There are more home owners moving out London than ever before with more than 280,000 moving away in 2015, an increase of 3% compared to 2014, a new analysis shows.
The exodus is led by young people in their twenties and thirties, suggesting that rising house prices could be behind the decision, according to the research from multi-disciplinary property company Humberts.
The report by ResiAnalytics for Humberts, which analyses the newly released data from the Office of National Statistics (ONS), shows that 26% were aged 20 to 29 but this was less than the 30% recorded in 2014, while 23% were aged 30 to 39, up slightly from the 22% recorded in 2014.
‘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,’ said Jeremy Campbell-Harris from Humberts’ London Country House Department.
He believes that those in their 20s probably struggle to afford to buy a home in London and those in their 30s who may have young children are looking for a bigger home and more peaceful surroundings.
Birmingham, the UK’s second city where average house prices are less than half those in London, tops the list of most popular destinations for London leavers. Brighton and Hove, where house prices are similar to those in London, is also popular choice due to being commutable yet on the coast.
In third place is Thurrock, followed by Epping Forest, Elmbridge, Bristol, Medway, Manchester, Dartford, Hertsmere, Luton, Reigate and Banstead, Slough, Canterbury, Welwyn Hatfield, Leeds, Sevenoaks, Nottingham, Spelthorne and finally Coventry makes up the top 20 destinations.
The research also looked at regions which have grown in popularity over the past five years. The East of England has seen a 4% increase in the number of people moving from London in 2015 compared with 2011. This is in contrast to the South East, which has seen a 3% fall in the number moving to the region.
‘The price of housing in London and the South East has risen so significantly over the years that Londoners are looking for new areas where their money can go further. Of all the regions in England and Wales, the East of England and the South West are the only two regions that have seen increases in the number of Londoners moving there,’ said Campbell-Harris.
‘Better broadband connections, better transport links and great value for money are three main reasons why these areas are proving to be increasingly popular amongst people from the Capital,’ he added.
