Information released by a leading name in the UK housing market suggests that Londoners leaving the capital purchased 73,950 homes in 2020. This was the largest exodus from the capital in four years.
The value of property bought by London leavers amounted to £27.6 billion, and this is the largest amount since 2007.
People are moving further away from London
The average distance of people moving from the capital hit 40 miles, and this was the first time this happened in more than ten years. For the opening three months of 2020, the average moving distance was 28 miles.
This has also been the trend in other major cities across the country, but of course, the London market is the one people turn to when it comes to news stories.
If you are planning on leaving London, and you need assistance in selling your home, call on the local property market experts. We are pleased to say we have helped homeowners in Stoke Newington connect with buyers, and move out.
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Stuart Williams, Founder and CEO of Thirlmere Deacon commented: “Demand has been shifting away from London for some time and this year, the number of relocations skyrocketed in a trend that’s set to continue. Large cities away from the capital have seen increased interest and we have seen a boost in investor demand for properties across Manchester, Liverpool, Leeds and Birmingham. Location has been key for property investors during 2020 and this theme will continue into 2021.”
Stuart Williams continued by saying; “Successful investors recognise the importance of purchasing property with a long-term view. When they look at buying a property, they first consider where is this property going to be in 5-10 years and aim to double the value and triple the rent. Unfortunately, there’s no crystal ball. Most mistakes are made in the property market when investors are trying to hit a goal over a short-term period. If you need to get things turned around quickly, you're in the lap of the gods. I've said this once or twice before. It's about looking long-term – whenever investors are buying a property, they should look five, eight, 10 years down the road, at least.”
Stuart also said; “Discerning buyers can confidently make well-informed purchases with the guidance of an experienced investment consultant. There's always going to be opportunities. For example, the towns and cities in the North are continuing to lead the way on capital growth and yields, outside London. Manchester continues to be one of the UK’s top-performing investment cities. Though it’s been an investment hotspot for some time, Manchester still offers an exciting opportunity for investors. The city is a leading European business destination and has attracted more foreign direct investment (FDI) than any other city in the UK outside of London. Regeneration continues across the city, including a £1.4billion development which works began on in December 2020.
Stuart concluded by saying; “There's always going to be money to be made. The fact remains that people will always need a place to live. So, investors should stay positive and calm and keep looking forward.”
If you need any help or guidance regarding property matters, please get in touch. As your local housing market specialists, we will do what we can to ensure you make your next house move in style. Contact Hunters Stoke Newington today for all your housing and letting needs.
