A growing number of homeowners are swapping the sky-high prices of London for the rich heritage and more affordable living in Britain’s Industrial Revolution cities. This trend sees thousands turning their backs on the capital in search of better value in cities like Leicester, Glasgow, Sheffield, and Bradford.
Recent data from Purplebricks reveals a dramatic shift in the housing market, with an eye-catching number of searches for ‘homes for sale’ in cities steeped in industrial history, far surpassing those in London. Glasgow leads the charge with over 75,000 searches in the last 90 days, nearly double London’s. Sheffield and Bradford follow closely, boasting 61,000 and 58,000 searches respectively. Even Leicester, once known for its hosiery and footwear industries, and Swansea, with its coal and manufacturing heritage, are seeing surges in interest, with tens of thousands considering these locations over the capital.
Why the Move?
Experts like housing specialist David Hall attribute this exodus to a quest for affordability amid rising mortgage interest rates and London’s notoriously steep property prices. “You will see loads more of [people leaving London] in major towns and cities in the UK coming soon,” Hall comments, pointing out the untenable situation for many prospective homeowners in London. Leaseholds expert Linz Darlington echoes this sentiment, noting the pandemic’s role in reshaping perceptions about living in London.
A Closer Look at the New Favorites
Glasgow – A Historic Gem on the Rise
Glasgow, a city transformed by the Industrial Revolution, is now enjoying a renaissance with over £5billion set to revamp the Clyde waterfront. With a property value increase of 4.3% — outpacing the Scottish average — and prices significantly lower than in Edinburgh, Glasgow represents both a heritage-rich and financially savvy choice for homebuyers.
Sheffield – The Steel City’s New Edge
Once the heart of Britain’s steel industry, Sheffield has reinvented itself as a hub for tech and creative sectors. Its central UK location and 4.9% rise in house prices over the past year make it an attractive option for professionals looking for value and connectivity.
Bradford – From Wool to Wealth
Bradford, the former ‘wool capital of the world’, now thrives on a diverse economy that includes advanced engineering and digital technologies. With house prices nearly half the national average and a positive growth trend, Bradford offers a compelling blend of heritage and affordability.
Leicester – Industrial Powerhouse to Modern Marvel
Leicester’s transformation from a textile titan to a center for diverse industries such as life sciences and digital technology makes it an enticing prospect. Ranked as the top city in the East Midlands to live and work, Leicester combines historical charm with modern vitality.
Swansea – Seaside City with a Future to Forge
Despite facing economic challenges with the planned closure of Port Talbot’s blast furnaces, Swansea’s affordable housing market and its rise in property values present an opportunity for those looking to buy into a city with a storied industrial past and a community poised for recovery.