London has long had a monopoly on the highest house prices in the UK, but 2015 looks to see more and more people look to Britain’s other top cities, including Birmingham, to escape the ballooning house price gap ever widening between the country’s capital and the rest of the UK. It’s estimated that 50 per cent more Londoners relocated in the last year compared to 2007.
Another report by the Office of National Statistics found that of the 58, 220 Londoners who relocated from the city between 2012 and 2013, the largest proportion found their new home in Birmingham.
The study also revealed the average age of those looking to escape London’s burgeoning house prices as 36 for men and 34 for women, widely interpreted as a statement that the higher salaries and career opportunities offered by the business epicentre, no longer justifying the cost of living.
It seems that London has indeed reached it boiling point according to experts, who predict that while prices in the capital will remain level over the coming year, house prices outside of it will shoot up five per cent in 2015.
Property analyst Hometrack found that enterprising cities from all regions of the UK, including Edinburgh, Glasgow, Southampton, Bristol and Birmingham, had property prices grow faster than London in the three months leading up to November last year.