business opportunities.
With a large population of graduates and young professionals across the north, and especially in Greater Manchester, there is strong access to new talent. This is particularly appealing for many new and growing businesses. As employment levels will likely see continued growth, more professionals are expected to move to this area in the coming years.
Future growth exciting for people and businesses
The Government’s Northern Powerhouse initiative, which started in 2014, has brought strong investment and development to areas of the north, especially in Manchester. With a strong and diverse economy, the northern city has a lot to offer for both people and businesses.
Transport links have been significantly improved across Manchester. With the busiest and biggest airport outside of the capital and a major rail hub, the city is home to strong connections regionally, nationally and internationally.
With strong levels of investment and development continuing to come to Manchester, it’s an exciting city to call home. Having been named the most liveable city in Britain for a number of years, more and more people and businesses are moving there. Additional investment is even being put towards cultural offerings across Manchester, further making it a world-class city.
The strong growth expected in Manchester throughout the coming years makes it an especially appealing time to live, work and invest in this thriving city. As the Powerhouse of the North and the UK’s second city, Manchester is becoming a global city with something for everyone.
At Salboy, we have a number of high-quality property developments available across Greater Manchester for owner occupiers and property investors. If you are interested in purchasing a property in this exciting area, send us a message or call us on +44 (0) 161 884 3183