Rising house prices in the capital has seen more people move away from London that at any point in the past five years.Research that has been carried out by Savills has shown that up until the middle of 2016, around 292,000 people moved away from London, choosing somewhere else in the country. During the year in question, Savills research showed that the number of people moving into London stood at 199,000. This means that there has been a net departure from the capital city of 93,000.
This net departure figure that has been published by Savills, the UK estate agents and lettings company, is the highest to be seen since 2012. The statistics that have been released showed that those that were in the 30s were more likely to be moving out of London. Those in this age bracket accounted for 34,500 of the net departure, which is an increase of 68% since 2012.
There are a number of different reasons that people are moving out of the city, however the rise in prices is probably a driving factor. Savills also released a comparison of housing prices in different Boroughs around London and the rest of the UK. This comparison showed that house hunters could save up to £1.5 million, by choosing Cambridge as opposed to Kensington and Chelsea. With cheaper house prices elsewhere, it could also be that people are moving away from London to get more value for money, and get more space that would be on offer in the capital.
However Savills has also shown that the rate of house price growth has also been slowing. This could be because of the political and economic uncertainty at the moment in the UK, but could also be due to the increased severity of mortgage regulations which were applied in 2014.
