According to data, the number of tenants leaving London is higher than it has been in a decade. 40% of relocating tenants chose to leave the capital in 2022, up from 28% in 2011. The majority are currently relocating to nearby regions, such as east Surrey, Essex, Kent, and Hertfordshire.
According to Aneisha Beveridge, head of research at the real estate agency Hamptons, people who leave London are typically in their mid to late 30s, seeking more space for a family or a quieter existence. Popular were the regions around London, such as Tandridge, Epping Forest, Sevenoaks, and Broxbourne.
In 2022, 38% of those leaving London relocated to the Midlands and the north of England, compared to 27% in 2019. This growth has been ascribed to rising rents and greater housing supply in commuter belts.
Ms. Beveridge noted that work was less likely to influence the choice to relocate than it was five years ago, as tenants now maintain positions that allow them to work remotely and only sometimes commute into the city.
As rents rise, it is projected that the number of tenants departing London will continue to rise. The departure of 90,370 tenants from London in 2016 was the highest amount in a decade, compared to the departure of 62,210 homeowners.
London renters are increasingly seeking greater value and quality of life outside the city. First time in a decade, more homeowners departed London than tenants in 2021. As a result of expensive rents and a limited number of available houses in the capital, many renters are relocating to neighbouring towns in order to achieve their desired lifestyle.
