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Record proportion of Londoners selling up to move north

Monday, August 27, 2018

A record proportion of London homeowners are selling up to buy cheaper property in the north and Midlands, using profits made in the capital to splurge on bigger homes.

Research by agents Hamptons International found the proportion of Londoners leaving the capital for northern England or the Midlands had tripled since 2010.

Aneisha Beveridge, research analyst at Hamptons, said: “With affordability stretched, more Londoners are moving out of the capital to find their new home. Many London leavers were looking for a bigger home or better local schools, Hamptons said. Beveridge added that hefty stamp duty charges were also pushing second-movers out of the capital. “More people are making a bigger move and buying a larger home sooner to avoid having to pay stamp duty on additional moves as they trade up. For many, this means heading further north.”

Most Londoners selling up move to the home counties, but the proportion going further afield has risen markedly in recent years. In 2008 one in 17 headed to the north or Midlands, but now the figure is one in five.

Separate data released on Monday by Hometrack underlines the gulf between property prices in the capital and the rest of the country. It found that while prices in Belfast, Liverpool and Aberdeen remain below the level they were a decade ago, in London and Cambridge they are more than 65% higher.

It found that house prices in a quarter of the UK’s largest cities are struggling to recover to their level at the height of the financial crisis, with Belfast worst hit. Prices there are still 28% below the level of 2008. In Liverpool, average prices are 1% below where they were a decade ago, while in Glasgow they are just 1% higher (£121,940) and 3% ahead in Newcastle (£128,641).

In contrast, homeowners in Cambridge have seen the value of their properties rocket by 70% on average, to £432,410.
Richard Donnell of Hometrack, said: “The fact house prices in some of our biggest cities are still recovering from the financial crisis shows how big an impact it had on the UK’s regional housing markets.

“While 2008 was the year when house prices fell at their fastest rate, they continued to fall for a further three to four years in the weaker performing markets as the impact of the recession and restricted credit availability hit the value of people’s homes.”


Article taken in part from www.theguardian.com


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