More Londoners moving out of capital to search for new home according to Hamptons International
New figures recently published by Hamptons International show that there were 61% more Londoners leaving the capital and buying homes elsewhere in the first half of this year than at the same period 10 years ago. The number of Londoners who bought homes outside the capital rose to 30,280 in H1 2018, a 16% rise following last year’s dip. In H1 2017 a total of 26,180 Londoners moved out of the capital, down from 32,360 in H1 2016.
Hamptons International reveal that in the first half of 2018 Londoners bought over 30,000 homes outside the capital, 16% more than the same period last year and 61% more than in H1 2008.
Since 2010 the proportion of Londoners leaving the capital for Northern England or the Midlands has tripled, the average price of a home bought by a Londoner leaving the capital rose to £424,610, the highest on record. The figures also reveal that 31% of first-time buyers living in London bought outside the capital, down 2% on H1 2016.
Commenting 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.”
Read the recent news release from Hamptons International in full click here.