Wednesday 9 June 2021 6:00 am

Young Londoners moved house more than anyone else during the pandemic

Nearly two-in-five (39%) young Londoners moved house during the pandemic in the hope of securing a better quality of life.

Employees in London were keener to move than employees elsewhere in the country, according to research by Close Brothers.

More than a third (36%) of those aged 18 to 34 moved house during the pandemic, while younger people around the UK disproportionately moved more than their older counterparts.

Londoners were generally tempted to move to places that boasted greater indoor space or garden – a novelty that costs a premium in the capital.

As a result of the movement out of London, and despite the government’s stamp duty holiday, house prices in London increased at a far more modest rate than the extortionate rises seen elsewhere in the country.

Just nine per cent of those aged over 55 moved house. Across all ages, on average 21 per cent of people moved in the last year.

The pandemic and subsequent lockdowns had a transformative effect on workers.

Close Brothers’ research found more than a third (39%) of workers now plan to move to remote working full time, with a further 30 per cent planning to do so part time.

One in five have decided that they want to reduce the amount of time they spend working, while 14 per cent have already retrained, or are planning to retrain, for a new career.  

Meanwhile three-fifths (61%) of UK employees are exercising more, and more than half (55%) want to engage in a healthier diet and focus more on activities to improve mental health and wellbeing.

Jeanette Makings, head of financial education at Close Brothers, said: “For years we’ve been keeping a close eye on the financial wellbeing of UK employees and in the last few years there have been some signs of tending in the right directions.

“But the impact of the pandemic and the experience through multiple lockdowns have been a catalyst for some significant lifestyle changes and in employees taking steps to improve their mental, physical and financial health.”

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