Epsom and Ewell, Epping Forest and Dartford have been named as the top London leaver hotspots as buyers continue to move away from the high prices of the capital, research suggests.
Analysis by estate agency brand Savills has revealed that 6% of all home moves outside of London between January 2022 and August 2023 were made by those moving from the capital itself.
However, this varies significantly region by region. While more than one in 10 moves in the East and South East of England are made by incoming Londoners, they account for less than 2% of home movers in the North East and Scotland.
Moving out of London has broadly increased in popularity since before the pandemic, when 5% of regional home moves were made by Londoners between July 2017 and April 2020, Savills said.
In almost every region, the past two years saw a higher percentage of movers from London.
However, the South East (+1.5%) and East of England (+0.9%) have again seen the biggest increase in London leavers over this period.
On a local level, the areas that saw the highest proportion of London movers are dominated by places bordering the capital.
|
Top 10 local authorities |
Region |
Average second hand sale price, 12 months to Aug-23 |
% home movers coming from London (Jan-22 to Aug-23) |
|
|
Epsom and Ewell |
South East |
£610,758 |
46% |
|
|
Epping Forest |
East of England |
£606,455 |
45% |
|
|
Dartford |
South East |
£392,733 |
43% |
|
|
Hertsmere |
East of England |
£665,699 |
41% |
|
|
Spelthorne |
South East |
£480,095 |
39% |
|
|
Elmbridge |
South East |
£952,022 |
39% |
|
|
Tandridge |
South East |
£607,767 |
39% |
|
|
Broxbourne |
East of England |
£452,866 |
39% |
|
|
Sevenoaks |
South East |
£625,461 |
36% |
|
|
Brentwood |
East of England |
£599,535 |
36% | |
The research showed that those moving to top London leaver hotspots, Epsom and Ewell are typically coming from neighbouring Sutton or Kingston upon Thames. Similarly for Epping Forest, Redbridge and nearby Waltham Forest are the most popular moves, and for Dartford, Bexley and Greenwich come out top.
According to Savills, beyond the South East and East of England, the local authorities of Cotswold (and Bath and North East Somerset have the highest proportion of London movers.
Savills also analysed the top 10 locations that have seen the biggest increase over the past three years
These include traditional hotspots that have always held a strong appeal among London movers, including Elmbridge (5.7% increase), Tunbridge Wells (+4.6%) and Rushmoor (+4.5%).
However, the analysis also revealed locations that are slightly further afield, including Tunbridge Wells (4.6% increase), Waverley (3.2%) and Maldon (3.1%), which suggests that some movers are now looking further out of London for more value, particularly as interest rates have increased.
|
Top 10 local authorities |
Region |
Average second hand sale price, 12 months to Aug-23 |
% home movers coming from London (Jan-22 to Aug-23) |
Difference vs pre-pandemic |
|
Elmbridge |
South East |
£952,022 |
39% |
5.7% |
|
Tunbridge Wells |
South East |
£566,288 |
19% |
4.6% |
|
Rushmoor |
South East |
£363,353 |
12% |
4.5% |
|
Surrey Heath |
South East |
£538,846 |
14% |
4.1% |
|
Runnymede |
South East |
£593,256 |
22% |
3.9% |
|
Guildford |
South East |
£643,482 |
15% |
3.6% |
|
Woking |
South East |
£580,962 |
19% |
3.4% |
|
Waverley |
South East |
£689,193 |
17% |
3.2% |
|
Maldon |
East of England |
£431,556 |
12% |
3.1% |
|
Crawley |
South East |
£357,328 |
13% |
3.1% |
Frances McDonald, director of residential research at Savills, said: “Those migrating out of London tend to journey along its traditional corridors, often moving out in the same direction as they currently live, in search of more space, often following friends or family.
“We typically see those living in South West London move into Surrey, for example, while those based in East London make the move to Essex.
“This is particularly true for those searching for better value for money, without necessarily compromising on work or transport connections.”