Rising House Prices Causing Young People to Leave London

New research has found that more home owners are moving out of London than ever before, primarily caused by rising house prices.

Last year, 280,000 people moved away, which an increase of 3% on 2014, with most people was moving away in their 20s and 30s, according to the study carried out by multi-disciplinary property firm Humberts.

Analysing newly released data from the Office of National Statistics (ONS), the report by ResiAnalytics for Humberts shows that just over a quarter were aged 20-29, although this was less than the 30% recorded the year before, whereas 23% were aged 30-39, a slight increased from the 22% recorded in 2014.

Jeremy Campbell-Harris, of Humberts’ London County House Department, said: “The average cost of a London house today is almost double the English average at £470,000 compared to £224,000 and consequently we are seeing more and more people cashing in and moving out.”

Campbell-Harris believes that those in their 20s are most likely struggling to afford to purchase a home in the capital, while those in their 30s who may have children are seeking bigger properties in a more tranquil environment.

The UK’s second city, Birmingham, has an average house price of less than half those in London and is top of the list for popular destinations for London leavers.

Meanwhile, another popular choice is Brighton and Hove, where house prices are similar to those found in London but its coastal setting makes it more appealing.

Third on the list is Thurrock, while the other top 20 destinations include: Coventry, Spelthorne, Nottingham, Sevenoaks, Leeds, Welwyn Hatfield, Canterbury, Slough, Reigate and Banstead, Luton, Hertsmere, Dartford, Manchester, Medway, Bristol, Elmbridge and Epping Forest.

The study also examined regions which have become more popular over the last five years, with the East of England leading the way with a 4% increase in people moving from London last year compared with five years ago.


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BDC 309 : Oct 2023