News

Record numbers of renters are leaving London – here’s where they’re going

Posted by
Tom Victor
Published
high-street-estate-agents

As you might have heard, it’s getting pretty expensive to live in London.

If you don’t own your own place, you’ll often find yourself dealing with some pretty extortionate rental prices, as demonstrated by this map, and it’s going to get worse before it gets better.

We’re starting to reach the stage where an increasing number of people are not leaving London to buy property elsewhere, but rather to rent more cheaply outside the M25. 

In 2007, 51% of people who left London did so to buy a place. That number is now just 21%.

In the past, we’ve brought you information on the best places to work across the UK, and there is some crossover here.

However, as research from estate agents Countrywide demonstrates, there’s one factor which trumps all others.

house-to-let

People are moving out of London in record numbers

Broadly speaking, those who leave London – whether it’s a result of being priced out, or for other reasons – tend to stay in the South East of England.

The top five places to relocate are spread across the Home Counties, while Oxford and Luton are among the furthest north among the top 10.

Here’s the top 10 in full:

10. Luton

luton-city-centre

9. South Oxfordshire

wallingford-oxfordshire

8. Basildon

basildon-essex-snow

7. Oxford

oxford-city-centre

6. Elmbridge

elmbridge-surrey

5. Canterbury

canterbury-kent-shops

4. St Albans

st-albans-market-herts

3. Broxbourne

broxbourne-hertfordshire

2. Thurrock

grays-riverside-thurrock

1. Slough

slough-berkshire

Yep, that’s right, the depressing home of The Office is where most people are heading when they decide to up sticks and get out of the capital.

A whopping 46% of all homes rented in Slough are to people who have moved there from London.

As the Telegraph reports - and anyone who lives here will just inherently know - London rents have risen higher than rents anywhere else in the country since 2012. 

David Fell, an analyst at Countrywide, said: “London rents have risen more than anywhere else since 2012 so tenants can now get a lot more for their rent outside the capital, which is a big incentive to leave.”

Some are leaving the capital to move north, while some are leaving the UK altogether, but the majority are staying close to London.

(Images: iStock/Rex Features)