As the economic recovery filters down from the capital to the rest of the UK, companies and individuals are seeing the benefits of moving to other regions, reshaping the nation’s future wealth distribution.
Regions across the UK are benefiting from investment by businesses keen to relocate or start up outside of London, and individuals are cashing in on their property wealth and moving out of the capital into comparatively cheaper areas.
In Yorkshire, the population grew by 18 per cent between 2008 and 2009 alone and in West Yorkshire specifically, the overall number of new migrant workers arriving in 2013 was 16,700; an increase of around 3,000.
Leading law firm, Ward Hadaway, recently noted that it was seeing increasing numbers of businesses across all sectors looking for opportunities to set up shop in Yorkshire due to the availability of modern, hi-tech facilities in the region and its central location.
In addition to the businesses that are pumping money into regions outside of the capital; individuals are also doing this by migrating from London to other major cities in the UK.
In fact, urban prime markets outside of the capital have seen a ten-year house price increase of 51 per cent and last year the average property in Yorkshire sold for £152,163.
Confidence in the market is also beginning to return and clients are once again starting to invest in their businesses, as well as new projects put on the back burner with the recession.
The result is increased mergers and acquisitions, and a more normal pattern of wealth generation not only in Yorkshire but across the country as a whole.