Homeowners are leaving the high prices of the capital in favour of Britain’s Industrial Revolution cities, MailOnline can reveal.
Thousands of people are ditching London and instead looking to buy homes in cities such as Leicester, Glasgow, Sheffield and Bradford.
There were more than 75,000 searches for ‘homes for sale’ in Glasgow in the last 90 days – nearly double the interest in London, data from Purplebricks showed.
Second on the list was Sheffield with 61,000 searches, followed by 58,000 searches for properties in Bradford, once a hotbed of Britain’s textile trade.
Some 52,000 searches were made for the industrial giant of Leicester, and 43,000 for the Welsh port city of Swansea, less than 10 miles from towering steelworks in Port Talbot.
Manchester, Liverpool, London, Stoke on Trent and Birmingham all feature at the top of the table, receiving more than 30,000 searches since mid-December.
Housing expert David Hall told MailOnline: ‘Anywhere that has a developed infrastructure for transport is a model for somebody to look for cheaper prices.
‘In London [there are] eye-watering prices for properties.
‘You will see loads more of [people leaving London] in major towns and cities in the UK coming soon.
‘Don’t forget the interest rate rises for mortgages. Anyone who was looking to get a mortgage who thought for one minute they were going to get one for primetime in London has realised that’s not going to happen.
‘When you’re at 4.5 per cent, you have to move outside the city to be looking at something that’s affordable.’
Leaseholds expert Linz Darlington added: ‘There is a real appetite to move out of the capital.
‘While people love the hubbub of the city, London is incredibly expensive, particularly to buy a property in.
‘During the pandemic, people realised that London wasn’t the be-all and end-all.’
Here, MailOnline takes a look at some of the most popular places outside of London where house hunters are looking to buy properties…
Glasgow
The Industrial Revolution poured wealth and prosperity into Glasgow, turning a relatively small town into a giant of the British Empire.
Now over £5billion of new investment is set to transform the Clyde waterfront over the next 25 years.
This four-bed semi-detached home on Leithland Road in Pollok is available to buy for £185,000.
Homeowners in Glasgow have enjoyed a 4.3 per cent rise in property values, according to the latest House Price index – one per cent more than the 3.3 per cent increase seen across Scotland in the 12 months up to December.
Some see Glasgow properties as a great investment with average homes priced at £183,494, some £6,500 lower than the Scottish average and more than £150,000 cheaper than the average home in Edinburgh.
Sheffield
This three-bed home located in a desired cul-de-sac in Sheffield is on the market for £220,000.
While steel was once the main industry in Sheffield, South Yorkshire, the city is now seen as a superb employer in the tech and creative sectors.
Sheffield house prices bucked the national trend by increasing 4.9 per cent in the last 12 months, making the average property worth around £220,000.
It means they are around £82,000 cheaper than the average in England.
Sheffield’s central location in the UK means it is ideally located for travel and accessibility and has national and international connections.
Bradford
Nestled in a quaint neighbourhood, this charming two-bed terrace £180,000 house presents an enticing opportunity for families seeking a place to call home.
Bradford was once known as the wool capital of the world.
Worth £11.6billion, Bradford’s economy is now powered by advanced engineering, chemicals, automotive components and food manufacture alongside financial services and digital technologies.
The West Yorkshire city also bucked the national downward trend, with homeowners enjoying a 0.7 per cent annual increase, with the average property costing £173,337 – nearly half the national average.
Leicester
This £230,000 two-bedroom semi-detached house in Leicester, boasts three reception rooms.
Leicester’s industrial success took place in the 20th century, led by the success of its hosiery and footwear industries.
While manufacturing has been in decline across the UK in recent decades there are many modern industries thriving in and around Leicester, beyond its traditional textile trade.
The city boasts industries ranging from professional and financial services, advanced manufacturing and engineering to life sciences, space and digital technology.
Leicester has been ranked as the top city in the East Midlands to live and work as part of an influential nationwide industry report.
The average house price for the area is still below the national average at £232,324, but more expensive than nearby Birmingham at £228,877 and Nottingham at £192,298.
Swansea
This modern semi-detached two-bedroom house, located in the sought-after area of Sketty, is on the market for £190,000.
Swansea has a proud industrial heritage centred on coal, manufacturing and heavy industry.
Today, a large proportion of the economic growth is provided by public administration, education and health.
With the average price of a house at £196,000, Swansea is an affordable option for those looking to get on the property ladder, and nearly £20,000 cheaper than the Welsh average of £214,000.
Homeowners in the city saw a 0.8 per cent rise in the value of their properties in the last 12 months, despite a downturn of 2.5 per cent across Wales.
However, the port city is braced for a huge financial and social fallout after Tata confirmed plans to close two blast furnaces at nearby Port Talbot in January this year. The move is expected to cost of 2,800 jobs.
Robert Johnson is a UK-based business writer specializing in finance and entrepreneurship. With an eye for market trends and a keen interest in the corporate world, he offers readers valuable insights into business developments.
