Research discovers postcode loyalty in the capital

Research discovers postcode loyalty in the capital

According to new research by conveyancing services provider, My Home Move, the majority of Greater London home buyers (57%) are happy to stay within the capital.

Having analysed the home-moving habits of 26,000 people over a five year period, My Home Move also discovered that the boroughs of Croydon, Kingston-on-Thames and Watford proved the most popular to move to for those who chose to stay within the capital – all locations in zones five and six which have been ear-marked for regeneration.

Those who already owned homes in Watford, Croydon and Twickenham demonstrated their loyalty to their postcodes, choosing to benefit from staying local by buying new homes in their current neighbourhoods.

Doug Crawford, CEO of My Home Move said: “London has always been a centre for social and economic migration and as such we would expect the pace of the property market to reflect this. During this period it accounted for 14%* of all homes sale in the UK. However, as prices have risen across the capital, home movers have been forced to look outside zones one to four where they can get more home for their money.

By choosing locations like Croydon, where an average priced home costs half of that in somewhere like Hammersmith, savvy Londoners can take advantage of up-and-coming locations with good travel links to the city.”

For those who chose to move out of the London area (43%), locations in the East of England and South East became the go-to destinations, as prices across the capital rocketed by 44%. Chelmsford, Southend-on-Sea and Tonbridge topped the list, offering movers from the capital more property for their pound, as prices across Essex and Kent rose in comparison, by only 20%.


Commenting further, Doug Crawford, said: “As the capital’s jobs market returned to health following the recession, house prices rose astronomically - meaning that for those looking to make their money work harder for them, while staying close to London for work, the costs of buying inside the M25 have become too prohibitive.

The East of England and South East have become the destination for social migration, as people have opted to buy in towns like Chelmsford and Colchester where an average priced home costs around £220,000 compared to nearly half a million in London. In fact, during the past five years Chelmsford has become the place to relocate to – for as some would say, the only way is Essex!”

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AbbieP.
AbbieP. 22 Jul 2016

"While house prices in the most expensive eleven boroughs have declined values in the cheapest eleven boroughs continue to rise" - not a nice way to even out the price range. London is overrated as it

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AbbieP.
AbbieP. 21 Jul 2016

And try to profit from your decisions, I may add

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CommercialTrust
CommercialTrust 19 Jul 2016

Retirement investment has always been one of the biggest draws of buy to let. And the buy-to-let demographic is, on balance, older. (Over a third of our applicants are over 50 at the time of application.) It...

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Forrest Wheatey
Forrest Wheatey 11 Jul 2016

I find the time perfect for ever home-owner wannabe. Prices should slowly, but steadily drop, at least for the inner buyer. Making it harder for outsiders to buy properties (the whole Brexit thing means...

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property guru
property guru 11 Jul 2016

Why should Ajay even have to be looking for it. It should be public knowledge. Why is not just publish each years and to were it is and be AUDITED. Accountability.

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property guru
property guru 11 Jul 2016

Surprise suprise

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CommercialTrust
CommercialTrust 30 Jun 2016

This is great news for buyers and investors in a period of significant uncertainty. The 10-year buy-to-let fix at 3.99% in particular is excellent, a clear 100 bps ahead of the nearest competition. Though...

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Lee
Lee 30 Jun 2016

Let's see what happens to north-east property prices when Nissan announce they're leaving.

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DmitriKara
DmitriKara 29 Jun 2016

I just read another article about eviction rising and this was exactly what was on my mind, Housing has become "cat and mouse"...

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DmitriKara
DmitriKara 29 Jun 2016

I am really not surprised. I've seen one too many impudent tenants and in my humble opinion renters have one too many privileges and options to abuse heir landlord in so many ways...

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DmitriKara
DmitriKara 29 Jun 2016

There is still so much uncertainty and I will surely step back and see what's happening before I could make any decisions on my end.

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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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