Living in the UK’s capital city comes with a hefty price tag. And with house prices on the rise in response to continuing demand, young professionals are looking to move away from London in search of a more affordable location to live in.
“Wealthy young professionals are pioneering emerging prime locations away from their parents. Access to high-value employment markets and good transport links are key,“ said Lucian Cook, head of Savills UK residential research.
Property experts report that the most popular destination for Londoners in their thirties to relocate to is Birmingham. The second largest city in the UK saw an influx of 5,480 people from the capital in the year to June 2013, according to the Office for National Statistics (ONS). With 18,337 small and medium-sized enterprises (SME’s) being launched last year in Birmingham, a myriad of job opportunities for graduates have opened up. Further to this, the city is coping well with the demand for housing, with many old factories and warehouses being converted into new apartments.
Manchester is also noted as a key relocation point, seeing 13,054 new businesses start up since January last year. A vast amount of students are choosing to remain there after graduating in order to get work locally, with The Northern Quarter being considered a popular location. Didsbury and Chorlton have been named as two of the most popular suburbs for newly arriving professionals due to the selection of housing on offer and the fact that they are well connected to the city centre by the new tramline.
Bristol and Cambridge are also attracting their own fair share of relocating Londoners. Bristol prides itself on being one of the UK’s greenest cities and offers properties for first time buyers with a price tag of £200,000 - £300,000. Meanwhile, Cambridge provides work for those in the life science, bio-tech and technology industries and a recent listing of a three-storey Victorian property was put on the market for £375,000. And for those wanting to stay connected to the capital city, Brighton is only a 50 minute train journey away. A new development next to the station in Brighton recently launched 15 penthouses, with a starting price of £499,950.