Home purchasing

Analysis finds 28% of ‘London leavers’ who buy a home are first-time buyers

According to an analysis, almost three in 10 Londoners (28%) who buy a home outside the capital this year are first-time buyers.

That figure is up from 22% in 2019 and 13% a decade ago, according to realtor Hamptons.

On average, these buyers spent £383,070 on their first home.

This compares to an average price of £526,600 for a first-time buyer buying in London.

Hamptons used data from Countrywide, a network of realtors that includes Hamptons.

The research also suggests that homebuyers typically leaving the capital move 35 miles (56 km) on average.

The pace at which households raised sticks and left town continued apace

Aneisha Beveridge, Hamptons

First-time buyers leaving London, however, tend to stay a little closer to the city, going about 23.7 miles (38 km) away, although that’s 2.2 miles (3.6 km) further than 2019 as strong house price growth, flexible working and the desire for space pushed them further, Hamptons said.

Aneisha Beveridge, Head of Research at Hamptons, said: “It is becoming increasingly clear that one of the biggest Covid-related housing market trends – leaving London for the country – may be here to stay.

“Despite more people returning to London offices this year, the pace at which households raised their sticks and headed out of town has continued apace.

“While last year families moving to gain more space accounted for nearly three in five Londoners buying outside the capital, this year the figures have been driven by first-time buyers, many of whom were renting in the capital city.

“The strong growth in house prices outside London over the past year has forced buyers to travel even further from the M25.

“The average Londoner has traveled 35 miles – the equivalent of swapping Fulham for Farnham or Canary Wharf for Chelmsford – an extra mile further than in 2021.”