The number of Londoners upping sticks to buy homes in more affordable parts of the country has tripled since 2010
In the first half of 2018, some 30,000 people left the capital to purchase properties elsewhere, a rise of 16% compared to last year.
While many still choose to stay in the south of England, research by Hamptons International found that the number opting to relocate to the North or the Midlands has tripled since 2010.
A decade ago, just 6% of Londoners made the move north, however, in the first half of this year, that number rocketed to 21% or one in five.
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Included in the study were those swapping the capital for the North East, North West, Yorkshire and the Humber, and the East and West Midlands.
In contrast, the number choosing the leave London for the South East has fallen 3% since last year to 38%. The report attributes this drop to affordability issues, as more buyers find themselves priced out of the South.
The hunt for affordable homes
Many make the decision to move in pursuit of larger, cheaper properties. The average house buyer relocating outside of London spends an average of £424,610 on a family home, the study found, which would barely cover the cost of a two-bed flat in the capital.
Aneisha Beveridge, research analyst at Hamptons, said: “With affordability stretched, more Londoners are moving out of the capital to find their new home.”
The firm says that many leavers are looking for bigger homes near better schools, while hefty stamp duty charges are also pushing second-movers out of the capital.
“More people are making a bigger move and buying a larger home sooner to avoid having to pay stamp duty on additional moves as they trade up. For many, this means heading further north.”
Average stamp duty bills for a detached home in the south come in at £14,780, compared with £5,358 in the North, according to the report.
First-time buyers
Despite this, tax exemptions and schemes such as Help to Buy have helped some first-time buyers lay roots in London.
‘The savings from stamp duty relief and the availability of Help to Buy has meant that more first-time buyers are able to remain in London than before,’ Beveridge pointed out.
‘But raising a deposit remains a hurdle for many, which helps explain why increasing numbers of first time buyers who leave London are heading North,’ she added.
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