The long-running exodus of London homeowners to the rest of the country has slowed to its lowest level in more than a decade as weaker house price growth in the capital and the return to office working curb demand and limit purchasing power.
According to analysis by Hamptons of Countrywide data, Londoners accounted for just 5.3% of homes bought outside the capital in the first seven months of 2025, down from a peak of 8.2% during the pandemic-era “race for space” in 2022.
That equates to 31,620 homes purchased in England and Wales, around half the number recorded during the same period in 2021.
The figure sits below the pre-Covid average of 5.9% recorded between 2010 and 2020, bringing outmigration back to levels last seen in 2013, when London’s housing market was still subdued in the wake of the financial crisis.
RETURN TO THE OFFICE
The sharp fall in outmigration reflects two structural shifts. The first is the gradual return to office working, which has eroded the appeal of moving far beyond the capital’s commuter belt.
The second is the relative underperformance of London’s housing market, particularly in central areas, which has weakened the equity position of potential movers.
Over the past five years, house prices outside London have risen by 26% – three times the 8% increase in the capital. Over a 10-year horizon, values outside the capital are up 55%, compared with a 23% rise in Greater London.
The gap has narrowed the financial advantage of selling in London and buying elsewhere, making it more difficult for households to trade up.
WHO IS MOVING
While Outer London continues to account for the majority of outmovers, Inner London residents now make up a record 30% of those leaving, up from 25% a decade ago. This reflects how weaker price growth in central areas has limited the scope for local moves, pushing some households to look further afield for relative value.
Yet their purchasing power has eroded markedly. So far this year, Inner London leavers have spent an average of £417,660 on their new home, 25% more than in 2015.
The average sale in the capital, at £655,580, allows them to more than double their living space, gaining 1,178 square feet. But this is 32% less additional space than was possible in 2016, equivalent to the loss of two double bedrooms.
Outer London sellers, by contrast, have retained more of their relative advantage. With an average sale price of £509,800, households moving beyond the capital this year have been able to increase space by 55%, down from 72% in 2016 but still a sizeable uplift.
CHANGING MIGRATION PATTERNS
The geography of outmigration is also shifting. Historically, Inner Londoners were more likely than their Outer London counterparts to relocate well beyond the South East and East of England. In 2021, 37% of central London movers headed to areas such as Cornwall, Dorset or the Cotswolds.
This year, just 31% of Inner London leavers moved beyond the South East and East, the same proportion as those leaving Outer London.
“Affordability appears to be playing a greater role in decision-making.”
Affordability appears to be playing a greater role in decision-making. Rather than pursuing lifestyle-driven relocations to distant markets, many central London homeowners are prioritising value while maintaining links to the capital.
That shift is evident in local authority data. In 2015, Londoners accounted for more than half of buyers in seven areas, including Sevenoaks, Broxbourne and Welwyn Hatfield.
By 2020, as the pandemic reshaped demand, Dartford, Epping Forest and Epsom & Ewell joined the list.
In 2025, just five local authorities saw Londoners represent more than half of purchasers. Dartford remains the leading destination, with Londoners making up 67% of buyers, followed by Epping Forest (62%), Tandridge (61%), Thurrock (59%) and Hertsmere (54%). Basildon, where Londoners accounted for 38% of buyers, also rose up the rankings, underscoring the shift towards more affordable markets within commuting range.
MARKET IMPLICATIONS
The slowdown in outmigration represents a reversal of pandemic-era trends, when Londoners took advantage of remote working to seek larger properties further afield. Today’s figures suggest a housing market recalibrating to a world of hybrid working, tighter household finances and weaker equity growth in the capital.
While outmigration remains an important driver of housing markets in parts of the South East and East of England, its reduced scale may ease some of the upward pressure on prices in those regions. For London, the slower pace of outward movement highlights how subdued price growth is weighing on mobility and reshaping demand within and beyond the capital.
BUYER COMPROMISE
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 simply haven’t built up enough equity to make the leap to where they want to go, especially as prices outside the capital have continued to climb.
“The result is fewer moves, shorter distances, and a growing focus on affordability over aspiration.”
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 topping the list – not just because they’re commutable, but because 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. In a sign of the times, the dream of doubling your space still exists, but it’s no longer a given. Buyers are having to compromise and that’s reshaping the map of London outmigration.”
