Analysis from Experian has found there has been 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, Experian says.
The report said 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 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 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.
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.”