Mass exodus of 30-somethings from London.
As London property prices continue to rise, 30-somethings are leaving the capital in search for their first property.
London is experiencing a mass exodus of 30-somethings as continued property price and rent rises force more and more young people to relocate outside the capital, according to analysts.
Government data reveals that in 2015, there were 65,890 Londoners in their thirties who related to other parts of Britain, compared to 35,480 who moved in the other direction. This left a net outflow of 30,140, up half on the 20,590 the previous 3 years.
Young people are finding it ever more difficult to buy a house in London as, over the last 3 years the average London house price has rocketed by 37% from £299,065 to £410,445. This compared with a 16% rise for the country as a whole, according to Land Registry data.
Jeremy Campbell-Harris, head of Humberts’ London country house department, said: “We all understand the attraction of the big city but when faced with insurmountable affordability pressures many Londoners are pleasantly surprised at the range of options they have beyond the Tube network.”
Betsy Dillner, director of Generation Rent, said: “These people are leaving friends and family in order to find a home they can afford, and some are leaving their jobs. This should worry everyone in London.”
64% of the people moving out of London are moving into the South-East of England’s commuter belt whilst the rest are moving out of London entirely, with 12% moving to the Midlands, 11% to the North, 9% to the South-West and 5% to Scotland, Wales and Northern Ireland combined.