Homeowners pay out nearly £15,000 extra when moving city

Michael Lloyd

July 25, 2019

moving costs

When moving between one major city and another, homeowners are paying out an additional £14,783 on average for a home, an analysis of ONS data by Springbok Properties has found.

The average cost across each origin city is £217,401, while the average cost of the city people move to is £232,185.

Shepherd Ncube, founder and chief executive of Springbok Properties, said: “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.”

Despite being home to one of the highest average house prices outside of London, Oxford costs the most for people to move away from on average.

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 £60,000-£130,000 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.

Newcastle to Leeds, Nottingham to Derby and Bournemouth to Bristol are also some of the largest movements in population but require an additional £20,000 in property costs.

Sheffield to Leeds and Manchester to Bury are the most prominent moves in population from these cities but would still require a larger property purchase budget.

However, 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 moving from London where the most popular move is to Birmingham, saving £286,195 on the average property.

Bristol to Cornwall (-£44,755) and Birmingham to Wolverhampton (-£34,602) are also some of the biggest savings.

When it comes to the largest population movement from Scotland, Newcastle is the most popular choice, although property prices come in some £6,000 higher.

Meanwhile those moving from Northern Ireland opt for Liverpool with a property saving of £1,242.

Sign up to our daily email