Londoners are departing to buy at a younger age
Londoners are leaving the city to buy property at an increasingly young age, research from Hamptons International found.
In 2019 Londoners leaving the city were typically 39 years old, down from 41 in 2018 and 2017, 41 in 2016, and 47 in 2009.
Aneisha Beveridge, head of research at Hamptons International, said: “Historically most homeowners leaving London did so for lifestage reasons and to take advantage of being able to buy a larger home, but for others, leaving London is the only way of getting onto the housing ladder.
“As a result, the average age of someone leaving the capital to purchase a home has fallen to the lowest level on record – just 39 years old.
“For many first-time buyers it also means moving further afield to areas such as the Midlands and North where they can get more for their money.”
Some 69% of London leavers bought homes in the South of England in 2019.
However, a record 13% of London leavers moved to the North last year, up from just 1% in 2009, likely attracted by the lower house prices.
A quarter (24%) of London leavers who purchased a home in 2019 were first-time buyers.
In 2019 Londoners bought 73,000 homes outside the capital, a 4% fall compared to the most recent peak in 2016 when 75,690 Londoners left the capital.
The average London leaver spent £358,650 on their home outside the capital, which equates to a collective total of £26.2bn over the year.
Beveridge added: “The number of Londoners purchasing a home outside the capital has fallen by 4% since the most recent peak of 2016.
“2016 was the prime time for Londoners to cash in on their property and move to the country. This was when the price gap between a home in London and one elsewhere in Great Britain was at its widest.
“However since then, house prices outside of London have risen faster than those in the capital and this has resulted in more London homeowners staying put.”