London Calling - and the Answer Came!
The Special Help to Buy Scheme for the capital will make a big difference for first-timers
As the gap between prices in London and the South East has grown, so has the temptation for Londoners to cash in on record house prices and move out of the capital. With expectations of future house price growth in London easing, many have chosen 2015 to make their move.
It is part of the natural cycle that households move as their priorities change. There are lots of reasons why; schools, lifestyle, more flexible working and many more. In 2015 63,000 Londoners acted on these and bought homes outside the capital, a two-thirds increase on the 38,000 in 2014. Many were in their 30s and 40s in search of more space and a different lifestyle, but 2015 saw a large number of first-time buyers moving out too. Affordability in London is more constrained than ever, so many who want to buy their first home look to less expensive areas outside of the city.
Almost 90 per cent of households leaving London moved to other areas in the South of England - a total of 53,000 homes up from 33,500 in 2014. That has always been the most common place for Londoners to move to, but increasingly they are searching out homes in areas further away, particularly in relatively more affordable markets in the Midlands and North of the country. In 2015 the number of homes bought by Londoners in the Midlands increased by 165 per cent, while in the North it increased by 90 per cent.
The largest numbers of Londoners go to the South East, but which parts are most popular among different types of Londoners? Hampshire, Wiltshire and Dorset are favoured by those from South West London, while the Isle of Wight is favoured by those from South London.