Record numbers of London homeowners are selling to buy cheaper properties in the North and Midlands, with capital gains being used for larger homes.
Agent Hamptons International's Investigation Find Out How Many Londoners Leave the Capital North of England or the Midlands tripled since 2010.
The average Londoner who leaves the capital pays £ 424,61
Many London graduates were looking for larger homes or better local schools, Hamptons said. Beveridge added that high stamp duty also pushes second investors out of the capital. "More and more people are taking a bigger step and buying a bigger house earlier to avoid having to pay stamp duty on more trains when they pay off, which for many means going further north."
Stamp duty for the purchase of a single-family home in the south is £ 14,780, compared to £ 5,358 in the north, Hamptons said.
But the absolute number of London graduates will beat many surprisingly low. Hamptons said 30,280 Londoners sold their homes in the first half of 2018 to move out of the capital, an increase of 16% over the same period last year, but below the 2007 level and a tiny fraction of the country's 8.8 million inhabitants City. 19659002] Most Londoners who sell move to their home countries, but the share that goes on has risen markedly in recent years. In 2008, one in 17 moved north or into the Midlands, but now it's one in five.
Some local housing markets are flooded with London buyers flushing out cash from the capital's overheated real estate market. Hamptons said in Bath and north-east Somerset 42% of all homes in the first half of 2018 were bought by Londoners.
Hamptons said the typical London Leaver purchase in southwest England paid nearly £ 550,000 for a home. It was said that the South West movements were not just retiring, with evidence that many people commute far back to the capital and often stay in London for a few days a week.
Other Places That Reached Buyers in London include East Dorset, where 25% of homes were sold to former Londoners, and Leicester, where in the first half of 2018, one in 10 homes was sold to Londoners ,
In some cities, such as Hastings, the Londoners' rise is blamed for driving prices to levels that residents can not afford and creating gentrified enclaves.
Hamptons also looked at first-time buyer samples. It turned out that one in three young adults who lived in London could not make their first real estate purchase in the city. Hamptons said that in the first half of 2018, 31% of first-time buyers in London bought outside the capital – almost twice as much as in 2013 (16%).
However, this was a slight improvement over last year, with the help-to-buy program that helps some buyers. "But though more Londoners are buying their first home in the capital than last year, more prices are coming from the south overall," said Hamptons.
Separate data released Monday by Hometrack highlights the gap between real estate prices in the capital and the rest of the country. Although prices in Belfast, Liverpool and Aberdeen are below the level of a decade ago, they are more than 65% higher in London and Cambridge.
She found that housing prices are in one-fourth of Britain's largest cities struggling to recover at the height of the financial crisis, with Belfast the worst hit. Prices are still 28% lower than in 2008.
In Liverpool, average prices are 1% below that of a decade ago, while in Glasgow they are only 1% (£ 121,940) and 3% more in Newcastle (£ 128,641)
In contrast, homeowners at Cambridge have increased the value of their properties by an average of 70% to £ 432,410.
Richard Donnell of Hometrack said: "The fact that house prices in some of our largest cities are still recovering from the financial crisis and show how much it has impacted on UK's regional housing markets." While real estate prices fell the fastest, they continued to fall by three to four years in the weaker markets, as the effects of the recession and the limited availability of credit impacted the value of people's homes. "