The London exodus, which is a term for the people and businesses that are relocating to cities North of England, seems to have grown over the years. Leaving London is a growing trend, but what exactly is causing this movement?
Why Are People Leaving?
Foreign-born residents are seemingly driving this trend as many people simply wish to start a life away from the capital city. In fact, a 2021 study has revealed that it’s very likely that London’s population will decrease by at least 300,000 residents this year alone! Though the London exodus has been around for years, it is seeing quite a bit of growth.
London is not an affordable city by any means, and young professionals want to make the most of their income. By choosing to relocate to a city away from London such as Greater Manchester, younger people can stretch their budgets further with lower living costs. Many other cities are able to provide a vibrant city life while offering lower housing and overhead costs, which makes London simply a lesser deal. If you are looking to move, enlist the help of sell my house fast.
Strong job prospects often drive young professionals, especially those working from home, to find a city with more to offer at a lower price. Plus, the flexibility in people’s work schedules makes them seek out cities that hone a better quality of life. Though paychecks aren’t as well-rounded as they are in London, the lower living costs allow for residents to actually save money.
Property investors are also recognizing that the Greater Manchester area is picking up in popularity. The lower current housing market makes it perfect for investing, but property prices are slated to increase in the coming years. It is expected that by 2025, property prices in the UK will have increased by 28.8%. Acting now, means property buyers and investors can see significant capital appreciation in coming years according to Piyush Yadav.
Businesses Are Moving On
Large corporations are also choosing to relocate their headquarters from London to the North and South. Salford, for example, is home to some of the most well known corporations such as BBC, TalkTalk, and ITV.
As office space rentals are still more affordable than elsewhere, Greater Manchester is the number one choice for businesses looking to relocate. It is also an ideal hotspot for entrepreneurs looking to start a new company. Manchester was named 2020’s hotspot for business startups as it houses plenty of local talent while offering the greatest opportunities for growth.
There is a steady flow of young professional talent as many graduates also reside in the Greater Manchester area. New and growing businesses alike can benefit from this seemingly endless pool of young educated professionals. In coming years, more professionals are likely to move to the north as it is seeing a steady growth in business.
People And Businesses Are Excited For Future Growth
The government’s initiative, which was started in 2014, has helped fuel the economy’s growth through development and strong investment opportunities. For both people and businesses alike, the Manchester region offers a future filled with growth and potential that’s likely to become even better in a few short years.
Manchester has placed special focus on improving their transportation infrastructure in recent years. The city now boasts a fantastic rail hub and one of the largest as well as busiest airports outside of the capital.
Described as an award-winning city, and also named the most live able, people and business alike are moving on from London. Steeped in culture and opportunities for self-improvement, the city has a lot more to offer than other prospects, and is likely to become even better in years to follow.
The prospective growth of the city is perfect for investors and professionals that want to establish job security as well as affordable housing. Globally recognized, Manchester is a city that has all the offerings of London but without the skyrocketing costs all too prevalent in recent years. Investing in a new city while it’s still affordable offers a great outlook for the younger generation.
