London continues to be the most popularized city in the UK with over 8 million citizens, however recent studies have discovered that many people are actually choosing to book their removal companies and move away from the capital. According to research carried out by Hamptons International estate agents, in 2012, 250,000 Londoners of all ages left the city, with half heading south-east and west. While people aged 30 to 40 are most likely to move out – typically parents with young children relocating for lifestyle reasons, 106,000 people that left London were aged 25 to 44, which is the highest number for this age group since 2007 and 10,000 more than in 2011.
Having said this, the research also discovered that people are not completely cutting all ties with the city, with the average person moving just 26 miles away. Popular places include Brighton and Hove, Elmbridge, Epping and Thurrock. People want the best of both worlds – somewhere that is more rural, where there is a sense of community, and where they actually get to know their neighbors but at the same time can still commute to work easily and be close to the cities amenities and nightlife.
Furthermore, these cities on the outskirts of London generally have a much lower overall cost of living in comparison to London. For example in comparison to Brighton, restaurant prices in London are 18.15% higher and consumer prices including rent in London are 33.72% higher. People can see the benefits of working in the capital receiving city wages, and paying slightly more on commuting costs, for an overall cheaper lifestyle.
However it is the dramatic increase in London house prices that is encouraging people to relocate to the outskirts of London. As house prices soar, Londoners are recognizing that they can get more value for money outside of the capital. London house prices are forecast to rise by a further 32% over the next 5 years and according to projections by one of the biggest investors in the capital, the average flat that is currently worth £1m, could cost up to £36m by 2050 if its predictions of 9%- a year growth are correct. Furthermore, the average deposit for the first-time buyer has hit £50,000 while in some areas prices are racing far ahead of wages. With figures as drastic as these, people are realizing that now is a good time to make the move out of the city center.