Living in London is something many people aspire to. However, it’s not always everything you expect and after trying if for a few months or years, it can be time to move somewhere different.
But, after enjoying all that London has to offer, many people find it hard to move too far away. And that’s what a recent survey from real estate group Countrywide has shown. Some 64,672 tenants have moved out of London in the 12 months to September, the highest number since 2007.
“London living can be a lot of fun, particularly if you enjoy all the entertainment and culture options that surround you,” said Central London estate agent, LDG. “But, there comes a time when you begin to enjoy spending time at home too and if the home you have isn’t exactly what you want, it can be time to move to pastures new in search of better value and more room.”
Moving out of London is one thing, but leaving it behind is quite another! That’s likely why many of London’s exiting renters have opted for southern suburbs with good transport links to the capital city. That’s good for work and leisure time, too.
Countrywide’s data shows Slough, Thurrock and Broxbourne are among the three most popular places London renters choose to move to when the time comes to leave. That goes for those buying a home or renting.
It also highlights there isn’t a single region – north, south, east or west, that’s most popular. Rather, people tend to move in the direction that best suits their finances and travel needs.
“Leaving London can be a difficult decision to make,” said Assetgrove. “However, once people take a look and see the value for money that’s on offer – even with the travel costs thrown in – it becomes easier to be enthusiastic.”
Rent growth slowing?
As many of London’s renters who leave the city continue to rent a home, either for financial reasons or to make sure of a new area before committing to make a purchase, the UK’s rental market remains upbeat.
According to Countrywide, the average UK rental price rose 1.1% in the 12 months to September. That rents are still rising is good news for landlords and less so for tenants. However, data from other surveys suggests that much of London is still experiencing an annual decline in rents. But the pace of that fall is slowing.
In the meantime, average London rents still remain above most other areas and renters are likely impressed with just how much they can get for their money outside of the city. Of course, the same applies to home-buyers too, which is, in a large part, why the trend of leaving London continues.
“Moving out of London, but remaining close enough to enjoy all the benefits of the capital city is something that more people than ever are doing,” said You Choose Windows. “London has a lot to offer, but it can be easier to enjoy it all from a little further away.”