Whoever said the famous line, “A bad day in London is still better than a good day anywhere else,” hasn’t looked at what’s been happening in London during this last decade. Londoners are leaving their city in droves.
According to a report by Hampton International, there has been an increase of +61% in the number of homeowners who have left the city during the last decade. Some 30,780 homeowners left London during the first half of this year, +16% more than the number of homeowners who left London this same time period last year.
Where are all these Londoners moving? If becoming ex-patriots, Australia claims approximately i.3M, the US claims approximately 800,000, Canada approximately 700,000 and Spain/New Zealand and South Africa claim approximately 350,000 each.
If remaining in England, migrating Londoners are moving to
- 38% moving to Brighton, Oxford, Southampton in South East England
The Victorian Brighton Pier in UK - The coastal town of Bournemouth had the largest price growth, according to HomeTrack. The y/y price growth was +5.4% and a median price of $375,780.
- Overall, the South of England had more restrained price growth than other areas within the country.
- 30% moving to Norwich, Cambridge, and Colchester in East England where 16% or 1 in 6 homes are sold to ex-Londoners
- 21% moving to Midlands or Northern England where the number of ex-Londoners has tripled over the last decade due to more affordable home prices.
- Nottingham saw +7.5% annual sales price increases. The median price here is $195,611.
- Leicester sales prices have increased 6.6% since last year.
- Liverpool experienced a 6.3% sales price increase since last year.
- Manchester, with the largest sales price increase last month, saw a +6.1% increase in sales prices in July.
London is one of two cities measured by Hampton International’s price index to see prices fall annually in July. Rates slipped -0.1% to $622,607 although prices were higher by +1.2% in Q2 compared to London price in Q1 2018.
