The exodus of Londoners in search of cheaper property markets has halted, new data from Hamptons suggests.

They purchased just 5.3% of homes sold outside the Capital during the first seven months this year, which is the lowest figure since 2013.

Number halved

Compared to the most recent 2021 peak, the number of homes bought by Londoners outside the capital has halved, from 63,600 to 31,620.

Dartford, Kent, topped the list of destination hotspots this year, with Londoners accounting for 67% of all buyers.

It’s the lack of price growth in the capital that’s really clipped the wings of would-be leavers.”

Aneisha Beveridge, Head of Research at Hamptons, says: “London’s housing market has been treading water for much of the last decade, and that’s now shaping migration patterns.

“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 haven’t gathered enough equity to make the leap to where they want to go, especially as prices outside the capital have continued to climb, she says.

Clear shift

And she adds: “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 now topping the destination list because they’re commutable, and 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, Beveridge says.

Shock 60% fall in prime London property sale prices