London Exodus Due to Sky-High Property

The exodus of “30-somethings” from London is accelerating as sky-high property prices and rents force ever more of them to relocate outside the capital, according to a new analysis.

Last year, 65,890 Londoners in their thirties moved to other parts of Britain, while 35,480 moved in, the latest government data reveals.
This resulted in a net outflow of 30,140 — the equivalent of the population of a town the size of Windsor — up by almost half on the 20,590 net move out of London three years previously.

Over that period the average price of a home in London rocketed by 37 per cent from £299,065 to £410,445, compared with a 16 per cent rise for the country as a whole, according to figures from the Land Registry analysed by campaign group Generation Rent.

Londoners could save £450,000 by moving an hour from the capital

There has been a similar rise in the number of children being moved out of London with their parents, with 26,920 more under-10s leaving for another part of the UK in 2014-15 than arriving — up from 19,980 in 2011-12.

Separate research from estate agents Humberts shows the biggest outflows in central London are from Greenwich and Wandsworth, two boroughs popular with young families in areas such as Blackheath and Clapham, but where the yawning pricing gap between flats and houses makes it hard to step up to the next rung of the property ladder.

Jeremy Campbell-Harris, head of Humberts’ London country house department, said: “We all understand the attraction of the big city but when faced with insurmountable affordability pressures many Londoners are pleasantly surprised at the range of options they have beyond the Tube network.”

Betsy Dillner, director of Generation Rent, said: “These people are leaving friends and family in order to find a home they can afford, and some are leaving their jobs. This should worry everyone in London.” The figures were released as the group issued a report calling for huge reforms, including the introduction of indefinite tenancies in the private rented sector to help make renting a long-term, stable option.

Of the people leaving the capital for another part of the UK, 64 per cent are moving into the South-East and East of England commuter belt. The rest are breaking their links with London altogether, with 12 per cent moving to the Midlands, 11 per cent to the North, nine  per cent to the South-West and five per cent to Scotland, Wales and Northern Ireland combined.