As unemployment hits its lowest rate in over 40 years, people are starting to look further afield for more lucrative opportunities. Research from Nationwide shows that a majority (88%) of London’s workers would consider relocating in their mid-thirties. This offers a direct contrast to the old belief that the best jobs were to be found within the city limits.
The study also showed that the average commute across the UK is 32 minutes. However, for London residents, this rises to a 44-minute average and 12% spend more than an hour travelling to work – each way.
Is it just London?
The trend is not exclusive to London.
Relocating in their mid-to-late 30s is an option which is on the radar for workers across the UK. furthermore, 49% of those who would relocate for work are parents of children under the age of four, so it’s not limited to the young, free and single, either.
Although the majority of those who are willing to relocate for work would do so between the ages of 36 and 40, 24% of respondents said that they would be willing to relocate for work in the future, without specifying ages.
Based on these figures, it is easy to see that relocating is not viewed as the burden it once was, so what are the motivating factors behind moving for work?
Reasons for moving
Surprisingly, not all respondents are looking for money as a reason to move to a new location. The three main reasons for relocating are:
- Money (62%)
- Better work life balance (45%)
- Appeal of an organisation’s culture or values (15%)
So, whilst a pay rise definitely sweetens the deal for more than half of those who are willing to relocate, a fitting workplace culture and lifestyle are key motivators which take workers to new areas.
Tips for relocating
Relocating is a great opportunity to start afresh, gain new skills, make new friends and of course, work in the company you’ve always dreamed of. But it also presents a lot of opportunities to get lost and affect your life in the future. To keep everything on the up and up, here are our top tips for relocating, without the stress:
- Plan your property move carefully: Taking the time to organise your move will mean that you are able to make better decisions surrounding your mortgage, as well as having the time to discuss things with a financial planner.
- Get established: Let the relevant people know your new address and get your post redirected to your new home, so that you don’t miss anything important. This is also a great time to get yourself on the electoral register in your new area. Once again, it helps to get credit in the future and boosts your financial reputation.
- Enlist help: Parents, Grandparents and friends are always on your side, do ask them for their top tips (and if they can drive some of your boxes to your new place!).
- Manage your finances: Staying on top of your budget. Knowing how much you will have coming in and going out each month will let you get into a financial routine straight away. Make sure that you have the funds or savings to tide you over and pay for your food and transport, etc, whilst you get settled in.
Is relocation on your radar? Do you see yourself packing up and heading for pastures new? Get in touch with us to discuss your mortgage needs and find out how we can help you. Call us on 0207 808 4120.