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

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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ChristinaReedUK
ChristinaReedUK 20 Jun 2016

I don't understand why it's always a war between the two sides. Either, way the landlord is probably keeping a detailed inventory and will see the changes you've made. I just don't understand why there...

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NathanGreen
NathanGreen 16 Jun 2016

Seeing that the tenants are quite satisfied with their landlords and the properties is indeed great. I wonder, though, what is the situation in London alone? The tenants face sky-high rent levels in the...

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AndiMur
AndiMur 15 Jun 2016

TheGuardian published the same forecast. But on the other hand, professional brokers express different opinions. According totranio.com, an exit from the EU would not affect the demand/supply imbalance...

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Gary Holmes
Gary Holmes 14 Jun 2016

Having a professionally completed inventory at check-in and check-out is clearly (to me at least) of minor value. Tenants make un-authorised modifications and/or walk off with items that belong to the

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Violet Gibson
Violet Gibson 14 Jun 2016

Cautious people think buying off-plan is reckless, but over the past few years investors have literally made fortunes.Pre-release prices have obvious benefits for the developer, who gets instant finance...

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Kate Windleton
Kate Windleton 14 Jun 2016

An interesting research indeed. I guess that is in complete contrast with the United States where people often move from one coast to another. It will be interesting to hear the trends for people moving...

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NathanGreen
NathanGreen 14 Jun 2016

I think it all depends on the market conditions and how well your company is doing. You will agree that you can't demand more when you're killing yourself just to hang in there. Sometimes you need all

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ChristinaReedUK
ChristinaReedUK 13 Jun 2016

What does "detecting a bad vibe" mean actually. I've had certain vibes like these and yet have always found a reason , if there's any, why I don't like a certain property. The property maintenance might...

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keybanks estates
keybanks estates 08 Jun 2016

Great News for first time buyers, about time two!

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NathanGreen
NathanGreen 07 Jun 2016

I agree with #6 - you should maintain your garden according to the target buyer. One thing is universal, though - cleanliness and order. Having the yard clutter-free and clean will help people who do enjoy...

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NathanGreen
NathanGreen 06 Jun 2016

I will always say that London is overrated. Sure it is the capital, but it's too stuffed in there. It's more of a business city to me.

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Paul
Paul 25 May 2016

Estate agents are pathetic when it comes to fees. They have this 'I had to do it at 1% because that's what the others were quoting' mentality. We are the most expensive agents in our area, charging double...

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