New research by conveyancing services firm My Home Move has revealed that more than half of home buyers (57%) in Greater London are happy to stay put within the capital.
My Home Move, who examined the home-moving habits of 26,000 people over a period of five years, found that the boroughs of Croydon and Kingston-on-Thames were the most popular locations to move to for those choosing to stay within the capital. Locations within these boroughs are all zone 5 and 6 locations which have been designated for regeneration.
The findings also showed that those who already own homes in Watford, Croydon and Twickenham have demonstrated loyalty to their postcodes, opting to stay local and purchase property in their current neighbourhoods.
“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,” said Doug Crawford, CEO of My Home Move. “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.”
He added: “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 the 43% of home buyers who decided to move out of the capital, the nearby regions of the South East and the East of England were the go-to destinations. Places like Chelmsford, Southend-on-Sea and Tonbridge offered home buyers far more bang for their buck, with prices in Kent and Essex rising by 20% instead of the 44% price rises witnessed in London.
“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,” Crawford commented. “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!”