More London vendors quitting the capital according to LonRes

Almost half the agents in London surveyed by LonRes say that 10 per cent or more of their vendor clients intend to quit the capital once they sell their property.

Only 14 per cent of agents surveyed said all of their sellers were intending to remain in London. 

LonRes says someone selling a small prime central London flat of 498 square feet could buy for the same price - around £858,000 - an average priced detached family home in Surrey. Even those selling in ‘fringe prime’ London could still buy a detached family house in Burckinhamshire, Hertfordshire or Surrey according to the data company. 

However, the LonRes research shows that making the move back into London can be a problem if people change their mind about living in commuter territory.

“Someone selling a two bedroom flat in prime central London a decade ago to buy a detached house in Surrey would now need to find an additional £300,000 over the price of their Surrey home to buy the same London flat [now], a 35 per cent increase” says the firm.

Of those who have fled the capital in recent years, those who left in 2014 saw their money go the furthest, apparently. “The equivalent price of just 350 square feet in prime central London being equal to the price of an average detached house in Surrey” says LonRes - adding that since then, PCL prices have dropped five per cent and Surrey prices have risen 10 per cent.