A growing exodus: Younger generations flee the capital
As other towns and cities across the UK begin to look more enticing, thanks to lower living costs, younger Londoners are starting to abandon the capital in favour of a better quality of life.
No-one has ever doubted the financial clout that London exudes – and for those who own property and work there, the benefits have continued to roll in. For the last century, those looking for a place to call home where opportunities are plentiful and the possibilities of an international career are endless have flocked to London in their hordes. But over the last 20 years, the advantages of working in the capital have begun to take a back seat for those who prioritise quality of life over wealth, claim property selling experts.
With wage inequality on the rise, the increased cost of raising a family – and not forgetting the huge daily commuting costs – it’s clear why many people of younger generations are eschewing the chance to work in London in favour of cities with lower living costs and a more comfortable lifestyle.
A new study from Humberts estate agents has shown that younger Londoners have been leaving for pastures new in their droves – in 2015 alone, roughly 72,800 of those in their twenties and 65,890 of those in their thirties left the capital.
“We all understand the attraction of the big city,” said Jeremy Campbell-Harris, of Humberts.
“But when faced with insurmountable affordability pressures many Londoners are pleasantly surprised at the range of options they have beyond the Tube network.”
With average house prices twice as much in the capital compared with the rest of the country, this latest news is not surprising, as figures show that the exodus of younger generations is increasing year on year – including a rise of 3% since 2014. So will this lead London into a talent vacuum, once older workers begin to retire? If so, will those who own expensive properties begin to see the value of their homes fall?
“These people are leaving friends and family in order to find a home they can afford, and some are leaving their jobs,” said Betsy Dillner, director of Generation Rent.
“This should worry everyone in London.”
There are currently many homeowners in the capital looking to sell up and move to more affordable areas, but who are struggling to find buyers willing to pay the asking price. Property buying companies, however, are always happy to buy any house for cash, ensuring a fast house sale and thereby allowing those in a difficult situation to move on with their life.
Hoping to move out of London fast? Why not ask National Homebuyers for advice, as we buy any house. Call 08000 443 911 or request a call back to find out how much you could get for your property.