Fewer ‘London leavers’ making moves in 2022, research suggests
While 2021 was dominated by swapping the bright city lights for rural living, 2022 signalled the return to the office, Hamptons said.
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Moves away from London appear to have passed a peak, with estimates suggesting around 20,000 fewer properties being bought outside the capital this year than in 2021.
In a year which has seen strong house price growth outside London, just over a quarter (26%) of “London leavers” in 2022 bought properties with at least four bedrooms, down from 30% in 2020, the research from estate agent Hamptons found.
Londoners are also moving further afield typically to get the space they require.
The average Londoner buying outside the capital purchases 34.0 miles away, 1.2 miles further than last year, according to the research.
Investors purchase furthest away, at an average of 109.8 miles, Hamptons said.
They are followed by home movers, at an average of 26.6 miles, and first-time buyers, who are typically relocating 23.2 miles away.
London outmigration appears to have passed its peak. While 2021 was dominated by space seekers swapping the bright city lights for pastures green, 2022 signalled the return to the office
Hamptons estimates that, in total, Londoners have purchased around 81,200 properties away from the city in 2022, down from 100,540 in 2021.
Aneisha Beveridge, head of research at Hamptons, said: “London outmigration appears to have passed its peak.
“While 2021 was dominated by space seekers swapping the bright city lights for pastures green, 2022 signalled the return to the office.
“That said, the widespread popularity of flexible working has meant that Londoners continue to move that little bit further out of the city to gain more space, meaning outmigration numbers remain higher than pre-Covid times.
“Next year, we expect the pace of London outmigration to cool further as pent-up demand from the Covid-related trend wanes.
“Affordability pressures, and in particular the cost of higher interest rates, may mean that more Londoners are forced to move further afield to buy a home.
“Our latest data suggests that first-time buyers in particular are sacrificing location in order to climb onto the housing ladder. This looks set to put a floor under London outmigration numbers in 2023.”