High numbers moving out of London
A recent report has shown an increase of Londoners registering to buy from outside the capital.
Apparently, one in 10 applicants who registered outside of London to buy a home were from the capital. This is down from the record 15 per cent recorded in April, but still well ahead of the seven per cent recorded in May 2019.
Why Leave London?
One million young workers will leave London before turning 33 reported Total Jobs earlier this year.
Since 2014 more than a million professionals have left London, with just 900,000 coming in. This is a net loss of 88 workers every day, with the biggest shortfall among workers aged 25 to 34, the majority (54%) of them having given up hope of ever owning property in the capital.
This trend is set to grow, with a quarter (25%) of London’s Millennial’s already planning to move away from the capital. This could amount to a further one million workers leaving London, with inbound migration falling short in replacing them.
One in three UK graduates move to London, in a trend known as the ‘brain drain’, meaning that of the 6.9 million working-age adults in London a third have moved there from elsewhere in the UK.
However, a recent study has revealed a large increase in net migration out of London among those in their thirties and suggests that this trend is likely to accelerate into the future with 41% of 25- to 34-year-olds looking to move out of the capital in the next six years.
Why?
Reducing the cost of living for starters, plus being able to afford to buy a property and raise a family are major considerations too.
It would appear that in our 20’s we are happy to be throwing our money into high rental fees and overly priced fish and chips, but we smarten up in a 30’s and get on out of there, and who could blame them to be honest, right?
So, Why leave the capital and could this be good news for Dartford? Let’s look at some facts.
Well, London's lost could well be Dartfords gain. All these young men and women who have added years of work experience to their stock of skills only to then leave London to find a better balanced life. Bad for businesses based in the capital because they might find it hard to retain experienced staff but great for businesses outside of the capital, and potentially great for towns and cities all across the UK too.
Could this be good news for Dartford?
More and more people are shunning the capital to flock to Kent and that includes Dartford too.
People are drawn to the town due to its good transport links, relatively cheap house prices and the level of development. Will it affect our infrastructure? Not one bit. To be honest, any migration should be warmly welcomed by all as it is only ever going to have a positive impact on our economy.
Dartford is a proud community town that is placed with it’s terrific location and transport links. We should be proud of that and of our town centre. And if we manage to get a spike of Londoners chosen to move out of the city and into Dartford, not only will it do wonders to the local business and marketing here, but it will encourage more developments and bring more opportunities too.
Image taken from Dartford Together Facebook page to announce the reopening of Dartfords Farmers Market
My thoughts:
Due to the lockdown restrictions in place and the knock-on effect, there has been a bit of uncertainty as to how the property market will look as it starts to rebuild it’s momentum again.
However the early signs suggest that the market is bouncing back strongly and I think it is fair to say that London buyers will certainly play a big role in the markets outside of the capital in 2020 and we could even see London out-migration peak in 2021 if this trend continues.
In regards to how this could shape the Dartford and surrounding areas property and commercial markets, I think it could be a fantastic for Dartford, and with the transport links between the city and Dartford running regularly, Dartford will most definitely be a consideration for Londoners wanting to migrate out of the hustle and bustle of London Town.
Remember to shop local, care for your neighbours and continue to look after yourselves and your loved ones.
Thank you for reading
I’m Gary Lintorn - Let Me Get You Moving...
gary@garylintorn.com
01322 555 000
07985 106832
Who is Gary Lintorn?
Gary is your proven and trusted property expert with a huge heart. Not only does Gary take care of his clients and the sale & rental of their homes, he also works with the local community of Dartford and the surrounding areas too. Find Gary Lintorn on his Youtube channel here.
