Monday, 2 December 2013

London house prices driving people to move away – but only 26 miles

Rising house prices have sparked a jump in the number of people looking to leave London but on average they only move 26 miles away, according to research published on Monday.
  Estate agent Hamptons International also found that throughout England and Wales people were generally reluctant to move far, with the average distance just 2.5 miles. 
  Its analysis of who is moving where found that 32 is the average age that Londoners move away, often because they have young families and want to settle somewhere outside the capital before their children start school. It forecasts central London prices will rise by 32% over five years and said that was a key driver in families moving out while staying close enough to commute back. 
  "In the last three months the number of London buyers registering with our country offices has increased by 12%. As house prices increase at a faster rate in London than anywhere else, Londoners are increasingly waking up to the idea that they can get more value for money outside the capital," said the group's head of sales, Marc Goldberg. 
  The south-east and west are the biggest draws, taking half the 250,000 Londoners who left the capital in 2012, the agent said.
  People aged between 19 and 25 are most likely of all age groups to move to the capital, largely reflecting students moving there and young graduates taking jobs in London. It also found that people moving into London move furthest – on average 34 miles. 
  While the average distance home buyers in England and Wales move was just 2.5 miles, that masked a wide range: two thirds moved within five miles but 14% moved more than 50 miles. People moving within London went an average of 1.3 miles.

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