FAMILIES ARE LEAVING THE CAPITAL DUE TO RISE IN VALUATION AND RENT INCREASE
“Families are leaving the capital as valuations rise 37% in three years and rents surge 10%”, The Week reports
The following are figures and reasons why families are moving out of London:
According to official immigration data, over 30,140 more people in their thirties left London than moved in last year
The above is up by around half from 20,590 – three years ago
Analysis of Land Registry data by campaign group Generation Rent shows the average sale valuation in the capital during that time was £410,455, a rise of 37% in three years.
The average house price across the rest of the UK increased by 17%
The Guardian reports that rents have increased over that period, a 10% increase in London compared to 4% elsewhere
Research from Lloyds Bank found that by moving to towns within a one-hour train journey outside the capital, homebuyers can save £450,000- the equivalent of 89 years times the average annual travel cost
Generation Rent director, Betsy Dillner, said:
“London is an incredible city and the decision to move away isn’t taken lightly. These people are leaving friends and family in order to find a home they can afford and some are leaving their jobs.
“This should worry everyone in London, from employers facing a loss of skills to communities losing valued neighbours – and particularly (London Mayor) Sadiq Khan, whose housing policies will need to stop this exodus.”
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