Figures show that London exodus may be over

The number of Londoners leaving the capital has reached its lowest level in nine years, signaling the end of the "race for space" trend. According to estate agent Hamptons, 69,190 homes were bought outside London this year, down from a record 100,980 two years ago. Londoners spent £28.7bn on homes outside the capital, 41% less than in 2021. They also spent 29% less than when compared with last year. Research also showed that first-time buyers purchased 20,940 homes outside London in 2023, more than triple the number a decade ago. Meanwhile, 77% of home-movers who left London this year spent less on their new home than they sold their previous one for. Aneisha Beveridge, head of research at Hamptons, said: “With mortgage rates expected to continue falling in 2024, the affordability picture should improve. We expect this to slow the pace of London outmigration somewhat, as younger Londoners can increasingly afford to buy locally. Upsizers, who have sat tight in a subdued 2023 market, are likely to come back into the fold as it gets cheaper to borrow, meaning they're likely to dominate those leaving the capital next year.”

The Times   London Evening Standard