Living in London was once the ultimate dream. However, this consensus has been complicated in recent times due to a plethora of circumstances surrounding people’s interests in property.
Cities are now home to 62% of the younger population and 46% of those aged 65 and over, and the latter is growing. Changes are undoubtedly occurring.
Still, many Londoners are packing up and clearing off, heading west to prosper. But what’re the reasons for this big shift that’s starting to occur? How is property being affected in London and beyond? Let’s find out below!
Outpriced and instability
It probably wouldn’t blow many people’s minds to say that London is expensive. While it’s hardly a bombshell, younger people are still finding themselves significantly outpriced in the housing market. In fact, even those who’re holding down lucrative and bountiful jobs still barely have enough to score themselves a rented flat in the city. Even sandwiches are overpriced!
Sooner or later, people want mortgages, homes and generally a more permanent set of life plans that don’t poke big holes in their bank accounts. London rarely offers such opportunities, and so those concerned are getting the help they need to find their perfect property elsewhere. London’s a great place to start a career as a 20 something, but after a few years of accumulating professional experience, younger people tend to leave once they reach their thirties in search of more stable, and sustainable, property investments.
Quality of life
London life is chaotic and exciting, but this way of life does not appeal to large groups of people. Turning to towns and cities on the South West coast for a more peaceful way of life, better air quality and certainly more housing for your money is increasingly common.
The uptick of people migrating toward the South West regions of the UK; Plymouth, Exeter, Weymouth are attracted for a multitude of reasons. They all have far lower crime rates when compared to somewhere like London. People feel safer and more content in these areas, and when families start entering the picture, many people will leave somewhere like London and flock to the South West instead. Typically, there’s also better weather that way too; another plus for just about anybody looking to live there.
Property in London is affected by a myriad of influences, and unfortunately many of them now are somewhat negative. While the capital certainly has a degree of charm, people are favouring certainty and security in these contentious times over landmarks, entertainment options and the stimulation cities can provide. Therefore, it’s only natural that they’d flock to somewhere like the South West. It’s peaceful out there with far more assurances, making the property so much more attractive.