The number of Londoners leaving the capital has fallen to its lowest level in over a decade, with just 5.7% of homes sold outside London in 2024 purchased by those moving from the city. This marks a significant decline from the peak of 8.2% recorded in 2022, according to research by Hamptons.
In total, Londoners will buy 57,020 homes outside the capital this year, 45% fewer than in 2021, when outmigration peaked, and 19% below the pre-Covid average. The fall is partly attributed to stagnant property prices in London, higher interest rates, and post-pandemic trends, including a partial return to office working.
First-time buyers now account for a record 31% of all Londoners purchasing outside the capital, more than double the figure in 2013. This group purchased 17,680 homes in 2024, marking a 69% increase over the past decade. By contrast, the number of homeowners selling up and moving out has fallen by 41% in the last ten years.
Hamptons’ research shows that those leaving London are moving further than ever. The average distance for movers in 2024 reached 33.1 miles, 19% further than the pre-Covid average. Sellers relocating outside the capital moved an average of 45.4 miles, while first-time buyers typically stayed closer, averaging 25.5 miles.
The financial challenges for London leavers are underscored by property price trends. Over the last decade, house prices outside London have risen by 39%, compared to just 26% in the capital. In central London, some areas have seen prices fall, reducing homeowners’ equity and limiting their ability to upgrade.
Aneisha Beveridge, head of research at Hamptons, said: “The capital’s homeowners haven’t had the housing market on their side in recent years. They’ve had to adapt to higher interest rates and post-pandemic trends, which have shifted against them and suppressed property prices in the capital.
“First-time buyers have been the exception to the rule, with many keen to escape the capital’s rental market. As mortgage rates have fallen this year, it’s generally become cheaper to buy than rent again, even with a small deposit.”
Looking ahead, Hamptons anticipates a potential uptick in outmigration in 2025, spurred by falling mortgage rates and renewed growth in London property prices. However, Beveridge predicts that movers will continue to look further afield, with affordability remaining a key driver.
