It seems as if millennials have had enough of London. Rising living costs coupled with the increasing attractiveness of other cities have contributed to numbers of 25-34-year olds leaving the capital reaching their highest level in decades.
This has simultaneously seen city centre populations elsewhere swell. While Inner London’s financial and legal sectors remain a draw for many, factors such as greater housing availability, growing economies and new employment opportunities are causing young professionals to up sticks.
But whereabouts are they heading, and what else is drawing them there?
A city best known for its 800-year old university and historic architecture, Cambridge’s population is rapidly on the rise. Property developers are building in great numbers to try and meet this demand – the city had the third most new builds by area in the UK between 2010 and 2017.
A driving factor behind this increase is the city’s booming economy and job prospects, especially for younger people. Cambridge’s economy is among the fastest growing in the UK, offering the second highest paying technology jobs to boot.
Another city placing high on the list of number of new builds is Bristol. Named the best place to live in the UK in 2017 by the Sunday Times for its high quality of life, Bristol is said to offer much of the lifestyle of London without all of its craziness.
Among the reasons for its 2017 title win are the “glamorous, creative, hi-tech and professional” jobs on offer, bolstered by a blossoming food and culture scene that more than meets the needs of its many millennials.
The port city of Southampton is another southern city of choice for 25-34-year olds. This is again in part thanks to a growing economy and affordable housing, recognised by its recent third-placed ranking on the PwC Good Growth for Cities Index.
A wealth of employers across the public and private sectors and an overall good quality of life make Southampton an attractive to settle for millennials looking to leave London.
The seaside city of Brighton has long been a popular place for Londoners to visit and escape the pressures of London life – and many are now making that move a permanent one.
While it has long had a well-established tourism industry, Brighton has become affectionately known to as Silicon Beach thanks to its popularity with start-up businesses. Many new job prospects fall within the creative and technology industries, while housing availability is also on the rise in this diverse and exciting city.