Despite Covid-19 closing the housing market for seven weeks, the number of homes bought by Londoners outside the capital has risen to the highest level in four years. While leaving London has been a rite of passage for many, often families reaching life stage milestones, the effects of lockdown and the desire for space seems to have heightened this drift.
In 2020 London leavers purchased 73,950 homes outside the capital, the highest number in four years. Collectively, Londoners bought £27.6bn worth of property outside the capital this year, the highest amount since 2007 when London outmigration peaked. This figure exceeds the total value of all homes sold in the North West last year (£24.8bn).
However, there has been a clear increase in the popularity of London outmigration since the onset of Covid-19. In the first half of 2020, London leavers bought 6.9% of homes sold outside the capital, equating to 24,480 sales. However, in the second half of 2020, this figure rose to 7.8% and twice as many sales (49,470). In H2 2020 alone, Londoners purchased £18.4bn worth of property outside the capital, more than in any full year between 2008 and 2013.