Total value is 7.8% year-on-year increase, whilst 3.8% more Londoners bought outside the capital than in 2017
The total value of properties bought by people moving away from London last year reached its highest level in a decade.
According to the research by Hamptons International, buyers in London spent a total of £30 billion on property outside the capital in 2018, some 7.8% more than 2017’s total of £28 billion, whilst London leavers spent a record £37 billion on homes outside the capital in 2007.
A total of 74,350 people living in London moved beyond the capital last year, a rise of 3.8% on 2017. However, this is still 35% lower than 2007’s figure of 113,640 and slightly below 2016’s decade-high of 76,060.
Despite house prices in London falling by 0.5% in 2018, the average purchase price for a house bought by a Londoner reached its highest level on record at £398,910; 3.9% higher than the previous year and 37% higher than in 2007.
The research found that the South of England was the most popular destination for buyers leaving London, with over 3 in 4 (77%) moving to the South East, South West, or East of England.
But with affordability pressures mounting, an increasing number of Londoners left the capital for the North and the Midlands, with over 1 in 5 (21%) moving to these regions in 2018, three times the proportion in 2008 (7%).
“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, 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.”
According to online agency HouseSimple, England’s property hotspot in 2018 was Wolverhampton, in the West Midlands.