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Quitting the capital: Over 40% FTBs want to leave London

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Quitting the capital: Over 40% FTBs want to leave London

According to a new survey from Yorkshire Building Society, nearly half of all first-time buyers in London claimed that spiraling house prices are preventing them from buying a property.

The data revealed that 43% said they would be willing to move to a more affordable part of the UK if it meant they were able to own their first property.

Alarmingly, 26% of London residents said they would even consider moving to another country to buy their own home.

Meanwhile, one in five aspiring first-time buyers in the capital claim they have moved to lower quality or shared accommodation in order to save money for their deposit.

Andy Caton, Executive Director at Yorkshire Building Society, said: “The London housing market continues to be very challenging for young people looking to get on to the property ladder, due to prices which are amongst the highest of any city in the world. Even taking into account the typically higher salaries earned in this part of the UK, many young people are finding themselves priced out of the city.

It means that many Londoners at the start of their working lives are finding they have little hope of putting down roots in the capital. Although the willingness to relocate demonstrates the importance with which young people regard homeownership – as well as the lengths they are willing to go to achieve it – there are clearly acute problems facing first time buyers in London."

London's property market recovered strongly from the financial downturn of 2008 and in recent year’s property prices have risen sharply.

House prices in the capital are more than 46% above their pre-crisis peak, at an average of £525,000, according to the Office for National Statistics.


Private rents have also risen so sharply that the cost is now double the national average, at £1,400 a month, meaning that many Londoners are effectively priced out of living independently in the capital and have to resort to co-habiting with partners, friends or family.

In the Yorkshire Building Society survey, conducted by NatCen Social Research, 46% of Londoners hoping to buy their first home said that high house prices in their area were preventing them from getting on the housing ladder, compared with 22%  of first time buyers in the rest of the UK.

Londoners saving for their first home were also more likely to be living in lower quality or shared  housing in order to save money on rent, with 23% saying they had moved to cheaper accommodation, compared with 15% for the rest of the country.

Another 11% said they had moved back in with family in order to get their deposit together, according to the report.

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HMO Midlands Landlady
HMO Midlands Landlady 24 May 2016

Tenants disappearing into the night is common from shared houses ( licensed and un-licensed HMO's) often when they owe considerable rent- they remove all their possessions, leave key in room and tell other...

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CommercialTrust
CommercialTrust 20 May 2016

With the bulk of the market controlled by large developers, profit rather than necessity determine the pace at which homes are built. There are hundreds of thousands of plots that have planning permission...

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Johna
Johna 20 May 2016

"Easier said than done" is what I would say. Of course, it would be more than great to have more in quality and affordability, but I do not trust talk anymore.. What is said is not what is happening.

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Johna
Johna 20 May 2016

in my humble opinion being fair like THE most important! I myself have had bad experience with unfair landlords... not to mention that I know how to do a proper end of tenancy cleaning since I am a fantastic...

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richardrawlings
richardrawlings 18 May 2016

NB - even if we doubled our commission levels in the UK, we'd still be by far the cheapest agents in the entire world.

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Agent_PeeBee
Agent_PeeBee 18 May 2016

Clueless. Someone needs to take these people's computers away from them so they can do no more harm than they already have.

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richardrawlings
richardrawlings 18 May 2016

Nonsense! The cost of selling a house nowadays has little bearing on the fees charged. Don't believe your own spin on this. Fees have spiralled down to pathetic levels in areas where weak agents have allowed...

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Simon Oliver
Simon Oliver 16 May 2016

The best solution is to buy a property that has built-in income generating potential: a nice house with a couple of gites in the grounds is a good start. In France, the rune of thumb is that one 2-bedroomed...

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WPD
WPD 12 May 2016

I suggest the answer is to have the notary system being one legal person who represents both parties. Having experienced it a couple of times in France it was a dream compared to our dysfunctional system....

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warren
warren 03 May 2016

It's enough to make me weep into my Pimm's :(

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james anderson
james anderson 03 May 2016

The sad demise of the croquet lawn...

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CommercialTrust
CommercialTrust 11 Apr 2016

".. the stricter lending criteria will reduce the amount of buy-to-let lending by 10% to 20% in three years’ time." The PRA was actually referring to cumulative approvals here. What they believe is that...

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