Houses in some of the most popular relocation spots of England and Wales have seen their value double in the last decade.
House prices have increased by an average of £183 per week over the last ten years in popular relocation areas.
According to research by Halifax, the average house price has increased by a jaw dropping 101% in 20 local authority districts (LADs) that have seen a significant rise in internal migration. This is from an average of £94,548 in 2000 to £189,641 in 2010.
Across all the LADs that were surveyed, house prices have risen by an average of 96%. House prices in the 20 locations with the highest level of internal migration were not as badly affected by the downturn compared to other areas.
East Riding, on the Yorkshire Coast, has seen a 127% increase in house prices. This is because it has seen the highest level of migration with 33,700 more people moving there from other parts of the country.
The research found that Brits do, in fact, like to be beside the seaside as 15 of the top 20 LADS were coastal areas. Movement within the cities was more fluid, the research found. A number of UK cities including Birmingham, London, Manchester and Leeds experienced some of the highest levels of people moving in and out since 2000.
Suren Thiru, Housing Economist at Halifax, commented; “The substantial population shifts across England and Wales appear to have had a marked impact on the housing market over the past decade.
ìHouse price growth has generally been stronger in the areas that have proved to be the most popular locations for people to move to from elsewhere in the country, reflecting the importance of population changes as a key driver of housing demand.î
Whilst the seaside might seem like the ideal location for some, others prefer to be near parks and open spaces.
Further research from ING Direct found that houses in cities, which are often walking distance to public parks, can be up to £10,000 more than the typical asking price.
If you are thinking of moving or buying a property, compare mortgages with Money Expert.