Record Number of Londoners Moving Up North
A record number of Londoners are fleeing the increasingly expensive capital to live in the north of the country, according to a report.
Recent data from estate agent Hamptons International has revealed that 13% of people that left London in 2019 moved to the North of England. This is more than 50% higher than the number of Londoners moving up north than in 2016, and three times as many compared to 2009.
The South of England is still the go-to destination for most Londoners who leave the capital, however, with 69% of those moving out of the city last year relocating to the south. Some of the least popular regions for Londoners to move to include Wales and Scotland, with just 1% of 2% of movers relocating their respectively.
The age at which people are deciding to move out of London is also decreasing, highlighting the affordability crisis in the capital among younger generations. The average age of people leaving London is now 39 – the lowest average age ever recorded, and down from 47 a decade ago.
A total of 73,000 homes outside the capital were bought by Londoners in 2019. The average cost of these properties was £358,650, whereas the average cost of a home in London is edging towards half a million pounds.
“Historically, most homeowners leaving London did so for life-stage reasons and to take advantage of being able to buy a larger home, but for others, leaving London is the only way of getting onto the housing ladder,” said Aneisha Beveridge, head of research at Hamptons International.
“As a result, the average age of someone leaving the capital to purchase a home has fallen to the lowest level on record – just 39 years old. For many first-time buyers it also means moving further afield to areas such as the Midlands and North where they can get more for their money.
“The number of Londoners purchasing a home outside the capital has fallen by 4% since the most recent peak of 2016. This was the prime time for Londoners to cash in on their property and move to the country.
“This was when the price gap between a home in London and one elsewhere in Great Britain was at its widest. However since then, house prices outside of London have risen faster than those in the capital and this has resulted in more London homeowners staying put.”