As London’s prime areas have spread, so London residents have moved further to find their next home. Back in 2010, 52% of Londoners stayed within a five-mile radius of their old home. This year, that proportion fell to 39%. And, over the same period, more Londoners made a longer distance move.
The proportion of sellers moving more than 50 miles away from their old home increased from 11% in 2010 to 20% today. Some of these changes are due to price, as buyers seek out more affordable areas, but some are also a symptom of the growth of prime areas.
Those wishing to stay in a prime location have a greater choice of areas to choose from, even within the capital. For those moving further afield it is not all about saving money. Analysis of LonRes and Hamptons sales data shows a third of sellers in prime areas of London spent more on a new home outside the capital than the sale price of their existing home. But how much they spent depends on where they went to.
Of those moving from prime areas of London to the country, 13% spent more on their new home, compared to 47% of those moving to another town or suburb. Overall, forty percent spent more if they moved from prime London to another prime location outside the capital.
To download the full report, click here: http://www.hamptons.co.uk/publications/focus-reports/