London exodus continues as northern cities attract more people from the capital

London exodus continues as northern cities attract more people from the capital

According to new research from UK estate agent Hamptons, homeowners in London have been selling up their properties in record numbers and relocating north. Cities such as Birmingham and Manchester have seen the influx from former London residents triple since 2010 due to greater affordability of properties and reduced cost of living.

Interestingly, in 2008, it was calculated that 1 in 17 people were heading out of London and moving to the North and Midlands. This calculation now stands at 1 in 5 which is a staggering increase.

Not surprisingly, it is London property prices that are triggering this exodus from the capital. Your average Londoner is spending approximately £424,610 on a new home whereas in cities such as Manchester, the average price is £192,400. The difference in the standard of property couldn’t be more stark either. The £424K that Londoners are paying will probably only get them a two-bedroom flat in East London whereas it is enough to buy a large detached home in most regional cities.

Commenting on these findings, Aneisha Beveridge, Research Analyst at Hamptons, said: “With affordability stretched, more Londoners are moving out of the capital to find their new home. More people are making a bigger move and buying a larger home sooner to avoid having to pay stamp duty on additional moves as they trade up. For many, this means heading further north.”