Renters leave London at highest rate in decade, research shows

Renters are leaving London at the highest rate in a decade, according to research.

In 2022, 40% of tenants who were moving home chose to leave the capital, up from 28% 10 years ago.

Most are moving to neighbouring areas, including east Surrey, Essex, Kent and Hertfordshire.

It marks the opposite trend to 2021, when more homeowners left London than renters for the first time in a decade.

People leaving London tend to be in their mid to late 30s, seeking more space for a family or looking for a quieter life, said Aneisha Beveridge, head of research at estate agent Hamptons.

The 90,370 tenants leaving London last year compares to 62,210 homeowners moving out.

Areas that directly border London, such as Tandridge, Epping Forest, Sevenoaks and Broxbourne proved to be popular.

Also, 38% moved to the Midlands and the north of England in 2022, up from 27% in 2019.

"While the commuter belt is often prohibitively expensive for would-be first-time buyers, the number of homes on the market here has increased faster than in the capital this year, tempting tenants to cross the M25," Ms Beveridge said.

She added that work was less likely to affect the decision to move compared with five years ago, as renters are keeping jobs where they can work remotely and only commute into the capital occasionally.

The number of tenants leaving London is expected to continue rising as rent prices increase.