Londoners increasingly leaving the city to buy

Ryan Bembridge

August 28, 2018

The number of Londoners leaving the city to buy property elsewhere has risen by 61% from a decade ago, research from Hamptons International has found.

In total 30,280 Londoners bought homes outside the capital in the first half the year, 16% more than last year.

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.”

The proportion of Londoners leaving for Northern England or the Midlands has more than tripled since 2008.

In H1 2018, one in five London leavers moved to the North or Midlands (21%), up from just 6% a decade ago.

A third (31%) of first-time buyers living in London bought outside the capital.

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