One in ten Brits regret pandemic purchases

A new report from the insurer Aviva has revealed that around 1 in 10 Brits regret purchases they made during the pandemic, everything from hot tubs to home workout equipment, as insurance costs increase and access to normality increases. The report shines a light on the changes in lifestyle that many sought out during months of lockdowns and restrictions, one of which was a marked move to the regions from the city, a move that saw house prices soar in areas such as Yorkshire and the North East.

The difference, however, in moving to other purchases traces the migration of Brits away from southern cities such as London due to becoming reflective of their own personal projections and career satisfaction, showing that family and quality of life has once again become more important than salary progressions. A new landmark study from Cornerstone Tax has found that British entrepreneurs are shunning the traditional corporation, with 43% of the workforce now in favour of working within a family-owned business, and are contributing to the en-masse city exodus.

Cornerstone Tax’s study also found that more than a third (38%) of Brits agree that they would rather have flexible working options than a pay rise. In place of ambitious career trajectories, Brits are seeking stronger family connections, community, and to support businesses that reflect these ethics. This paints a picture of a nation that has made a conscious decision and one that is here to stay.

Key Stats:
In the past year, over 3.3 million Brits have moved away from a city or urban area
44% of Brits feel that the impact of Coronavirus has made living in a city less appealing
24%, or 4.3 million Brits, will no longer commute into a city for their job post-pandemic
More than a third (38%) of Brits agree that they would rather have flexible working options than a pay rise
More than a fifth (21%) of Brits agree that, since the pandemic, their career aspirations have changed from a desire to climb the corporate ladder to develop independent businesses
18% of Brits have, or are planning to leave their 9-5 job to pursue a business endeavour with family
22% of Brits say their children/family members have or are planning to join or take over their family business
43% of Brits now want to work at a local, family-owned businesses more than a large corporation within five years
17% of Brits have or are planning to leave the City to run a family business nearer the countryside

David Hannah, principal consultant at Cornerstone Tax discusses the move to the regions:

“The benefits of living in the country have been amplified by the experiences of Brits over the last year and a half. A stronger work-life balance, spending time with loved ones, and getting out of congested inner cities has become an increasing priority for many, prompting this boom in the number of houses purchased in the regions since Covid-19 began.

“It is not surprising to see that many Brits regret some of the purchases made during the pandemic, but I don’t think that it will apply to property market. The move out of the the city was, to my mind, the result of a shift that has been going on for years and was merely catalysed by lockdown restrictions, rather than being caused by it.

Major urban centres will always be hubs of creativity and opportunity but could become more and more for younger sections of society looking to learn, grow and expand their horizons. What our data also shows is that people also want to escape the proverbial ‘rat race’ in favour of independence and being your own boss. The current vacancy crisis in the world of work is testament to this.”