During the last 12 months, Londoners bought more than 73,000 homes outside of the Capital, 20% up on the 61,000 in 2014. The growing trend to leave reflects the temptation to cash in on record house prices in the city and move further afield to get more for their money. With house price growth expectations for London waning, and many expecting price falls, an increasing number of Londoners have chosen 2016 to make their move.
80% of households leaving London moved to areas in the South of England – this has always been the most popular destination for migrating Londoners. Property is more affordable, but is still within a comfortable commuting distance of the Capital so movers can still keep their higher paying London jobs. Many of these buyers are in their 30s and 40s looking for more space to raise families and a different, less urban, lifestyle.
Although moving out of London is part of the natural cycle as household priorities change, people are making the decision to move out at a younger age. Affordability in London is stretched, but even those who can afford to buy there are choosing to look further away. And as prices in the most popular commuter towns have risen, Londoners are progressively having to look away from the traditionally more expensive areas to the west of the Capital, towards areas such as Broxbourne, Thurrock and Brentwood in the East. These areas top the list of places most popular for London migrants, with around 50% of all homes bought in these areas sold to a London buyer.
That doesn’t mean Londoners have turned their backs on the traditionally more popular areas to move to, such as Bath, Sevenoaks and Guildford. Thanks to house price growth in London outpacing that anywhere else in the country, people leaving the city have been able to afford that little bit more. In the last year Londoners buying outside of the Capital were able to afford to spend 20% more on a home than the average buyer - up from 10% the previous year.
Source: Countrywide Research
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About Hamptons International
Hamptons International is a leading residential estate agent and property services organisation, operating in London and the South of the UK. With more than 140 years of experience in the property market and a commitment to industry innovation and exceptional levels of customer service, Hamptons International today offers a wealth of award-winning services including UK and international Sales, Lettings, Property Management, Residential Development and Land, Valuation and Property Finance.
With headquarters in London’s Mayfair, Hamptons International has more than 85 UK offices with an international network and is a subsidiary of Countrywide, the UK’s largest estate agency and property services group.