There are more people quitting London than ever before, with 20- and 30-somethings leading the exodus according to high-end agency Humberts.
The firm, which commissioned a report by business consultancy ResiAnalytics, says newly released data from the Office of National Statistics reveals that more than 280,000 people left London in 2015, an increase of three per cent on 2014.
A Humberts spokesman says it is seeing people cash in the equity on London homes which are on average more than twice those elsewhere in England - £470,000 against £224,000.
“Those in their 20s probably struggling to afford to buy in London and those in their 30s who may have young children in tow looking for more bang for their buck” says Humberts’ Jeremy Campbell-Harris.
Birmingham, where average house prices are less than half those in London, tops the list of most popular destinations for London leavers. Brighton and Hove comes second and Thurrock in Essex is third.
The research also looked at regions which have grown in popularity over the past five years.
The East of England has seen a four per cent increase in the number of Londoners moving in 2015 compared with 2011, in contrast to the south east which has seen a three per cent fall in the number of Londoners arriving.
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Is it any surprise, when rents are so high, cost of living is so high and the chances of ever buying a home - or even getting close to scraping together a deposit - are so very low? No, I think it's about as surprising as Louis Walsh making a comeback on the X Factor (again) and Simon Cowell trying to flog his dead horse for one more year!
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