In our new report, we look at how Londoners migrate across the city in search of their perfect home.
Londoners are extraordinarily mobile. The readiness and frequency with which we relocate within our city should not be underestimated. Perhaps unsurprising in a city where innovation and renewal are part of the DNA, long experience has shown us that Londoners approach the home-finding process with an open mind.
The London Report looks at a breakdown of where people start their search, vs where they end up buying or renting. The diagram on the left shows the percentage of customers who started their search in an area of London before moving to a different area completely. Connectivity, new employment, technology, infrastructure, affordability, lifestyle changes, urbanisation and large scale regeneration have all contributed to the vast array of choices for footloose buyers and tenants in London.
Foxtons' interconnected network is set up to facilitate mobility. We actively encourage buyers and tenants to consider different areas of London to help find their dream home. Even buyers and tenants who come to us with a clear vision of where they want to live, often find more suitable, more affordable, or more appealing homes in quite different parts of London.
The diagram above maps the movements of tenants across London. Mapping this data out in this unique way allows us to gain a clear visual understanding of migration and demand of different areas of our capital city. In 2019, 44% of viewings and 38% of deals completed were beyond the area of the Foxtons branch where an applicant first registered. With 42% of tenants moving more than 5 miles to their new rental home, tenants are making the most of the different areas that London has to offer.
Click here here to view The London Report in full.
If you’re looking to explore a new area of London, start your property search here today; our local experts are here to help you discover your perfect home, wherever it might be in London.