House prices are one of the factors that have caused the amount of people leaving London to increase by 55% over the last 5 years.
Estate Agent Knight Frank have found that the only age group that is moving in to London on a net basis was those who are in their 20s.
Record numbers moving out of London
Frank Knight have revealed that 336,000 people left London to live elsewhere in the UK over the course of the year to June 2017, which was a 15% increase when compared with the previous year.
The current level of outward migration from London is at it's highest level since 2011. The 30s age group is the group leaving in the highest numbers.
Most popular places to move to from London
Scotland was the most popular destination, with Birmingham, Brighton and Bristol the next most popular.
Are London house prices too high?
The average house price in London was £484,584 as of April 2018, significantly higher than the average UK price of £226,906. Houses in Croydon, one of the more affordable areas in London cost £273,526 on average, which would require a deposit of £27,000 and income of £55,000 in order to make a 90% mortgage affordable.
Cheaper alternatives to London
Brighton, Bristol, Thurrock and Birmingham with the average cost per property in Birmingham being less than half that of London.
Are London prices cooling down?
The recent slowdown in London has meant that in March 2018, the average house price was lower than the previous year for the first time in five years. Growth improved in April, however it was far lower than the 20% increase recorded in August 2014.
Help for buyers in London
London Help to Buy, shared ownership and Affordable Housing schemes are some of the ways buyers in London can enter the market.
Are you thinking of making a move? Your Mortgage adviser can help you to secure the home or investment you are looking for.
Information is based on our current understanding of taxation legislation and regulations which is subject to change.
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