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Over 60k families left London in 2015

 

Mon Dec 28, 2015

 

Above 60,000 families moved out of London in 2015 as they cashed in on the property boom by leaving the capital.

 

The British media reported on Monday that more than 60,000 families had moved out of London in 2015 as they cashed in on the property boom by leaving the capital.

 

The Daily Mail said in a report that the Londoners spent a total of £24 billion to purchase 63,000 homes outside London.

 

The figure, it said, is the highest since 2007.

 

The newspaper said a large amount of the cash is believed to have been spent for buying homes in the south.

 

It also said many of those who had purchased homes outside London were first-time buyers who were unable to afford prices in the capital.

 

The number of Londoners buying in The Midlands rose 165 percent, there was a 90 percent rise in purchases in the north, and 70 percent more moved to Scotland than in 2014.

 

This came as the average London house price topped £500,000 for the first time after a year that saw values rise 10 percent, and more than 20 percent in up and coming areas, the Daily Mail said in its report.

 

Other reports have emerged that show home ownership among 20-30-year-olds is at its lowest level since record began 20 years ago, with just 45 percent now owning their own houses.

 

The growing interest among Londoners to buy houses in cities other than the capital is further seen as a sign of a growing gulf in prices of houses with other areas.

 

Experts believe that this trend will continue into 2016, adding that more families are already waiting to make the switch.

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