More Londoners Than Ever Are Upping Sticks And Moving North
A recent survey has found that more Londoners than ever have had enough of the high prices, and small dwellings of the capital, and are trading in the buzz of the city for a quieter, and cheaper life in the north of London.
It has been found that the number of people moving out of London and into the Midlands or even further north has gone up by three times the amount since 2010. And the trend doesn’t appear to be slowing.
The main draw definitely seems to be the lure of cheaper homes available in the north. According to figures people in London pay a staggering £425,000 for a two bedroom flat in the east of London. A sum which can net them a four bedroom detached home in Birmingham.
Add to this the fact that more and more properties are being snapped up by foreign investors, it’s also making it harder than ever for people in the capital to even find somewhere to live in the first place, let alone afford it.
The survey conducted by Mega Removals also found that the costs of moving are another important factor in the decision to move out of the London area. Recent statistics show that the cost of stamp duty for a reasonably sized detached home in the south of England is around £14,000. In the north this figure is almost a third, at £5,300.
But don’t worry, London isn’t going to be empty any time soon. Even though the figures have risen quite drastically since 2010, it’s not like everyone is heading for the north. Figures state that around 30,000 people in London chose to sell up and move out of the region, but this is nothing compared to the 8.8 million people that still choose to live in the city.
Of course many of these are renters, but it shows that London is still a popular spot, even with the pricey rent or mortgage.
More people are choosing to move further out of the area though, with one in five people moving to the north of the city, compared with one in seventeen in 2007. It’s a pretty drastic shift, and is affecting the property market of other areas. For example, in the south west 42% of homes are now owned by ex-Londoners.
Unfortunately, for first time buyers the possibility of buying in London is getting smaller and smaller by the year. Around 31% of people who wanted to buy in London had to leave the area in order to afford to buy a property. And prices are going up all the time, whereas in Liverpool and Glasgow, property prices are actually lower than they were a decade ago.
Of course the challenges of being able to afford a place are also compounded by the other moving costs. Mega Removals found that a significant number of people find that even if they can find very low moving costs, they still can’t afford to pay them without going into debt because of the high costs of moving overall. It therefore makes sense that so many people would choose to move out of an expensive area like London to help boost their chances of finding the home of their dreams, with the lowest risk of crippling debt. And experts in the field feel certain that this number is only going to go up as costs continue to spiral out of control in the capital.