There has been an exodus of Londoners since the pandemic, with more than 40,000 escaping eye-watering rent in the capital to buy their first home.
The pandemic trend of leaving London has continued, with a record 28 per cent of new homes outside the M25 being first-time buyers.
In the first half of 2022, 40,540 properties were purchased by Londoners outside of the capital, a 19 per cent rise on pre-pandemic levels, from 2015-19.
In wake of the stamp duty holiday during the pandemic and soaring rent, thousands have looked to escape the hustle and bustle of the city.
However, Hamptons said in the first half of this year, 16,000 fewer homes were bought outside the capital by Londoners compared to the same time last year, where the figure was almost 57,000.
The rate at which people are getting out of the capital has stayed the same as the peak of the pandemic however, with almost eight per cent of all homes sold to Londoners, up from 6.9 per cent pre-pandemic in 2019.
“It’s becoming increasingly evident that one of the biggest Covid-related housing market trends – moving out of London for the country – could be here to stay”, Hamptons’ head of research, Aneisha Beveridge.
This comes despite a spike in the number of workers returning to the office as many employers look to return to pre-pandemic working environments.
“While last year families relocating to gain more space accounted for nearly three in five Londoners buying outside the capital, this year the figures have been driven by first-time buyers, many of whom were renting in the capital.”
“Strong house price growth outside of London over the last year has meant that buyers have had to move even further outside the M25.”
She said on average, Londoners moved 35 miles outside, representing an extra mile than 2021.
Beveridge however threw caution to the wind, saying many tenants and buyers had also returned to London.
“So far this year 13.3 per cent of people buying a home in London came from the regions, the second highest figure on record. A sign that perhaps London hasn’t quite lost its sparkle!”.