According to a recent survey by Online Mortgage Advisor, one in four young Londoners are planning to buy their first property outside of London.
The main reason cited by 27% of respondents was the cost of living, proving that young people believe the region is too expensive to purchase their first home.
A further 6% of 25-34-year-old Londoners have responded saying they would put down roots outside of London to give themselves and their future families a better quality of life.
Another 8% have said they plan to move out for “other reasons”.
42% of respondents have answered that they “haven’t thought about this yet” which makes the results even stronger. A total of 74% said they will buy their first home outside of the capital for one of the above reasons.
One in ten young Londoners however, said their love for the city would keep them here, while 4% cited “other reasons” as the main factor for staying.
In light of the results, Online Mortgage Advisor have created a tool called Is The Grass Greener? which allows people to compare every single London borough and any UK city in terms of value for money and quality of life that suits individuals.
For example, you can see that Birmingham is a lot more affordable than the London Borough of Lewisham with the average house price of £168,003 and capital growth of 7% a first time buyer spends an average of £152,466 in comparison to Lewisham’s figure of £421,657.
The tool even compares pint prices, where Birmingham also wins with the average pint costing £2.87.
The Director of Online Mortgage Advisor, which commissioned the survey, David Bird, says: “The stats from this survey evidence the sentiment that we’ve recognised in our own customers over the past couple of years. The number of first time buyers coming to us with enquiries about mortgages on properties outside the capital is on the rise, and we expect to see this continue as more and more people consider themselves to be priced out of London.”
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