New research has revealed that more Londoners than ever are moving out of the capital, and many are choosing to move north.
According to Hamptons International, who joined forces with LonRes to analyse who is moving out of the city and who is remaining, around 30,000 people left London in the first six months of 2018. That’s up 16 percent on the same period a year ago and also up 61 percent on the first six months of 2008, before the start of the financial crisis.
Most of those leaving London stay in the south, but lots of people have been priced out of a home in the south-east and so look further afield. The Hamptons research says those leaving a prime London location for another prime location do pay more for their new home, often because they are trading up on size.
1 sale in 6 goes to capital buyer
More Londoners are opting to switch to life in the Midlands or the north of England, with 21 percent of movers choosing those regions say Hamptons.
One in every six homes sold in the east of England goes to a London buyer, according to the research, because London movers pay on average 30 percent less for a new home in that region than one in the south-east.
Affordability is stretched
Aneisha Beveridge, research analyst at Hamptons International, said: “With affordability stretched, more Londoners are moving out of the capital to find their new home. The proportion of London leavers heading north has tripled in the last 10 years.
“More people are making a bigger move and buying a larger home sooner to avoid having to pay stamp duty on additional moves as they trade up. But for many, this means heading further north.
“However, more first-time buyers are staying in the capital to purchase their first home than last year. The savings from stamp duty relief and the availability of Help to Buy has meant that more first-time buyers are able to remain in London than before.
“But raising a deposit remains a hurdle for many, which helps explain why increasing numbers of first-time buyers who leave London are heading north.”