Renters are leaving London at the highest rate in ten years, according to a study.
In 2022, 40% of tenants moving home chose to leave the capital, up from 28% 10 years ago.
Most are moving to neighboring areas including East Surrey, Essex, Kent and Hertfordshire.
It marks the opposite trend to 2021, when more homeowners than renters left London for the first time in a decade.
People leaving London are typically in their mid to late 30s, looking for more room to have a family or a quieter life, said Aneisha Beveridge, head of research at real estate brokerage Hamptons.
The 90,370 renters who left London last year are offset by 62,210 homeowners who are moving out.
- Competition for apartments is driving up rents in London
- Property watchdog sees competition from rising rents in London
The change has been attributed to the return of rising rents in the city as renters seek cheaper housing, Hamptons said.
Areas directly adjacent to London such as Tandridge, Epping Forest, Sevenoaks and Broxbourne proved popular.
Also, 38% relocated to the Midlands and North of England in 2022, up from 27% in 2019.
“While the commuter belt is often prohibitively expensive for potential first-time buyers, the number of houses on the market has risen faster here than in the capital this year, enticing renters to cross the M25,” Ms Beveridge said.
She added that work had less of an impact on the decision to move compared to five years ago, as tenants keep their jobs where they can work remotely and only occasionally commute to the capital.
The number of tenants leaving London is expected to continue to rise as rental prices rise.
Follow BBC London on Facebook, Twitter and Instagram. Send your story ideas to hellobclondon@bbc.co.uk
Add Comment