"London’s housing market has been treading water for much of the last decade, and that’s now shaping migration patterns"
- Aneisha Beveridge - Hamptons
The pace of Londoners moving out of the capital has fallen to its lowest level since 2013, as the return to office-based work and weaker house price growth in the capital reduce both appetite and purchasing power.
Hamptons’ analysis of Countrywide data shows that in the first seven months of 2025, Londoners purchased 5.3% of homes sold outside the capital. This share is down from the 2021 peak of 63,600 purchases, halving to 31,620 this year, and sits below the pre-Covid average of 5.9% recorded between 2010 and 2020.
The decline reflects a shift away from pandemic-driven demand. At its height in 2022, 8.2% of homes outside London were bought by capital-based movers. By contrast, 2025 figures more closely resemble pre-pandemic levels, when the market was subdued in the years following the financial crisis.
Who is leaving
Most leavers continue to come from outer London (70%), but inner Londoners now make up a record 30% of those relocating, compared with 25% a decade ago. Slower price growth in central districts has limited equity gains, leaving homeowners with fewer options locally. Higher borrowing costs have also encouraged more to consider moving further afield in search of value.
In total, 31,620 homes outside London were bought by capital residents between January and July 2025. While this was 7% higher than the same period in 2024, when transactions across Great Britain also rose 15% year-on-year, volumes remain well below the 2021 figure.
Purchasing power and space
House price trends lie at the heart of the slowdown. Prices outside the capital have risen 26% over the last five years, compared with just 8% in London. Over a decade, the difference is even more marked: 55% growth outside the capital against 23% in Greater London.
For inner London leavers, the average purchase price outside the capital was £417,660 this year, up 25% since 2015. Outer London movers spent £509,800 on average, a 34% rise over the same period.
Despite paying more, movers are securing less additional space than in previous years. The typical household selling in inner London for £655,580 could more than double the size of their home, gaining 121% or 1,178 extra square feet. Yet this is 32% less space than in 2016, equating to 553 square feet, around two double bedrooms.
Outer London households still gain space, though the margin has narrowed. Sellers this year could buy homes 55% larger than their current property, down from 72% in 2016.
Shifting destinations
In previous years, many inner London movers sought lifestyle locations beyond the South East and East of England, including Cornwall, the Cotswolds, and coastal towns. In 2021, 37% of leavers moved to such areas. By 2025, that figure has fallen to 31%, suggesting affordability now drives decisions more than aspiration.
This trend is also visible in local authority data. Londoners accounted for more than half of all buyers in just five areas this year, down from seven in both 2015 and 2020. Dartford (67%), Epping Forest (62%), and Tandridge (61%) remain strong draws, while more affordable locations like Thurrock (59%), Hertsmere (54%), and Basildon (38%) have risen in popularity.
Market perspective
“London’s housing market has been treading water for much of the last decade, and that’s now shaping migration patterns,” explained Aneisha Beveridge, head of research at Hamptons. “The return to the office has played a role in curbing the appetite for long-distance moves, but it’s the lack of price growth in the capital that’s really clipped the wings of would-be leavers. Many London homeowners simply haven’t built up enough equity to make the leap to where they want to go, especially as prices outside the capital have continued to climb. The result is fewer moves, shorter distances, and a growing focus on affordability over aspiration.
“We’re seeing a clear shift in where Londoners are heading. The pandemic pushed buyers into leafier, more lifestyle-driven locations, but today’s movers are more pragmatic. Places like Dartford and Thurrock are topping the list, not just because they’re commutable, but because they offer better value, particularly for first-time buyers."
"Even inner London leavers, who once ventured far and wide, are now staying closer to the capital. In a sign of the times, the dream of doubling your space still exists, but it’s no longer a given. Buyers are having to compromise, and that’s reshaping the map of London outmigration.”
