Inflation driving buyers away from UK cities
Friday, 28 January 2011 2:15 PM
City centres across the UK are becoming increasingly unpopular with home movers, as inflation drives up the cost of living in Britain, according to new research.
The Quarterly Migration Monitor from ReallyMoving.com revealed that people looking to buy or rent a new property are avoiding major cities, in a bid to reduce their day-to-day living expenses.
With the Consumer Price Index having risen to 3.7 per cent in December, the soaring cost of living, which is currently at its highest in large cities such as London and Manchester, is leading home movers into more suburban communities.
The research found that Canterbury, Ipswich and Milton Keynes were among Britain's most popular postcode areas, while Aberdeen, Bradford and virtually all districts of London are currently far less desirable.
Rosemary Rogers, director at ReallyMoving.com, commented: "Cities across the country are seeing significantly more people move away than move in. With the recent VAT increase, rising inflation and cuts to many public services, household budgets are coming under significant pressure.
"Add to this an inevitable rise in interest rates that must surely be on its way, and many people are taking the view that city-centre living is a luxury they can no longer afford," she added.
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