Nick Millican: Less People Than Ever are Leaving London
The number of people who left London in 2023 has dropped to a 9-year low in the House Price Index, according to reports from various sources throughout the UK, as real estate agent Nick Millican comments. This year, Londoners spent an average of 11.7 billion less on homes outside of the capital this year than they did in 2022.
More people in the world who are choosing to stay in London are increasing, and those who do choose to leave London are spending less on homes than they have in the past. Together, both of these factors are causing the numbers of homes that are being sold outside of London to drop throughout the 2023 calendar year. And this is when real estate agent Nick Millican comes in.
He knows the struggle is worldwide and real; many Londoners who do leave the city are pinching pennies, trying to save money, and are downsizing from their previous London homes.
This is true for both the size of the home and the price tag they were paying for the home they purchased, Nick Millican adds. The “race for space” that was on before the pandemic finally seems to be slowing down and returning to normal as restrictions are lifted and people are not stuck in their homes for days or weeks on end.
According to Nick Millican, there´s more on this. Those who have chosen to leave London proper are moving an average of about 25.5 miles outside of the city to find affordable properties where they are able to live comfortably and at a more affordable price.