28% of ‘London livers’ purchasing homes are first-time buyers, analysis finds

The analysis shows that nearly three out of 10 (28%) Londoners who have bought homes outside the capital this year are first-time buyers.

That’s up from 22% in 2019 and 13% a decade ago, according to estate agent Hampton.

On average, these buyers spent £383,070 on their first home.

This compares to an average price of £526,600 for a first-time buyer in London.

Hampton accessed data from across the country, a network of property agents that includes Hampton.

Research also shows that home-buyers moving out of the capital typically relocate 35 miles (56 km) away, on average.

First-time buyers leaving London, however, continue to move closer to the city 23.7 miles (38 km) away, although this is 2.2 miles (3.6 km) further than in 2019, due to strong home price increases, flexible work and space. The desire to push them further out, Hampton said.

Anisha Beveridge, Head of Research at Hampton, said: “It is becoming increasingly clear that one of the biggest Covid-related housing market trends – moving out of London to the country – may be here to stay.

“Despite more people returning to London offices this year, the rate at which homes used sticks and moved out of the city continues to accelerate.

“While households relocating to acquire more space last year accounted for three out of five Londoners shopping outside the capital, this year the figures have been driven by first-time buyers, many of whom are renting in the capital. were taking

“Strong home price growth outside London over the past year has meant buyers have had to move beyond the M25 as well.

“The average Londoner walked 35 miles – the equivalent of trading Canary Wharf for Fulham or Chelmsford for Farnham – an extra mile compared to 2021.”