London’s loyalty to its city has reached an all-time high, with fewer residents leaving in favor of greener pastures. According to a report from real estate agency Hamptons, 5.7% of London residents purchased homes outside the capital this year, the lowest proportion since 2013.
The shift is attributed to several factors, including the return to office work and falling house prices in London. This has led to a decline in outmigration, with sales numbers down around 19% compared to the 2015-19 average.
However, first-time buyers have remained active, accounting for a record 31% of Londoners purchasing homes outside the capital this year. The agency expects an uptick in London outmigration numbers next year as the property market picks up and mortgage rates decrease.
Source: https://www.mansionglobal.com/articles/urban-flight-from-london-drops-to-a-decade-low-54641038