"They were behind just 5.3% of house purchases elsewhere in the country in the first seven months of this year, the lowest proportion since 2013, research has found. The number of transactions 31,620 up to the end of July is about half the 63,600 in the same period in 2021 at the height of the Covid pandemic-driven race for space, according to an analysis of data from Countrywide estate agents."
"The pandemic pushed buyers into leafier, more lifestyle-driven locations, but today's movers are more pragmatic, Beveridge said. As growth in prices in the capital has slowed, or even gone into reverse in some areas, someone leaving inner London can afford a 32% smaller home than in 2016, Hamptons found, losing them on average the equivalent of 553 sq feet or two double bedrooms."
London buyers accounted for just 5.3% of purchases outside the capital in the first seven months, the lowest share since 2013, with 31,620 transactions to the end of July, about half the 63,600 seen in the same period of 2021. Return-to-office trends have reduced long-distance moves, but weak price growth in London has been the primary constraint, leaving many homeowners without sufficient equity to relocate. Prices outside London rose 26% over five years versus 8% in the capital. Movers now favour nearer, more pragmatic locations such as Dartford, Epping Forest and Thurrock and can afford substantially smaller homes than in 2016.
Read at www.theguardian.com
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