|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.