Thursday, 23 September 2021

Londoners are moving up and out but not very far

THE average age for Londoners to up sticks and move out of the capital is 32, according to new research

THE average age for Londoners to up sticks and move out of the capital is 32, according to new research from leading residential agent, Hamptons International. But they don’t move very far — the average distance travelled by home buyers moving out of London is just 26 miles.

At a time when house prices in central London are expected to grow by 32 per cent, the analysis provides a detailed profile of who and where people are moving to and from in London.

The south-east and west are the biggest draw, with half of the 250,000 Londoners exiting the capital in 2012 relocating to these areas.

Examining the detailed age profile of movers points to distinct groups who move in and out of London.

Those aged between 19 and 25 are most likely to move to the capital. This is driven by students moving into London to study and graduates and young professionals moving in to work.

The 30- to 40-year-old age group is most likely to move out. This age group makes up 27 per cent of all moves out of London, with the average age of moving out at 32 years old. This group is most likely to be families with young children choosing to relocate for lifestyle reasons.

Outmigration is becoming more popular among the 25- to 44-year-old demographic. In 2012, there were 106,000 people aged between 25 and 44, the highest number since 2007 and 10,000 more than in 2011.

Children are most likely to be packed up and moved out of the capital between one and five years old, before their school careers start in earnest.

Older people too tend to move out. There is an uplift of those leaving the capital at age 66, likely to be retirees seeking to downsize, often to coastal areas.

Hamptons International also looked at how far people are likely to move across the country when buying a home.

The analysis reveals that people moving into London move furthest — on average 34 miles in pursuit of city life. Those escaping London still feel the pull of the city though — these people move on average just 26 miles. In contrast, Londoners who can’t bear to leave the city move less than 1.3 miles on average, showing their commitment to life in one of the world’s best cities.

Strikingly, the average distance home buyers move in England and Wales is only 2.5 miles. The average hides a wide range — whilst two-thirds move less than five miles, 14 per cent of this group move more than 50 miles.

Of the 250,000 Londoners who left last year, Birmingham, the UK’s second biggest city, topped the popular destination chart, closely followed by Brighton and Hove, Elmbridge in Surrey and Epping Forest in Essex.

Johnny Morris, head of research at Hamptons International, comments on the findings.

He said: “London has long been a draw to young people, particularly because of its world class universities, employment opportunities and lure of the bright lights and buzz of an international city.

“It is part of the natural life cycle of the capital that households will move out as their priorities change.

“Many of those leaving London are in their thirties and forties, in search of more space and a different lifestyle. These London Leavers aren’t cutting ties with the capital though — the average leaver moves just 26 miles and many will maintain their links with the capital, commuting for work and staying close enough to access the capital’s amenities and nightlife.

“Interestingly, those choosing to move within the capital typically pick a new home just 1.3 miles away. While this doesn’t sound very far at all, a mile can be worth a lot in London — the difference between St John’s Wood and Kilburn, Chiswick and Acton or Balham and Tooting. Londoners can find a housing market of very different character just streets away.”

Marc Goldberg, head of sales at Hamptons International, adds: “Recently we have seen a distinct increase in the number of Londoners looking to move to the country.

“In the last three months the number of London buyers registering with our country offices has increased by 12 per cent.”

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