0:03 AM, 7th June 2024, About 7 months ago 2
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Property investors and landlords might be interested in a study of London’s moving trends which reveals a significant rise in people relocating to areas with lower house prices.
London continues to be the most expensive place to buy a house in the UK, with a whopping £701,280 average house price.
This hefty price tag, coupled with a rising cost of living, is pushing many Londoners to seek affordability in other areas, Compare My Move says.
Scotland, for instance, saw a 22.4% increase in Londoners seeking a new home, which is probably due to the vast difference in house prices – it’s more than £500,000 cheaper in Scotland on average.
The firm’s founder and managing director, Dave Sayce, said: “This means that Londoners moving out of London are looking at cheaper areas of the UK more in 2023 than they were in 2022.
“A good reason for this could be the consistent rise of mortgage base rates and inflation throughout last year, which we are only now starting to see a drop.”
He adds: “Because of this slight drop in inflation, and the steadiness in the base rate, we can predict that the more expensive areas such as the South East, the East and the South West will see a larger year-on-year by the end of 2024.”
The data also reveals a shift in preference for more affordable destinations.
Regions with an average house price exceeding £400,000, such as the East of England and South West, saw a drop in London movers.
Conversely, areas with lower house prices, averaging £235,545.50, experienced a surge in popularity.
The study also found that Londoners are increasingly drawn to ‘commuter towns’ offering a balance between affordability and accessibility.
These towns boast an average house price £124,590 lower than London’s, while still maintaining a relatively short commute to the capital.
Brighton, known for its beaches and vibrant culture, emerged as the top destination for Londoners in 2024.
Its house price, although exceeding £500,000, remains nearly £200,000 cheaper than London’s average.
Reading secured the second spot with the most significant relative increase in Londoners moving there.
This town offers affordability, with house prices £275,000 lower than London’s average, and a direct 43-minute train journey to the capital.
The top five destinations include Croydon, Bromley and Wembley.
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Sign Up9:37 AM, 7th June 2024, About 7 months ago
The only people that can afford to live in London are those who inherit well and/or have very well-paid jobs and the non-driving benefits claimants who live in housing subsidised by the taxpayer or private landlords.
£2000 per month in LHA for a 3 bed in Tower Hamlets is almost 4 times that for a similar property in Teesside.
My tenants living in a 4 bed in Teesside would have £130 change after paying their month’s rent from just one week of Tower Hamlets’ LHA.
Losing the ‘middle’ people from London will not end well.
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Sign Up14:16 PM, 7th June 2024, About 7 months ago
With London housing costs skyrocketing, consider investing in more affordable areas where many Londoners are moving, like Scotland, Brighton, and Reading. These regions offer significantly lower house prices and are becoming popular due to the high cost of living in the capital. Targeting these areas can tap into the growing trend of people seeking better affordability while still maintaining access to London.