Londoners’ Desire to Move Outside the Capital Stabilizes as Affordability Remains Key Factoradmin
According to a study by Hamptons, the number of Londoners looking to move outside the capital has decreased over the past year.
In 2022, Londoners purchased 81,200 properties outside London, which is nearly 20,000 fewer than the previous year. The trend of Londoners moving out of the city peaked during the COVID-19 pandemic due to remote working opportunities and the desire for more affordable and spacious homes.
However, the research indicates that the trend is now stabilizing. Affordability remains a driving factor, especially for first-time buyers, as rising interest rates and inflation push them to seek more affordable options outside of London.
While the demand for rural and coastal areas has slowed down, the spread of urban housing markets and changing work patterns have contributed to a shift in housing preferences. London’s housing market is expected to experience a decline in prices in the coming year, but a potential recovery is anticipated by 2024.