"As the cost of living and rising house prices continue to put pressure on households all across the UK, it’s no surprise to see many considering the option to relocate elsewhere."
However, with more employers than ever embracing remote or hybrid working, some people are exploring the idea of relocating. A bigger property, being closer to family or even just a change of scenery are some of the many reasons behind the UK’s big relocation, according to new research from L&C.
Its survey found that over a quarter (26%) of 16-24 year olds and 23% of 25-34 year olds are planning to relocate now they can work remotely.
Plus over a third (35%) of 16-24 year olds and 27% of 25-34 year olds said they are actively looking for roles with remote working opportunities so they are able to relocate to a cheaper area.
17% of survey respondents plan to relocate in the next 12 months of which 31% were under 24 years old. Even over 55s showed an inclination to relocate with 7% agreeing with the statement.
It was discovered that 31% of those currently living in cities would like to relocate over the next 12 months but unsure of the best location for their next step.
Below are the top ten reasons for UK residents wanting to relocate:
1. To have a change in scenery
2. To afford a bigger property, to be closer to nature and to afford more outside space are all joint second place
3. To live in a cheaper area
4. To be closer to family
5. To live in a more family-friendly location
6. To afford more space to start or grow a family
7. To escape air pollution
8. To have better access to amenities
9. To be closer to work
10. To afford more space for home working
L&C also made house price comparisons between different areas across the UK and different sizes of properties.
Comparing a three-bedroom house in some of the UK’s largest cities, Birmingham is revealed as one of the UK’s most affordable choices for relocation.
Looking at the most affordable price for a three-bedroom house in Manchester, Leeds and Birmingham revealed the prices are fairly similar - with the average price lowest in Birmingham at £238,059, closely followed by Leeds costing slightly more (£238,845) and Manchester being the costliest (£247,188).
Upon analysing the cheapest areas for one-bedroom homes it was found that the top area was in County Durham. The Headland proved the cheapest (£50,135) with Saltcoats in North Ayrshire, Scotland ranked second (£65,032). The area for the cheapest two-bedroom property was also in County Durham, with Hartlepool the cheapest at £83,780.
Newton Stewart, in the south west corner of Scotland is revealed as the cheapest countryside area for a two-bedroom property.
Lastly, when looking at the most affordable areas in the countryside to purchase a two-bedroom house, Newton Stewart in Scotland proved the cheapest (£123,913). This was followed by Carmarthen in Wales (£168,275) and the Cumbrian town of Cockermouth (£177,168).
David Hollingworth, associate director at L&C Mortgages, commented: "The pandemic has changed the way that many people work. As more people have the option to work remotely it opens up the chance for relocation to an area that wouldn’t have previously been possible. That could allow a move to a cheaper area or homebuyers to afford more space. As the cost of living and rising house prices continue to put pressure on households all across the UK, it’s no surprise to see many considering the option to relocate elsewhere.
"It was perhaps unsurprising to see that many of those planning a move hoped to relocate to the coast or country, although the cities showed that they haven’t lost their appeal. There is clearly substantial variation in prices across the country whether homebuyers are planning a move to the coast, country or city."
