Record numbers of Londoners buying cheaper and bigger properties in the north

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The number of homeowners quitting the capital to buy cheaper and bigger properties up north has more than tripled in the past decade.

A study found the average Londoner paid £424,610 for a new home in northern England or the Midlands.

The figure was enough to buy a large detached house in a upmarket area of Birmingham, but only pays for a two-bedroom flat above a shop in east London.

More than 30,000 people from London bought a property outside of the capital during the first six months of 2018, 16 per cent more than a year earlier.

The number of homeowners quitting the capital to buy cheaper and bigger properties up north has more than tripled in the past decade

The number of homeowners quitting the capital to buy cheaper and bigger properties up north has more than tripled in the past decade

The number of homeowners quitting the capital to buy cheaper and bigger properties up north has more than tripled in the past decade

The research by Hamptons International showed that the majority of those quitting the capital are heading to the south east or east of England.

However the trend of Londoners heading north has shot up to 21 per cent, shooting up for 7 per cent in 2008. 

Aneisha Beveridge, research analyst at Hamptons, said: ‘With affordability stretched, more Londoners are moving out of the capital to find their new home.

‘More people are making a bigger move and buying a larger home sooner to avoid having to pay stamp duty on additional moves as they trade up.

‘But for many, this means heading further north.’

A study published last week found that northern towns Bradford, Hull, Dudley and Durham were all part of the top five ‘best value towns for renters’. 

Workers in these areas typically face less than 13 per cent of their wages going on rent, according to jobs website Adzuna. 

Meanwhile, Londoners can expect to put nearly 41 per cent of their pay cheques towards their rent.

The average house price is £633,000 – but this varies considerably across the city. Average house prices in Westminster in central London stand at £1.5 million, compared to a property in Acton, west London, at around £642,000.

Average rental prices in London stand at £2,500 a month.

More than 30,000 people from London bought a property outside of the capital during the first six months of 2018, 16 per cent more than a year earlier

More than 30,000 people from London bought a property outside of the capital during the first six months of 2018, 16 per cent more than a year earlier

More than 30,000 people from London bought a property outside of the capital during the first six months of 2018, 16 per cent more than a year earlier

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