Increasing numbers of people are looking beyond London to buy their first home, driven out by high property prices.
That’s according to figures released today, which revealed in 2018 Londoners purchased £30 billion worth of property outside the UK – the highest level since 2007.
While most Londoners remained in the South East of England – with towns such as Sevenoaks in Kent (pictured) attracting former capital dwellers – a growing number are starting to venture further north.
The research by Hamptons International found 20% of Londoners moved to the Midlands and the North, which compared to just 15% in 2015 and 7% in 2008.
Why are Londoners moving?
Aneisha Beveridge, head of research at Hamptons International said: “Historically most people moving out of London have done so because of changing priorities, such as starting a family or generally wanting a slower pace of life.
“But increasingly as affordability in the capital is stretched, more households are looking beyond the confines of London to buy their first home. For many this means moving further afield to areas such as the Midlands and North where they can get more for their money.”
According to Hamptons International, more than 74,000 Londoners bought homes outside the capital in 2018, which is 3.8% more than in 2017.
The average price paid by a Londoner for a home outside the capital was just over £398,000, which is the highest level on record, despite house prices in London falling by 0.5% year-on-year in 2018.
Most popular destinations
The most popular location, meanwhile, for London leavers heading to the East of England was Broxbourne in Hertfordshire. Here, three quarters of homes were purchased by Londoners in 2018.
Sevenoaks in Kent was the most popular place in the South East for Londoners and Bath and North East Somerset attracted former capital dwellers in the South West.
Daventry was the most popular destination for London leavers to move to in the Midlands, while Middlesbrough was most attractive in the North with 16% of homes bought by a Londoner in 2018.
But is this trend likely to continue into the New Year? Beveridge said: “Despite a rise in the number of London leavers this year, 2018 is likely to be a peak. A slower housing market in 2019 will likely mean that we see fewer Londoners buying homes outside of the capital than in 2018.”
| Region | Local Authority | % of homes bought by Londoners |
| South East | Sevenoaks | 52% |
| South West | Bath and North East Somerset | 52% |
| East of England | Broxbourne | 72% |
| East Midlands | Daventry | 17% |
| West Midlands | Stoke-on-Trent | 7% |
| North East | Middlesbrough | 16% |
| North West | Liverpool | 10% |
| Yorkshire & Humber | Doncaster | 13% |
Source: Hamptons International
