People living in London purchased 5.7% of all homes sold outside the capital in 2024, the lowest proportion in 10 years, analysis from Hamptons shows.
This compares to a peak of 8.2% in 2022 and 7.8% last year, and suggests Londoners are no longer shopping further afield when it comes to buying property.
The analysis comes from Hamptons estate agents, based on Countrywide estate agency data.
Aneisha Beveridge, head of research at Hamptons, said: “The capital’s homeowners haven’t had the housing market on their side in recent years.
“They’ve had to adapt to higher interest rates and post-pandemic trends, which have shifted against them and suppressed property prices in the capital.
“This has weighed on their ability to move, driving down the number of people leaving London this year.
“Stagnant or falling property prices in parts of the capital have limited equity growth, while house prices elsewhere have risen much more quickly since Covid.
“With a trophy home slipping out of reach, many London homeowners have opted to stay put or move even further out of the capital to get more house for their money.”
In number terms, Londoners will purchase a total of 57,020 homes outside the capital this year.
This is 45% or 46,200 fewer than in 2021 when London outmigration numbers previously peaked.
Pre-Covid, Londoners bought an average of 70,060 homes outside the capital each year, meaning purchase numbers are down around 19% compared to the 2015-19 average, partly due to fewer people moving home in general.