Londoners fed up with the capital and its high house prices, crime levels and rigmarole of crammed tube and bus commutes are turning to other cities in search of a better life.
The increased freedom of working from home more has provided scope for people to not be so tied to the glass offices of the capital.
But many employers want their staff in the office at least a couple of days a week, meaning remote coastal locations – popular during the pandemic – are no longer practical.
‘For years London professionals faced a binary choice when it came to where they lived,’ says buying agent, Jonathan Hopper, chief executive at Garrington Property Finders.
‘This rulebook was rewritten by the pandemic-era “race for space”.
‘Inspired by the idea of permanent working from home, many Londoners sold up and moved out to rural and even remote areas.
‘Now the pendulum is swinging back and we’re seeing many London leavers heading for the bright lights of other cities.’
Losing its appeal: London homeowners have endured a decade of little or no house price growth and in some parts of the capital prices have actually fallen
Many of these ‘other cities’ have created thousands of white collar jobs – for example financial services in Edinburgh, media in Manchester and biotech in Cambridge.
‘For people with the right qualifications, these jobs can pay nearly as much as London salaries.’ adds Hopper.
‘With this sort of buying power stretching much further in the regions than it does in the capital, moving to the right city can give you a London career without the London commute.
‘Crucially, this sort of move can free you from having to choose between the excitement of city life or the extra space you could never afford in London.
On top of well paid jobs, the best regional cities also offer more affordable homes with the prospect of house prices actually going up, rather than sideways.
London house prices have underperformed much of the rest of the market for more than a decade now.
Over the past 10 years the average price of an inner London home has risen 10 per cent from £591,000 to £650,000.
The UK as a whole has seen house prices rise by 47 per cent from £184,000 to £270,000 during that time.
Many of London’s flat owners are facing the prospect of selling at a loss in today’s market.
Almost a quarter of flats bought over the past decade are selling for less than they were bought for, based on analysis of Rightmove data by property analytics firm Property Data.
But while house prices no longer appear to be going up in the capital, homes across much of London remain far more expensive than other cities.
In inner London (the 13 most central boroughs and the City of London) , the average terraced house costs £876,000.
‘Good schools, access to better transport links and ideal local social environments are key for many people when looking to move,’ says Mary-Lou Press, President of NAEA Propertymark, the national association of Estate Agents).
‘Changing work habits, particularly the rise of remote and hybrid working, have made relocating a much more realistic option for many people.
‘These flexible models enable individuals to move to more affordable areas or places offering a better quality of life, all while keeping their current jobs.’
With the help of some property experts, we decided to take a look at locations that could make for a great place to relocate to.
The freedom of working from home more has provided scope for people to not be so tied to offices in the capital
1. Bristol
Average flat and maisonette: £246,000
Average terraced house: £375,000
Average detached house: £679,000
Property price growth over past decade: 58%
Train time to London: 1 hour and 16 minutes
Not only will Londoners find they are likely to get more bang for their buck in Bristol, it is also a city that offers a great way of life and plenty of employment opportunities.
A two-bedroom city centre or harbourside apartment will range in price from £220,000 to £700,000, making Bristol more affordable for young couples than London.
Meanwhile detached house prices range from £400,000 to several million in the more affluent areas of the city and surrounding areas.
For those looking for walks and the great outdoors, the city has plenty of parks and nearby countryside, including the Downs and Ashton Court, while also being a short drive from the coast, with easy access to both Devon, Cornwall and South Wales.
It is home to thriving creative, tech, and media industries that provide good career prospects, including a centre of excellence for the aviation industry.
The biggest companies headquartered in Bristol include Imperial Brands, Ovo Energy, Airbus UK and Hargreaves Lansdown.
Buying agent Jonathan Hopper says: ‘Bristol is known for its lively arts scene…
Read More: Should you relocate out of London to one of these 10 hotspots to get more bang