UK MARKET INSIGHT 1st


13,000 first-time buyers purchased outside of London, nearly double 2010


GREATER LONDON


Almost 90% searched out


properties in the commuter belt of the South of England


2010


38,000 homes


2015


63,000 homes


Two-thirds more people


moved out of the capital in 2015 than in 2010


London Migration


As the gap between prices in London and the South East has grown, so has the temptation for Londoners to cash in on record house


prices and relocate from


the capital. As expectations of future house price


growth in London ease, many are choosing 2016 to make their move.


Some 13,000 first-time buyers


purchased a property outside London


LOANS


It is part of the natural cycle that households move as their priorities change – increased space, schools, lifestyle and more flexible working. Recent research by Hamptons International shows that in 2015, 63,000 London households moved out of the capital; an increase of two-thirds on the figure of 38,000 in 2010. Some 13,000 first-time buyers


purchased a property outside London (nearly double the 2010 figure), where their search was more successful in less expensive areas. Almost 90% of households (some 53,000) searched out properties in the relatively more affordable markets in the commuter belt of the South of England.


Typically, a greater proportion of a


A greater proportion of more expensive property is bought without the need for a loan


more expensive property is bought without the need for a loan, but the increasing use of mortgages reflects the view that £1m homes are no longer out of reach, particularly in London. Te rise in the use of mortgages to buy


23%


of purchases of homes for £1m or more involved a loan.


23% HAMPTONS.CO.UK @FE_HAMPTONS


more expensive homes since the financial crash also reflects the low cost and increasing availability of finance as the economy has recovered and credit conditions have loosened. With even well-off buyers struggling to get a mortgage during the 2008 downturn, just 23% of purchases of homes for £1m or more involved a loan. In all but one year since the crisis, that proportion has risen.


5


£1m+ 2008


£1m+ 2015


46%


Mortgages


of buyers of £1m+ homes used a mortgage in 2015


double the 23% at the start of the financial crisis in 2008


Homes costing £1m+ are no longer just for the super-wealthy. Almost half of buyers who paid £1m or more for their home in 2015 took out a mortgage – the highest level in a decade. 46% of buyers of £1m+ homes used a mortgage in 2015, double the 23% at the start of the financial crisis in 2008, according to new research from Hamptons International.


A greater proportion of a more expensive property is bought without the need for a loan


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