Following the herd is costing you

National fast sale agent, Springbok Properties, has looked at where across the UK home buyers are upping sticks and moving to and what this means for the price they are paying for property.

Springbok looked at the latest internal population migration statistics from the ONS, and the data shows that when moving between one major city and another, homeowners are paying out an additional £14,783 on average for a home, with the average cost across each origin city at £217,401, compared to £232,185 across each migration location.

Despite being home to one of the highest average house prices outside of London, Oxford tops the table with the largest property migration premium. When looking at the migration of the population from Oxford, the number one location they’re heading for is Wandsworth in London. With an average house price of £569,833, this means those looking to buy a home are paying out £171,358 more than the average Oxford house price of £398,475.

Bristol is by far the most popular destination for those in the South West and Wales. Swansea, Plymouth, Newport, Southampton, and Cardiff see more of their population leave for the city than anywhere else in the UK. This growing demand means that the average house price in Bristol is currently £275,489, between £60k-£130k more than property prices in each origin city.

The next highest is the emigration of the Portsmouth population to Bournemouth. Requiring an additional £44,000 to get on the ladder, with Newcastle to Leeds, Nottingham to Derby and Bournemouth to Bristol also some of the largest movements in population but requiring an additional £20k+ in property costs.

But it’s not all bad news. There are a number of cities where the most popular movements in the population are providing a saving in the property market. The most prominent is, of course, from London where the most popular move is to Birmingham, saving £286,195 on the average property.

Founder and CEO of Springbok Properties, Shepherd Ncube, commented:

“While many of us will make a move to find a more affordable foot on the ladder, a lot of us are also forced to move to more expensive locations because of our professional commitments.

This is most common when talking about movement between major urban hubs and this large influx of people will result in a higher demand for housing and the consequence of this is almost always an increase in property prices.

The one silver lining in growing up in an area where house prices are already very high is that you will no doubt find a saving when looking to greener pastures, but even if you are moving from an already affordable area, compromise and look to the peripherals of these major cities and you should still be able to find a more affordable option that ticks almost every box of your house-hunting criteria.”

For more information visit the Springbok Properties website.