London Homebuyers Seek Value Further Afield Amid Shifting Market Dynamics

High mortgage rates and cost-of-living pressures drive Londoners to purchase homes miles outside the capital, while first-time buyers increasingly opt to stay within the city.

• The average distance Londoners move for a new home has reached a record 39 miles, up from 33 miles in 2019.
• Nearly half of London homebuyers in the first half of 2024 were first-time buyers, the highest proportion in over a decade.
• Falling mortgage rates have reduced the cost of buying compared to renting, encouraging first-time buyers to stay in London.
• The number of Londoners purchasing homes outside the capital is projected to reach 76,000 by the end of the year.
• First-time buyers leaving London are now more likely to choose nearby areas rather than moving to the countryside.

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