Vernon Building Society research reveals that the net number of 25-35 year olds moving into Stockport from Manchester has increased by 27% year-on-year, according to the latest internal migration data from the Office of National Statistics.

In the year up to June 2015, 1,299 of 25-35 year old city-dwellers packed up their bags and left for Stockport, compared to 503 who had opposite intentions.

Our Chief Executive, Mike Hanson, said “This latest ONS data follows a growing trend of positive net migration from the city, particularly amongst younger demographics. A significant proportion are children, suggesting Stockport is becoming an increasingly popular destination for young families who wish to exit the city.”

Whilst those moving into Stockport escape from the hustle and bustle of city life, they also escape an increasing cost of living. Data from the Government’s Valuation Office Agency indicates that there was a 22% rise in the average cost of rent in Manchester between 2014 and 2015.

Mike commented “With the average first-time buyer being in their 30s, many young couples and families have a budget largely dependent on the mercy of their landlords. For many, moving out of the city is a more affordable alternative, where rents are generally lower and less volatile and potential first-time buyers can access a wider range of affordable housing”.

“Stockport will continue to be perceived as an attractive and affordable alternative to central Manchester, the increased housing demand of which could similarly attract inflated rent and housing prices locally. Further investment in housing supply will help to relieve increasing market pressure.” said Mike.

The Vernon offers a comprehensive and competitive range of first-time buyer mortgages. Discuss your needs at one of our six local branches or call 0161 429 6262.

Head office:

Vernon Building Society
19 St Petersgate
Stockport
SK1 1HF

Tel: 0161 429 6262
Fax: 0161 477 3303
Email: info@thevernon.co.uk

Telephone calls are recorded and may be monitored for regulatory and training purposes to help maintain service quality.

*The 'AER' stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

Vernon Building Society is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority (registration number 195475).  You can check this on the Financial Services Register. We are also a participant of the Financial Services Compensation Scheme (FSCS). Details of the scheme can be obtained from www.fscs.org.uk

Telephone calls are recorded and may be monitored for regulatory and training purposes to help maintain service quality.

For independent information about financial products and services visit  www.moneyadviceservice.org.uk

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