Ditching London’s Bright Lights
Samuel Johnson once famously said: “When you tire of London, you tire of life.” If statistics are anything to go by, then there are an awful lot of people who are fed up with their lot in Britain’s capital. Last year, a record number of Londoners packed up, left the city and moved to other areas of the UK. Figures released by the British Office for National Statistics indicate that a record number of thirty-something’s have been leaving London for regional cities. It has been estimated that 58,220 people aged between 30 and 39 left the capital in 2013 – a 10% increase on the 2010 figure.
The price of London property appears to be one of the main reasons that people of this age are choosing to move. No surprises then, given that the city’s house prices rose by a staggering 19% during 2014. The average price of property in the UK is currently around £181,000 (about R3.6m), according to the UK’s Land Registry House Price Index. The picture in London is completely different, with the average price close to £482,000 (about R9.6m).
Interestingly, while some are moving to less expensive cities, a large majority are dumping city life for good and moving to the country. Estate agency Hamptons International noted that four out of 10 Londoners who moved home in 2013 left for quieter regions in the southeast and southwest of the country.