Like most cities, London was long craved by ambitious professionals seeking high-wage jobs. There was a time when you’d basically have to work in London to reach the larger pay packets. So, people moved to London and its greater area. Homes were, and are still in very, very high demand. Then, the turn of this decade changed things.
In 2020, remote working was adopted en masse. It became a necessity, even for those living one tube stop away from their office. As it turns out, saving time and money on commuting proved popular. Soon, many found that with this connection, they didn’t strictly need to live in London. This is cited as the main proponent of the exodus.
Why are Londoners moving away from the capital?
Lower cost of living and less urban surroundings became an option for Londoners. While the state of play for work has normalized in 2024, hybrid is now a very real option. In fact, it’s been reported that the United Kingdom is now the work-from-home capital of Europe. In 2022, up to 40 percent of employees were hybrid working.
In most reports interviewing Londoners who have moved, space and affordability are cited. A better quality of work-life balance is also a regular pick. The London lifestyle does cause burnout for many. Lengthy hours, regular crowded commutes, and high prices all contribute. A survey found that two-thirds of Londoners between 18 and 40 say they’ll leave the capital city in the future.
Importantly, anyone who owns a property in or around London is in a very advantageous position when looking elsewhere. For a start, flats sell for an average of nearly £550,000. That’s more than enough for a five-bedroom house with a good-sized garden in more scenic areas that are less than two hours away by train.
You could even get a place in another city like Glasgow that’s much more spacious and cheaper month-to-month. Being at least close to the capital will always help the selling process, too. If you’re thinking ‘I want to sell my house in London‘, it can be quick and easy. With no hidden fees and a free cash offer in minutes from a UK operator, Londoners can swiftly sell and convert that cash into a more luxurious build elsewhere.
Where are Londoners finding luxury homes for less?
In terms of regions, the South East has been a hot favorite for Londoners. You get the beach, very spacious buildings and plots of land, and near to the city. The East of England was a distant second in reports. Nearly 36 percent went to the South East. Just over 15.5 percent of the exodus went to the East of England.
Much larger plots are more prevalent and cheaper in the East of England than in London. Plus, most towns and villages, particularly in Norfolk, are very close to the beach. With the extra cash, a Londoner could convert a standard large house into a luxury home.
London may be the jewel of the UK, but luxury homes can be found elsewhere and often for a lower price – allowing for more luxurious furnishings!
