Relocation from London up 50% as house prices soar

Brighton Pavilion

The number of Londoners buying homes outside the capital has jumped 50% in a year as rising house prices have triggered a larger than usual migration to the home counties and beyond, according to a report.

Londoners spent £21bn on 58,000 homes elsewhere in the UK, the highest number since 2007, according to Hamptons International, the estate agents. The vast majority, said Johnny Morris, Hamptons’ head of research, were bought for relocation purposes.

Top spots included Brighton, Luton and Bath. Among families, popular destinations were Esher in Surrey, Brentwood in Essex and Rickmansworth in Hertfordshire. About 80% of those relocating bought in the south-east or east of England, staying within communing distance of the capital.

“Over the [economic] downturn, many Londoners delayed life-stage moves, restricting the natural flow of families out of the capital and building a pent-up demand,” said Morris.

“As the gap between house prices in London and the rest of the country has widened to record highs, of £282,000, and expectations of future house-price growth have moderated, many Londoners are now choosing to cash in and move out of the capital.”

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This article was written by Simon Bowers from The Guardian and was legally licensed through the NewsCred publisher network.


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