London residents are increasingly buying homes farther from the city, with the average distance reaching a record 63 kilometers (km) from the capital between January and June, according to
a report by Hamptons International. This marks an increase of nearly 10 km compared to 2019 and is 65% farther than the typical first-time buyer's move.
UK households are currently grappling with financial pressures, driven by rising interest rates and the ongoing cost-of-living crisis. Although mortgage rates are gradually declining from their 2023 peak, the number of UK homes repossessed due to missed mortgage payments increased by 8% in the second quarter of this year.
In the first half of the year, over 25% of Londoners who traded their city homes for properties outside the capital moved more than 161 km away, a significant rise from the 17% average recorded between 2015 and 2019.