Yahoo Finance 28% of ‘London leavers’ purchasing homes are first-time buyers, analysis finds
Nearly three in 10 (28%) Londoners buying a home outside the capital this year have been first-time buyers, analysis suggests.
This is up from 22% in 2019 and 13% a decade ago, according to estate agent Hamptons.
On average, these buyers spent £383,070 on their first home.
This compares with an average price of £526,600 for a first-time buyer purchasing in London.
Hamptons used data from Countrywide, a network of estate agents which includes Hamptons.
The research also suggests that home-buyers generally moving out of the capital relocate 35 miles (56km) away on average.
The rate at which households have upped sticks and headed out of town has continued apace
Aneisha Beveridge, Hamptons
First-time buyers leaving London, however, tend to remain a little closer to the city, moving around 23.7 miles (38km) away, although this is 2.2 miles (3.6km) further than in 2019, as strong house price growth, flexible working and the desire for space pushed them further out, Hamptons said.
Aneisha Beveridge, head of research at Hamptons, said: “It’s becoming increasingly evident that one of the biggest Covid-related housing market trends – moving out of London for the country – could be here to stay.
“Despite more people returning to London offices this year, the rate at which households have upped sticks and headed out of town has continued apace.
“While last year families relocating to gain more space accounted for nearly three in five Londoners buying outside the capital, this year the figures have been driven by first-time buyers, many of whom were renting in the capital.
“Strong house price growth outside of London over the last year has meant that buyers have had to move even further outside the M25.
“The average Londoner moved 35 miles – the equivalent of trading Fulham for Farnham or Canary Wharf for Chelmsford – an extra mile further than in 2021.”
