Nick Millican Reports London Outmigration Slowed In 2023
Real estate professional Nick Millican’s data indicates in 2023 fewer Londoners bought homes outside the capital since 2014. There were only 69,190 ‘London leavers’. Londoners spent £11.7 billion less on homes outside of London in 2023 than in 2022. Higher mortgage rates and few house sales in Britain.
This is where the primary reasons for less people leaving London, Nick Millican says. The ‘race for space’ housing sale spike in 2021 saw Londoners spend £48.8 billion to buy homes outside the city. This took place in the midst of the coronavirus pandemic. People were fleeing the crowds in London, Millican explained.
Lower Prices Outside London
Over 77% of 100,980 homes people bought outside London in 2023 cost less than their London homes. That’s an increase of 60% over 2022. The equity Londoners who sold their home had allowed 81% of London leavers to pay cash for their new home outside London. In 2022, only 51% of buyers paid cash, Nick Millican said. However, 41% of the Londoners who moved out of the city had fewer bedrooms in their new homes; about 30% of the Londoners who bought homes outside of London were first-time buyers.
Londoners buying homes outside London in 2023 saved £89,990. Those savings and higher mortgage rates were important to first-time buyers, Nick Millican explained. With their reduced purchasing power, many first-time buyers looking for affordable homes had to look outside London. Today, London outmigration is lower than 2021’s 7.8%. In 2024, Millican predicts lower mortgage rates will cause less London outmigration.