South-east property proving popular
Monday, 7 January 2008 12:00 AM
As many as 2.5 million people have moved to the south-east of England from other areas of the UK since 1996.
According to research from the Halifax the region received 2,473,851 internal migrants over the past decade, the highest number of any region in the UK.
However, some 2,089,841 people also left the south-east, leaving the region with a net migration of 384,010 - or some five per cent of the population.
The south-west has seen even greater migration over the period, with a net total of 441,320 migrants arriving from other areas of the UK.
This equates to a nine per cent increase in the region's population over the past ten years.
"The south-east and south-west have been the most popular destinations for people to move to from elsewhere in the UK over the past decade," said Halifax chief economist, Martin Ellis.
Perhaps surprisingly these increases have partially come at the expense of London.
While 1,779,309 new migrants have arrived in the capital from within the UK after 1996, some 2,386,836 have departed.
Thus, London has seen total net migration of minus 607,527 over the last decade - losing eight per cent of its population to others areas of the UK.
The changes are reflected in property prices within the regions; those areas with the highest levels of migration have seen prices increase dramatically.
When international migration is taken into consideration, the population in the capital has increased by some 538,000 people since the first quarter of 1997. In response prices have risen 223 per cent.
Similarly, the south-west has seen its population increase by 331,000 inhabitants, followed by a 206 per cent increase in prices.
"In particular, the high level of migration to the south-west has contributed to the rapid rise in house prices in the region in the last ten years," concluded Mr Ellis.
-
Tags:
- uk property news
