2024 first half: Londoners buying homes further from city, average distance 39 miles; remote work, cost of living, higher interest rates contribute.
Londoners increasingly move further away from the capital city to purchase homes, with the average distance increasing to 39 miles between January and June. The trend follows a shift to remote work during the pandemic, cost of living pressures, and higher interest rates. Over 25% of households trading a London home for one outside the capital moved more than 100 miles away in the first half of 2024. Despite this, first-time buyers purchasing homes in London increased by 7% in the first half of the year due to lower house prices and mortgage costs.
August 26, 2024
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