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London Resident Retention Rate Continues To Rise

June 7, 2024

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Key Highlights

UK

The number of people choosing to leave London is 32% – down from 46% during the pandemic era, showing that London's growth is here to stay.

London has a timeless appeal for many people. Thousands flock each year to this vibrant and exciting city to seek fame, fortune, work, education, and culture. Not only do people move from around the UK to London, but it draws a lot of talent from around the globe, making it a truly international city.

While scores of fresh faces join the city each year, there has always been a significant (though comparatively smaller) number of residents who opt to move away in search of new opportunities. However, it appears this has changed recently, with more and more residents choosing to stay in the city.

 

Changing Figures

According to property giant Rightmove, London saw 46% of London home-movers looking to move outside of the city when considering where they would go for their next move, back in August 2021. Now? This figure has dropped to 32%. In tandem, more people are looking to move to London than ever before.

A lot of the initial mass exodus was spurred on by the COVID-19 pandemic when those stifled by living in city apartments looked further afield for more space and homes with gardens. This trend continued for a while after the pandemic subsided, with many movers looking to rural areas and the countryside. This was also spurred on by those who were hybrid or remote working, who did not have to be tied to an office and could work from where they wanted.

Now, it appears that the tide has turned yet again as more people are opting to remain in the city to enjoy everything London has to offer. Rightmove’s research shows that the number of movers already living in London and those remaining to stay in the city is back to pre-pandemic levels.

 

Why London?

It’s easy to see why so many people are choosing to stay rather than onto pastures new. Not only is the capital an epicentre of culture and entertainment, it also has plenty to offer in terms of growth, capital, and success. It is the financial and work capital of the UK, with plenty of big names making their base in London. It is also home to a number of world-class universities and schools, offering premium education you wouldn’t get anywhere else. The number of

opportunities on offer, both work and education, pulls thousands of people from around the UK and the globe each year.

 

Summary

North Property Group is an investment property agency and lettings agency, specialising in UK new build and buy to let properties in London and beyond. We find the best buy-to-let deals across the country with premium property development agencies.

 

Not only do we secure fantastic property deals for investors, but we also offer a comprehensive, end-to-end lettings management service, taking care of the property’s tenancies and lifecycle. Book a free consultation with us now to find out how we can guide you on your London real estate investment journey.

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