This is a guest post by Ben Hardman from Gorvins Solicitors
A fascinating report has been published by reallymoving.com based on the data it has gathered from around 10,000 users who have used their service. The data has been accumulated over the last eight years from movers to or from the Manchester postcode to give an insight into the home-moving trends of the region.
The Headline Findings
The proportion of moves to Manchester from London is 10%
The proportion of moves in the opposite direction, from Manchester to London, is 3%.
40% of people moving from Manchester stay in the local postcode area
Tight ties with Stockport: 5.4% moved from Stockport to Manchester, whereas 9.2% moved from Manchester to Stockport
A Closer Look
Over the last five years there have been 1.5 people making the move from the capital to Manchester, for every 1 person making the move down South. Rather interestingly, since 2007 there has been a steady decline in the percentage of moves from Manchester going to London.
This could be due to a number of reasons. The London housing market has grown astronomically in the last 10 years, pricing a lot of people out of the city. If we have a quick look at affordable housing schemes, the average price in London was £323,100 compared to £147,000 in the North West. Therefore, it comes as no surprise to find more people moving away from the big city.
If not London then where? In our humble opinion, there is no better place than Manchester. A busy, active and thriving metropolitan hub, offering all that London has but on a smaller, more compact scale. The report found the major attractions of Manchester to include: food and drink, shopping, music and nightlife, football and culture.
Another reason could be the BBC move to Salford, a close companion of Manchester. Over 2,000 BBC staff are employed at MediaCity in Salford Quays with many employees relocating from London to work at some of the corporation’s biggest divisions, such as BBC Sport and BBC Breakfast. Salford Quays is a fantastic, lively and sought-after area with lots of new accommodation being built.
Knock on effects
Does more people moving to the region mean there will be an increase in property prices? Considering the current housing crisis, the speculative answer would be, yes.
In 2014, the Nationwide house price index showed that prices in Manchester were rising at the fastest rate in the UK, beating even London. With the current lack of new builds and houses available, coupled with an increase in demand, it is natural to see an increase in house prices. The government have pledged to build 200,000 more homes by 2020, where we hope a few of these will be in Manchester.
Despite this, the news could be good for business in and around Manchester. Manchester Airport announced this week record passenger numbers for the month of July it its 77-year history. More than 2.5 million passengers travelled through the airport, a 6.1% rise on last year. They also announced a 4.2% in air freight, compared to this time last year, showing that businesses are prospering.
This is in keeping with the government’s Northern Powerhouse plans. In an effort to shift away from the London-centric economy, more businesses are relocating to Manchester as transport links improve, more power is devolved to Greater Manchester and more money is invested in science and innovation, such as the National Graphene Institute.
The government are serious about this, even appointing a minister for the Northern Powerhouse, James Wharton. Companies are beginning to realise the potential of the major northern cities and are creating hubs in these locations to gain a greater share of the market. The assumed capital of the Northern Powerhouse is Manchester; it is the place to be.
With Manchester becoming an ever popular living destination choice, there is great potential for the city to boom. These figures should spark the interest of homeowners, house builders and entrepreneurs of all sectors.
If you are moving to Manchester, or moving home within the region, and require an excellent residential conveyancing specialist, contact us today to speak to an expert member of staff who can give you a no-obligation quote. Give us a ring on 0343 507 5151 (standard landline number) or fill in our contact form and we will get back to you when it is most convenient.