The number of Londoners moving out of the capital has nearly doubled since 2012, according to analysis from Countrywide.
Countrywide’s data, based on its own sales information, showed the number of people leaving London rose from 33,015 in 2012 to 63,242 last year, a 92% rise.
Rising house prices and rents mean a huge proportion of Londoners’ income is being eaten up by living costs. London prices have risen by over 50% on average over the past three years, while rents have increased by 14.1%.
As a result, and as regional economic recoveries have gained momentum over the past few years, Londoners have been cashing in their chips to move to better-value regional centres, or nearby commuter towns, leading to a growing problem of brain drain from the capital.
The number moving to the next 20 largest cities increased by 59% last year alone, with the biggest growth in the Midlands and the North, driven by moves to Manchester and Birmingham.
The average price of a London house is £530,000 according to the Land Registry, compared to just £112,941 in Manchester and £124,217 in Birmingham.
Traditionally, there has been large-scale migration into London from the under-30 age group, and slower outward migration from the older demographics.
Countrywide research director Johnny Morris said this was a natural part of the property life cycle. “But with increasing house prices in the capital, and better job prospects in many cities outside London as the UK economy continues to grow, we’re seeing the growth of a different type of London leaver: younger professionals priced out of the capital’s housing market, or tempted by opportunities elsewhere,” he said.
“The increase in those moving from London to our other big cities is a vital part of attempts to rebalance our economy.
“But it’s not clear whether it’s the pull of increasing opportunity outside the capital or the push of expensive living in London that’s driving the move.”
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2015-2015 increase in Londoners buying homes in:
Newcastle 233%
Manchester 267%
Liverpool 180%
Sheffield 600%
Nottingham 130%
Leicester 214%
Birmingham 314%
Coventry 57%
Bristol 71%
Southampton 350%
Brighton 14%
