Shifting Markets, The Impact of Londoners Moving to the North West

In recent years, a significant trend has emerged that you’d be hard-pressed to ignore: Londoners are increasingly moving to the North West of England. This migration is reshaping property values and demand across the region, making it a key area for investors and homebuyers alike. The hard numbers behind this shift reveal a striking transformation and point to an evolving housing landscape.

According to the Office for National Statistics, over 100,000 people left London in 2023, with a large proportion relocating to the North West. Data from Hamptons Estate Agents shows that 41% of Londoners moving out in 2024 opted for regions in the North and Midlands, a sharp rise from 25% in 2019. Rightmove also reports that searches for homes in Manchester and Liverpool from London-based users increased by about 32% year-on-year in 2024, highlighting the growing appeal of these northern cities.

This movement has had a direct impact on house prices. Nationwide’s House Price Index shows that the North West experienced a 5.3% increase in house prices in 2024, outpacing the UK’s average growth of 2.8%. The average house price in Manchester has now reached £238,832, compared to £455,850 in London, making it an attractive alternative for buyers seeking affordability. Liverpool saw an annual price increase of 6.1%, with the average home now costing £203,000, driven largely by demand from incoming buyers.

The rental market has also felt the effects of this migration. According to Zoopla’s Rental Index, rental prices in Manchester increased by 8.2% in 2024, while Liverpool’s rents grew by 6.7% due to higher demand from ex-Londoners. The average monthly rent in Manchester now stands at £1,250, compared to £2,500 in London, making it a more cost-effective choice for professionals and remote workers seeking a better quality of life.

Several factors have driven this shift northwards. Affordability remains a key incentive, as house prices in the North West are significantly lower than in the South, offering better value for money. The rise of remote work has allowed many London-based professionals to relocate while maintaining their jobs. Cities such as Manchester and Liverpool offer not only strong job markets but also cultural attractions and lower living costs. Meanwhile, large-scale regeneration projects, such as the £4bn Northern Powerhouse initiative, have enhanced the appeal of northern cities by improving infrastructure and economic opportunities.

Looking to the future, analysts predict continued growth for the North West property market. Savills forecasts that property prices in the region will rise by 11.7% by 2028, the highest of any UK region. Rental demand is expected to remain strong, with investors increasingly targeting cities such as Manchester, Liverpool, and Preston for buy-to-let opportunities. As more people continue to relocate, the North West’s property market is set to remain a hotspot for both buyers and investors.

With increasing house prices, strong rental demand, and continued investment, this trend shows no signs of slowing down. For investors, homebuyers, and renters, the North West presents an exciting and lucrative opportunity in 2025 and beyond.

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