House prices speed up London exodus
Apart from twentysomethings, more people are leaving the capital than arriving
An exodus of people in their thirties from London has accelerated over the past five years as rapidly rising house prices have pushed couples and families out of the capital.
The departures — to areas ranging from Cambridge to Canterbury — have been driven by house prices on average almost £250,000 cheaper than in London, according to estate agency Savills.
International migration excluded, some 66,000 in their thirties left London in 2015, according to a Savills analysis of figures from the Office for National Statistics. In 2009, the figure was 51,000.
Among people aged 35 to 39, the number leaving has risen 18 per cent in the past two years.
London house prices have risen 85 per cent since 2009, placing intense pressure on people living in the city and leaving people in their twenties as the only age group with net inward movement.
“We are seeing a major migration of London housing wealth into other markets,” said Lucian Cook, director of residential research at Savills
The borough of Epsom and Ewell in Surrey receives the equivalent of almost 4 per cent of its population in the form of London leavers each year. But people have also been moving to areas outside the traditional commuter belt, such as Canterbury, about 62 miles away.
Mr Cook said leavers were divided into two groups: “More affluent people trading up for much more space compared with their London counterparts, and those driven by accessibility as they seek home ownership or lower rental costs.”
Popular destinations include wealthy areas such as south Buckinghamshire, where the average home costs £690,000, but also relatively cheap areas such as Thurrock in Essex, where the cost is £250,000.
The borough of Epsom and Ewell in Surrey receives the equivalent of almost 4 per cent of its population in the form of London leavers each year. But people have also been moving to areas outside the traditional commuter belt, such as Canterbury, about 62 miles away.
Mr Cook said leavers were divided into two groups: “More affluent people trading up for much more space compared with their London counterparts, and those driven by accessibility as they seek home ownership or lower rental costs.”
Popular destinations include wealthy areas such as south Buckinghamshire, where the average home costs £690,000, but also relatively cheap areas such as Thurrock in Essex, where the cost is £250,000.