28 Dec

First-time buyers head away from London

First-time buyers head away from London

More people are moving their attention away from the London property market in order to secure their first home, claims new research.

Data from Hamptons International suggests buyers are looking towards the North of England and the Midlands to secure more property for their money.

Homeowners in London bought 74,000 properties outside of the capital in 2016 – 11,000 more than in the previous 12 months.

There was a growth in demand among first-time buyers, with 40 per cent of those currently living in London looking at other regions of the UK to help them step on to the property ladder.

Figures revealed the average London-based buyer purchasing a home outside of the city spent £388,000, with 80 per cent opting to remain in the South of England.

“A move out of London has generally had more to do with changing priorities as people get older and start forming families than the housing market. But with affordability in the capital stretched, more Londoners are looking elsewhere to buy their first home. More too are likely to go further afield, with increasing numbers heading to the Midlands and North,” said Johnny Morris, head of research at Hamptons International.

“It is likely 2016 will be a peak for London leavers. While overall the year saw growth in Londoners buying outside of the capital, in recent months the pace has been slowing. A slower housing market in 2017 will likely mean that we see fewer Londoners buying outside of the capital than in 2016,” he added.ADNFCR-1222-ID-801830489-ADNFCR

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