Press Release: Moving Migration Monitor April 2010

26/04/2010

 For Immediate Release

26 April 2010

City lights lose out as homemovers are drawn to country life

·                   Inverness is the top postcode area for home movers

·                   Uxbridge is the least popular postcode area

·                   Dynamic provincial towns lead the popularity stakes

·                   Urban areas out of favour

·                   London dominates at the bottom of the rankings

Shifting economic sands drive dynamic internal migration

·                   The typical home move in Halifax is just over 34 miles – the shortest in the UK

·                   Residents in Inverness typically move the furthest distance – almost 300 miles

·                   The average distance moved in the UK is just over 70 miles – equivalent to the distance between London and Folkestone

Rosemary Rogers, Director, reallymoving.com comments:

“These figures show a clear trend: Urban areas, particularly around London, are out of favour among UK homemovers who are instead flocking to dynamic and desirable provincial centres.

Country towns in favour

“Homemovers, in and around London, have seen the economic downturn as an opportunity to escape the rat-race for a more balanced lifestyle. The data shows a clear trend of people viewing the early stages of the recovery as an ideal time to buy into desirable but previously unaffordable country towns before renewed house price growth takes values out of reach once again. 

“The Norfolk/Suffolk Coast, Bournemouth, Dorchester and the West Country, while still as desirable as ever, are now much more affordable than before, accounting for the popularity of areas like Ipswich, Norwich, Bournemouth and Torquay. Those who have significant equity are therefore looking to buy now, cashing in on a still-buoyant London market and taking advantage of the historically low base rate.

“Inverness is the most popular destination for UK homemovers, which is perhaps no surprise given the city’s reputation as the fastest growing in Western Europe thanks to a range of hi-tech industries and transport connections which make it a perfect base from which to explore the highlands. Second-placed Truro has also long been seen as desirable as a gateway to Cornwall’s charms.

London dominates at the bottom of the table

“The Greater London area dominates the bottom of the table, suggesting that homemovers have fallen out of love with the bright lights of the capital.

“Uxbridge is the least popular area according to our data. The area, much like Ilford and Romford, is traditionally home to a high proportion of first-time buyers. The town has therefore struggled through the recession as the restriction of mortgage lending has stymied many people from entering the market.

“On the other hand, fearful of unemployment and faced with rising house prices and tightened credit conditions, many white-collar city-based workers living in the SE, SW and TW postcode areas in South London will have been feeling vulnerable through the recession. These concerns will have led many to leave these fashionable but expensive areas in favour of more affordable commuter towns on the fringes of the M25.”

 Full report and commentary available

reallymoving.com was launched in November 1999, and has become the UK's leading provider of free instant online quotes for home-moving services. The site provides instant quotes for a variety of services including domestic removals, surveys, conveyancing solicitors, Home Information Packs, Energy Performance Certificates and Scottish Home Reports and a choice between local and national service providers.

For more information visit http://www.reallymoving.com

For further press information please contact The Wriglesworth Consultancy, 020 7427 1400

Fiona Brandhorst – Director – f.brandhorst@wriglesworth.com

Suman Hughes – Senior Account Manager – s.hughes@wriglesworth.com

Rob Bartlett – Account Executive – r.bartlett@wriglesworth.com