Market Insight February-March 2018
Search for a property

Sales

Focus Economy Sales Lettings Stat of the Month

London leavers moving further
As London’s prime areas have spread London oresidents have moved further to find their next home. Back in 2010, 52% of Londoners stayed within five-miles of their old home. But in 2017, that proportion fell to 39%. In fact, the proportion of sellers moving more than 50 miles away from their old London home increased from 11% in 2010 to 20% today.
So where do they move to? Rather than escaping to the country, just over half (51%) of people leaving London bought a home in another town or suburb. But despite the price differences only around a quarter moved to another prime location.
Commuter cities remain the most popular choice, with Brighton, St Albans and Bath together accounting for 37% of moves from prime London residents. In fact, the proportion of people moving
London leavers moving further Sales
from prime areas of London to other cities has increased from 6% in 2010 to 14% in 2016.
Those leaving London for the South West and Wales were most likely to move to a home in the country. Country purchases account for half of all moves to those areas. However, those swapping prime London for prime country on average sold their home for £1.2million – about twice as much as those buying in a prime town or suburb.
But for those moving further afield, it’s not all about saving money, although it’s definitely a factor. Only a third of sellers selling in prime areas of London spent more on a new home outside the capital. But how much they spent depends on where they moved to. Forty-seven per cent of Londoners moving to another town or suburb spent more, this contrasts with 13% of those moving to the country.

Our website uses cookies so that we can provide a better service. Continue to use the site as normal if you’re happy with this, or find out how to manage cookies.
x