londoners-moving-out-because-of-high-prices

Exodus of Londoners moving outside of M25

The massive price in house prices across London has had a dramatic impact on the number of Londoners looking to buy the home of their dreams outside of the capital. Many Londoners have traded their shoebox-sized flats in the capital for detached homes in other parts of the country.

The last 12 months saw 44,000 Londoners moving out and spending over £15bn on properties outside of the capital. They have taken advantage of the soaring prices in the capital and in many cases have also managed to reduce their mortgage payments on their new homes.

The number of homeowners moving out is now at it’s highest level not seen since 2007. Homeowners are now able to buy homes that they could only have dreamt about but has now been made possible because of the difference between Prices in London and the rest of the UK.

Some Londoners have been holding off because some parts of the capital are still increasing by £4,500 per week since the start of the year. This is unlikely to continue and the question is how much further can prices go? The Nationwide has said that the market is showing signs of cooling down and could be entering a period of natural correction which could see prices leveling off across the Capital.