Londoners snapped up an estimated £30 billion-worth of property elsewhere in Britain this year – the highest amount since 2007 as buyers seek out better value for money, a report has found.
The total value of homes purchased by Londoners outside the capital previously peaked at £37 billion in 2007, Hamptons International said.
Londoners purchased around 74,350 homes outside the capital in 2018, 3.8% more than in 2017, but below the 2007 peak of 113,640, according to its calculations.
The average price of a home bought by a Londoner outside the capital has also increased and now stands at £398,910.
Just over three-quarters of Londoners leaving the capital in 2018 moved to the South East, South West or East of England.
But with affordability in the South stretched, an increasing proportion of Londoners are moving further afield, the report found.
In 2018, around one in five Londoners going elsewhere moved to the Midlands or headed North. This compares with one in six (15%) in 2015 and one in 14 (7%) in 2008.
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.
“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.”
The figures are based on data from estate agency and property services group Countrywide, which Hamptons International is part of, and have been scaled up to give an estimate of property purchases by Londoners across Britain.
Here is where Londoners moving to elsewhere in Britain are going, with how the proportions were divided up in 2018, according to Hamptons International (percentage figures have been rounded):
– South East England, 37%
– East of England, 32%
– South West England, 9%
– North West England, 6%
– East Midlands, 6%
– West Midlands, 5%
– Yorkshire and the Humber, 2%
– Scotland, 2%
– North East England, 1%
– Wales, 1%