City swap: Londoners quitting the capital in record numbers, with Birmingham revealed as their top destination

A record number of Londoners left the capital last year to cash in on housing equity. Here's where they're moving to.  
1/20

The number of Londoners moving away from the capital is at its highest level ever, according to new figures, with 336,000 people leaving the city in the year to June 2017.

This was up 15 per cent on the previous year, according to the research from estate agent Knight Frank.

Birmingham was the top destination for Londoners swapping the capital for another location in England, with 7,604 Londoners moving there in the year to June 2017 — up 16.5 per cent on the previous year.

House prices in Birmingham average £177,828, around £300,000 less than London. Knight Frank says that price gap, coupled with the forthcoming HS2 links, are probable contributing factors to this migration to the West Midlands.

"The increased connectivity promised through the delivery of Midlands Metro and HS2 is driving demand, bringing more people to Birmingham to live, work and play," said Savills' head of sales in Birmingham Joe Shorney.

"Home to five universities, the city is also seeing a high retention of graduates, creating demand for new high-quality housing."

Brighton and Hove in the south-east, Thurrock in the east and the City of Bristol in the south-west of England are the next most popular destinations for people leaving London.

Average house prices in each of these areas are at least £120,000 lower than in London, where the average property now sells for £485,000 according to the most recent Land Registry figures.

"Housing affordability is likely to have helped sway the decision of some to leave London," said Knight Frank's head of London residential research Tom Bill.

"For others, exceptional house price growth in London in recent years will have enabled them to make the move."

Londoners in their 30s were the largest group of leavers, with popular commuter belt destinations such as Elmbridge, Dartford, Reigate and Slough all in the top 10.

And rising house prices in the Home Counties mean many Londoners are moving further out, creating a second commuter belt that takes in areas such as Brighton, Medway and Oxford.

"As well as a desire to ‘trade up the housing ladder’ in search of more space, increased employment opportunities outside London mean people are becoming more confident to make the move from the capital," said Knight Frank's residential research team associate, Oliver Knight.

Scotland was the most popular UK destination for London leavers, according to the Knight Frank research, with 7,916 people making the switch.

"Scotland still represents incredibly good value for money, people are always surprised at how much more they can get for their money here," said Savills' head of sales in Scotland Carole Mackie.

"It's also very commutable to London with great connections via flights or the train. You can enjoy the lifestyle but still visit London on a regular basis for work or friends and family."

Twenty-somethings were the only age group to show a positive net migration figure into London.

The boroughs of Wandsworth and Lambeth saw the highest influx of movers in their twenties, with just over 10,000 people heading to each of those inner London areas.

This is believed to reflect the large numbers of students moving to study in the capital.