"Because of this slight drop in inflation, and the steadiness in the base rate, we can predict that the more expensive areas such as the South East, the East and the South West will see a larger year-on-year by the end of 2024.”"
- Dave Sayce - Compare My Move
Compare My Move has analysed its London moving data over the past year and found out which of London’s commuter towns are gaining popularity, and where Londoners prefer to move around the UK.
Where are Londoners moving to?
The South East was the most popular region to move to in the last year from London, with 33.7% of all London movers ending up in the South East. Being the closest region to London this doesn't come as a surprise, similarly, the East is the second most popular place for London movers with 22.7% of Londoners moving there.
Although there has been a slight drop in people moving out of London overall (-4.6%) there has been a significant rise in areas which have a lower average house price, indicating that Londoners who are moving out of London are going to places in which they can save money.
For example, we have seen a 22.4% increase in Londoners moving to Scotland, making them the 7th most popular place and beating regions that are much closer to London such as the East Midlands and Wales. This rise in Scotland’s popularity is likely due to the fact that there is a massive gulf between the house prices in Scotland and the house prices in London, with London average house prices being over £500,000 more expensive.
The East Midlands saw the greatest decrease in people moving there from London in the last year with 12.3% fewer Londoners moving to the East Midlands compared to 2022, although having an average house price under £300,000.
The East of England and the South West saw a drop in movers from London of over 10%, with the regions having an average house price of over £400,000. Regions with lower house prices have done a lot better in the past year than regions with higher prices among London movers. The average house price of the regions which saw an increase in Londoners moving in the last year is £235,545.50, while the average house price of the regions which saw a decrease in Londoners moving is £353,153.67.
What are the capital's most popular commuter towns?
On average, the ‘commuter towns’ in which Londoners are moving to have a house price that is £124,590 cheaper than the average London house price, while only being an average of 33 minutes away from central London by train.
Brighton was the most popular destination for Londoners to move to in 2024 and had a positive relative change that suggests it’s going to be on the up. The average house price in Brighton is just over £500,000 but still beats the average house price in London by nearly £200,000.
Brighton is known for its beaches, nightlife, and it’s cultural scene and was also named Country Living's best place to live for well-being. Being only an hour away from London by train also means that people who work hybrid or flexible hours may still want to commute in, as you will have easy access to the English capital.
Reading had the greatest relative change when it comes to Londoners moving there in the last year, seeing a relative change from 2022 of 1.36% and coming in as the second most popular town to move to from London in the last year.
Reading is also one of the cheapest areas on the list with an average house price that is over £275,000 cheaper than the average London house price, and with a direct train from London to Reading taking 43 minutes, it’s no wonder why the town is so popular amongst Londoners who are moving out.
Both of the most popular areas on this list are relatively far away from London when looking at other areas on the list, but have direct trains to the capital city. Therefore, as well as house prices, people could be looking at the cost of living in these areas. Brighton and Reading have a lower cost of living than areas with a lower commute time but similar housing prices because of their position around London.
Dave Sayce, founder and managing director of Compare My Move, said: “Londoners moving out of London are looking at cheaper areas of the UK more in 2023 than they were in 2022.
"A good reason for this could be the consistent rise of mortgage base rates and inflation throughout last year, which we are only now starting to see a drop. Because of this slight drop in inflation, and the steadiness in the base rate, we can predict that the more expensive areas such as the South East, the East and the South West will see a larger year-on-year by the end of 2024.”
