Homebuyers in the South East and East of England are the most likely to search for homes further afield due to expensive house prices in the regions, Zoopla research shows.
Some 35% and 39% respectively looking at homes priced up to £60,000 below where they currently live.
This is particularly true for buyers in popular commuter areas with strong links to London, such as St Albans, Stevenage, Hemel Hempstead, Luton, and Guildford, as well as top university cities Cambridge and Oxford.
London-based buyers seek a much larger saving of up to £200,000 compared to their local market.
Richard Donnell, executive director at Zoopla, said: “Home buying decisions and search patterns are being reshaped by the affordability of housing.
“The old adage that most people move within five miles of where they live today is being challenged, especially for those wanting to live in southern England where housing costs are greatest.
“More home buyers are looking further afield in search of better value for money so today’s home buyers need more tools and insights to help them plan their next move.”
In northern England and the Midlands more people search locally, reflecting the relative affordability of these regions.
Indeed, seven in 10 buyers in these areas search for their next home within a five-mile radius of their current one.
While buyers in the North and Midlands tend to stay local, many are still actively seeking value. Many are looking at homes where they could save around £20,000 to £25,000 by moving over 10 miles away.
Nathan Emerson, chief executive at Propertymark, said: “It comes as no surprise that regional variations are determining where people search for properties, as areas like London, the South East, and the East of England become harder for people to purchase a property in, particularly for first-time buyers, which shows that there are still considerable affordability challenges for many consumers.
“This growing trend requires longer term solutions such as easing mortgage costs, reforming the property taxation system in a way that encourages more people to step onto the housing ladder, and ensuring that the housing targets of the UK government and the devolved administrations are all met.”