The average age that Londoners move out of the capital is thirty two, according to new research from residential agent Hamptons International.
However, the average distance travelled by homebuyers moving from London is just 26 miles, the research found.
At a time when house prices in Central London are expected to grow by 32 per cent, the analysis provides a detailed profile of who and where people are moving to and from in London. The South East and West are the biggest draws, with half of the 250,000 Londoners exiting the capital in 2012 and relocating to these areas.
Examining the detailed age profile of movers points to distinct groups who move in and out of London:
- Those aged between 19 and 25 are most likely to move to the capital. This is driven by students moving into London to study and graduates and young professionals moving in to work.
- The 30 to 40 year age group is most likely to move out. This age group makes up 27 per cent of all moves out of London, with the average age of moving out 32 years old. This group is most likely to be families with young children choosing to relocate for lifestyle reasons.
- Outmigration is becoming more popular amongst the 25 to 44 year old demographic: in 2012, there were 106,000 people aged between 25 and 44, the highest number since 2007 and 10,000 more than in 2011.
- Children are most likely to be packed up and moved out of the capital between one and five years old, before their school careers start in earnest.
- Older people too tend to move out. There is an uplift of those leaving the capital at age 66, likely to be retirees seeking to downsize, often to coastal areas.
Hamptons International also looked at how far people are likely to move across the country when buying a home. The analysis reveals that people moving into London move furthest – on average 34 miles in pursuit of city life. Those escaping London still feel the pull of the city though – these people move on average just 26 miles. In contrast, Londoners move less than 1.3 miles on average, showing their commitment to life in one of the world’s best cities.
The average distance home buyers move in England and Wales is only 2.5 miles. The average hides a wide range – whilst two thirds move less than 5 miles, 14 per cent of move more than 50 miles.
Of the 250,000 Londoners who left last year, Birmingham, the UK’s second biggest city, topped the popular destination chart, closely followed by Brighton and Hove, Elmbridge in Surrey and Epping Forest in Essex.
Johnny Morris, Head of Research at Hamptons International, comments on the findings: “London has long been a draw to young people, particularly because of its world class universities, employment opportunities and lure of the bright lights and buzz of an international city.
“It is part of the natural life cycle of the capital that households will move out as their priorities change. Many of those leaving London are in their 30s and 40s, in search of more space and a different lifestyle. These London Leavers aren’t cutting ties with the capital though – the average leaver moves just 26 miles and many will maintain their links with the capital, commuting for work and staying close enough to access to the capital’s amenities and nightlife.”
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