The London Leavers Market Is Considerable

Published: 11/02/2021

While there has been a lot of talk about the number of people leaving London for a more rural setting, there is evidence which suggests significant numbers of households are moving out.

One recent study suggests people leaving London bought a total of 73,950 homes in 2020. This represents the most sizable exodus from London four years. These leavers spent a total of £27,6 billion, and this represents the most significant outlay by London leavers since 2007.

Greater distances are being travelled by London leavers

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.

If you are looking to leave Bromley, we can help you connect with buyers, and start the sales process. Of course, we also know many people are keen to leave the heart of London, and Bromley is a fantastic option for them. If you are looking to make a move, in or out of Bromley, get in touch, and we will be more than happy to assist you.

Do you need help with a London move?

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 are looking to make a move in the Bromley property market, and you would like to speak with local experts, please get in touch. If you would like to arrange a property valuation, contact us and we will set this up for you. You can phone your BR Estate Agent on 020 3633 8620 from 9am till 9pm seven days a week or visit our website for more information.