Rather than escaping to the country, the majority of owners selling and leaving prime areas of London are heading to other suburbs, towns and cities, new research has found.
Some 51% of those who sold up and moved bought a home in a town or suburb, but despite price differences only about a quarter moved to a prime location, according an analysis from Hamptons International and LonRes.
The proportion moving from prime areas of London to buy in other cities has increased from 6% in 2010 to 14% in 2016, and account for 11% of moves so far.
The research also shows that commuter cities remain the most popular choice, with Brighton, St Albans and Bath together accounting for 37% of prime London residents moving to another city.
Those leaving London for the South West of England and Wales were most likely to be moving to a country location as country purchases account for half of all moves to Wales or the South West.
Those leaving prime areas of London for prime country locations were selling more expensive London properties, on average £1.2 million, about twice as much as those buying in a prime town or suburb.
Meanwhile those moving from non-prime areas of London tend to head to the East of England. The data shows that 38% of non-prime London movers went east, compared with 23% of prime London movers. Price is a significant factor in this decision as those moving from London paid on average 30% less for a new home in the East of England than one in the South East.
Buyers not heading to the three most popular regions of the South East, the South West and the East of England, relocated predominantly to the Midlands and the North West of England. Excluding moves to the South East, South West and East of England, some 25% of buyers moved to the West Midlands and 19% to the East Midlands.
Unsurprisingly a higher proportion of buyers relocated to the North West at 24% where economic conditions and distance from the capital are more favourable than the North East which had 4% of movers.
But it is not all one way traffic. The research also found that demand from existing residents and higher London prices means that just 12% of London buyers came from outside the city in 2017 with 32.5% from the South East and 52.6% from the East of England.
Almost half, some 42%, of those moving to London from outside came from a prime area, up from 28% in 2010.
