Londoners purchased 73,000 homes outside the capital in 2019, according to Hamptons International. This means there were 2,690 or 4% fewer leavers than the most recent peak in 2016 (75,690). However, despite the fall in London purchases, the figure is still considerably higher than 10 years ago when 41,090 homes were bought by Londoners (+31,910).
The average Londoner spent £358,650 on their new home outside the capital, equating to a collective total of £26.2bn over the year. This is a decrease from £29.6bn in 2018 and less than the £36.6bn recorded in 2007 when the number of homes bought by London leavers reached a record high of 113,650.
Affordability barriers in the capital mean that people are leaving London at a younger age. In fact, the average age of a London leaver purchasing a home has fallen to the lowest on record. The average Londoner purchasing a home outside the capital in 2019 was 39 years, eight years younger than in 2009 and four years younger than in 2015.
While many take advantage of being able to buy larger homes for their money, for others, leaving London is the only way of getting onto the housing ladder. Nearly one in four (24%) Londoners who purchased a home outside the capital in 2019 were first-time buyers. This is an increase from 22% in 2016 and is considerably higher than the 14% recorded in 2013.