Londoners snapping up property outside of capital at record pace

Londoners snapping up property outside of capital at record pace

A new report from estate agent Hamptons International has revealed that Londoners are leaving the capital in huge numbers to avoid the high property prices.

The estate agent found that the value of property bought outside of London is currently the highest since 2007.

This year, Londoners bought property totalling £30 billion outside of the capital. In 2007, this totalled £37 billion.

Those leaving the high property prices of the capital are remaining in the South of the country. Around 77% left London for the south-east, south-west or east of the country.

Whilst house prices in London have dipped over the year, property remains the most expensive in the country. The average property price is £398,910.

Whilst property prices is a top attraction for many Londoners, it is also a slower pace of life.

“Historically most people moving out of London have done so because of changing priorities, such as starting a family or generally wanting a slower pace of life,” said Aneisha Beveridge, who is the head of research at Hamptons International.

“But increasingly as affordability in the capital is stretched, more households are looking beyond the confines of London to buy their first home. For many this means moving further afield to areas such as the Midlands and North where they can get more for their money.”

“Despite a rise in the number of London leavers this year, 2018 is likely to be a peak. A slower housing market in 2019 will likely mean that we see fewer Londoners buying homes outside of the capital than in 2018,” she added.

A report revealed earlier this month by the Royal Institution of Chartered Surveyors (RICS) said that house prices are expected to continue to stagnate into the new year.

RICS economist, Tarrant Parsons, said that the uncertainty surrounding Brexit has caused “greater hesitancy” in the property market.

“That said, the current political environment is far from the only obstacle hindering activity with a shortage of stock continuing to present buyers with limited choice, while stretched affordability is pricing many people out.”