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.