New global research from HSBC shows that homebuyers are fleeing cities due to growing concerns around pollution and mental health – and Guernsey and Jersey could be well positioned to capitalise on that and attract top talent, according to John Goddard (pictured), HSBC’s Head of Retail Banking in the Channel Islands and Isle of Man.
The bank's latest Beyond the Bricks survey shows an overall net movement of people out of cities of 4% globally and 6% in the UK.
More than one in 10 (13%) Brits moving out of cities made the move to escape the impact of pollution on their wellbeing – more than those who moved to retire (7%) or pursue career opportunities (10%).
Mental health is another major trend driving movement, with 15% of Brits saying the potential for improved mental health elsewhere influenced their decision to relocate, with more than one in five (22%) moving for a more active lifestyle and 28% moving for a safer environment for their families.
Tech factor
An important factor behind this new trend is technology, the survey shows. Flexible working and the increasing ability to work from home have encouraged more than one in 10 Brits (13%) to move away from cities, while 16% said they moved for a better sense of community.
The figures follow the findings of the most recent HSBC Expat Explorer Survey late last year, which found that the Channel Islands and Isle of Man benefit from a better work culture and work-life balance than many other locations around the world.
In particular, that survey showed 77% of expats found their work-life balance to be better in the islands than in their home country, while 73% agreed that the environment, including air pollution and water quality, is better than their home country.
'Pollution solution'
John Goddard commented: “A new generation of people are starting to value their health more than the location of their home. People who are turning their backs on cities are doing so due to pollution and stress, as health and wellbeing rise up their list of priorities.
“Moving house has become the ‘pollution solution’, and the Channel Islands are well placed to capitalise on this. The islands offer an enviable work-life balance, short commute times and family-friendly facilities, which should resonate with those looking to move away from urban environments.”