Over a third of current Londoners are hoping to buy their next home outside the city, abandoning the capital in search of cheaper homes and better lifestyles.
Research from RightMove, the UK’s number one property website has shown that 42% of prospective buyers currently living in London intend to move away from the city within the next year. With 48% of respondents citing that London is far too expensive to buy in and 28% saying the cost of living is too high to maintain.
Despite this however, a high percentage of those looking to move still had the intention to commute into the city from the surrounding area with a quarter of those seeking to keep that travel time below 45 minutes. This has ensured places such as Watford has remained significantly popular among those looking to commute into London, whilst also making Southend-on-Sea one of the most popular seaside destinations & Kent the most in-demand village.
This comes as prices soften in the region over the past few years, for despite this occurrence the average asking price for a property in London remains at £617,208 whilst rising to £761,724 for inner London areas. Significantly above the national average which has been reported at £230,292 for the month of June 2019.
Other revealed motivations include wishing to escape the busy and crowded city life, and seeking the benefits of a more countryside driven lifestyle. Such as that seen within the rising popularity and demand of quaint villages such as Kent, still providing the capability to take the extended trip into London if required.
RightMove’s propert expert Miles Shipside has said; “This research shows that despite the spate of recent price falls in London, the majority of those intending to move in the year ahead still find London prohibitively expensive. For over half of London’s movers either the cost of property or the cost of living is driving them to move further afield, with perhaps a view over fields being the goal of nearly a third who are looking to move to the countryside. The reward of cheaper living and a better lifestyle means that some are willing to face a longer commute back in to work.”
This article contains information found at the following link, courtesy of RightMove. https://www.rightmove.co.uk/news/articles/property-news/four-out-of-10-london-movers-planning-to-buy-outside-the-capital/