Londoners buying homes outside the capital increased 50% in the year as rising house prices have triggered a significant migration to the home counties and beyond.
Circa £21bn on 58,000 homes were purchased by Londoners elsewhere in the UK, the highest number since 2007 of which the majority were bought for relocation purposes.
Most popular destionations were Brighton, Luton and Bath. Among families Esher in Surrey, Brentwood in Essex and Rickmansworth in Hertfordshire. About 80% of those relocating bought in the south-east or east of England, staying within communing distance of the capital.
“Over the [economic] downturn, many Londoners delayed life-stage moves, restricting the natural flow of families out of the capital and building a pent-up demand,” said Morris of Hamptons International.
“As the gap between house prices in London and the rest of the country has widened to record highs, of £282,000, and expectations of future house-price growth have moderated, many Londoners are now choosing to cash in and move out of the capital.”