The majority of people moving in London are either downsizing or leaving their local area altogether.
Home moves out of London are being driven by need rather than desire, due to higher mortgage rates, according to an estate agent.
The average "London leaver" spent £429,800 on their new home this year, £63,735 less than those in 2022.Aneisha Beveridge, of Hamptons, said: "The likelihood that mortgage rates will stay higher for longer may keep the pace of London outmigration up." Londoners made up 7.7% of home buyers outside the capital in Britain during the first half of this year, outpacing the 2015 to 2019 average of 6.9%, according to estimates from Hamptons.
The figure is slightly below the 7.9% recorded in 2021 and 2022, when people were changing their lifestyles and working from home more regularly. Londoners leaving the city are also buying smaller properties, with 37% purchasing a one or two-bed home, up from a third last year.
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