More people leaving London for other parts of the UK than ever before
A report from property consultants Knight Frank cites that migration from London to other parts of the UK is at a record level, according to data from the Office for National Statistics which tracks internal moves within the UK.
In the year to June 2017, net outward migration from London, which has a current population of 8.8 million (up from 8.1 million in 2011) reached 106,607 people. This is 55% higher than five years ago and over 14% higher than the previous year. In total, over 336,000 people left the Capital for elsewhere in the UK in the year to June 2017, up 15% on 2016.
The most popular destination for leavers in 2017 was Scotland (no local authority breakdown available). For those moving within England, the most popular cities were Birmingham, Bristol and Manchester.
Source: Knight Frank
People in their 30s formed the largest sector of people leaving the capital, with many of the most popular areas around the capital’s commuter belt, including Dartford, Slough and Reigate, perhaps not surprising, areas within commuting distance of the Capital, but with lower house prices.
“Housing affordability is likely to have helped sway the decision of some to leave London,” said Tom Bill, head of London residential research at Knight Frank. “While this highlights a potential longer-term risk for the capital’s economy, for others, exceptional house price growth in London in recent years will have enabled them to make the move.”
Those in their 20’s are the only age group that had a positive net migration figure in London, based on the statistics which date back to 2011. This could be accounted for by the large intake of graduates coming to London each year.
Oliver Knight, an associate in Knight Frank’s residential research team, said: “As well as a desire to ‘trade up the housing ladder’ in search of more space, increased employment opportunities outside London mean people are becoming more confident to make the move from the capital. Planned improvements to transport infrastructure, including the full opening on the Elizabeth Line next year and HS2 in 2026 will extend the scale of the commuter zone further, potentially supporting this trend.”
Source@ Knight Frank
Read the original report here