Home » Selling » Rising cost of living drives exodus from UK cities

Rising cost of living drives exodus from UK cities

This is according to the latest quarterly Reallymoving.com Migration Monitor.

Director Rosemary Rogers said:

“Home movers in the UK are deserting major cities according to the latest figures. With the Consumer Price Index rising to 3.7% in December, the rising cost of living, which is at its highest in major cities like London and Manchester, is pushing home movers into favouring more suburban locations.”

“Cities across the country are seeing significantly more people move away than move in. With the recent VAT increase, rising inflation and cuts to many public services, household budgets are coming under significant pressure. Add to this an inevitable rise in interest rates that must surely be on its way, many people are taking the view that city centre living is a luxury they can no longer afford."

51.0% of UK movers now stay in their local area – a figure unchanged through 2010. The average move is now 68.9 miles, less than the figure from Q1 2010.

Rogers says:

“According to the latest data, on average 51.0% of people moving house stay within their postcode area. Perhaps, surprisingly, this figure has remained virtually unchanged through 2010 when commentators may have expected the country’s workforce to become more mobile in response to the recession. This conclusion is supported by the fact that the average distance moved as actually fallen over the course of 2010, from 70.3 miles in Q1 to the current figure of 68.9 miles.

Have your say on this story using the comment section below