Surge In ‘London Leavers’ Buying Properties Outside Capital In 2021
Analysis by estate agent Hamptons has revealed that London-based home-buyers purchased more properties outside of the capital during 2021 than in any year since 2007.
reports that first-time buyers made up 24 per cent of Londoners looking to move out of the city, according to Hamptons, who estimates that, in total, London-based buyers purchased over 112,700 properties outside of the city in 2021, the highest number since 2007.
On average, London sellers spent £18,980 less on their home outside the capital than the price of the property they sold, Hamptons said.
The average ‘London leaver‘ who moved this year sold their home for £525,910 and spent £506,930 on their new property.
According to Hamptons, St Albans in Hertfordshire was identified as the top destination for first-time buyers looking to escape London, while Dartford in Kent was the prime location for existing homeowners.
Second-home buyers flocked to the Arun area of West Sussex, which includes Bognor Regis and Arundel, the estate agent’s research indicated.
Aneisha Beveridge, the head of research at Hamptons, said: “The capital’s loss is the Home Counties’ gain, with these buyers prepared to move 24 per cent further than before the pandemic began, taking their wealth and experience with them.”
She added that there are still many uncertainties about the long-term impact of the pandemic on how we live and work, and that remote and hybrid working looks set to continue for some time.
“We expect to see the number of London purchases outside the capital average around 85,000 in both 2022 and 2023, around 10,000 more than during the five years leading up to the pandemic,” Beveridge said.
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