Record numbers of Londoners leaving capital as housing costs soar

Record numbers of Londoners leaving capital as housing costs soar

0:04 AM, 7th November 2024, About 2 hours ago

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Londoners are increasingly choosing to leave the capital amid post-election uncertainty and high house prices.

Data from Compare My Move shows fewer Londoners staying local, with 37% of residents now choosing to live outside of London, up from 29% less than two years ago.

This shift coincides with a dramatic rise in London landlords selling their properties.

London continues to be the most expensive place to buy a house

According to a survey from Compare My Move, in the third quarter of 2024, more Londoners are leaving the capital across nearly every region, with only North London bucking the trend.

The South of London stands out with the highest rate of residents moving out. In particular, the South East saw a jump from 32% to 37% in movers leaving the city, while the South West followed closely, increasing from 27% to 33%.

The survey by Compare My Move says many Londoners are moving due to the cost-of-living crisis and unaffordable 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.

Scotland, by contrast, 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.

Rental sector has become more unpredictable

A separate survey by TwentyCi reveals the number of properties for sale in London that were previously rented has surged.

The analytics firm found that in July, 22% of all the 8,006 newly listed homes for sale in Inner London had been available to rent at some point in the last decade – a 10-year high.

TwentyCi’s chief executive, Colin Bradshaw, said: “Aside from mortgage increases, landlords have growing fears around compliance demands for energy efficiencies.

“Overall, the rental sector has become much more expensive and unpredictable for landlords over the last decade.”


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