The seek for greater yields to cowl rising prices led to almost two-thirds (62%) of London-based traders shopping for property within the areas this yr, up from 26% a decade in the past.
Hamptons’ analysis reveals that landlords made up a document 21% of Londoners selecting to purchase within the areas, up from 16% in 2021 and 9% a decade in the past.
However the total share of these shopping for property outdoors the capital slowed in 2022, again in the direction of pre-Covid norms; Londoners purchased 7.3% of properties, down from a 14-year excessive of seven.8% in 2021. Pushed by rising costs, first-time patrons made up a document 28% of those patrons.
Robust home value progress has additionally meant that patrons needed to look additional afield to seek out the house they want.
The common was 34 miles away, one mile additional than final yr which itself was a document, though BTL traders purchased properties the furthest away, at a mean of 109 miles, a determine which has doubled since 2013.
Midlands or North
Hamptons says 54% of London-based traders purchased a buy-to-let within the Midlands or North, up from 20% a decade in the past.
A number of of the native authorities which have seen the most important enhance within the proportion of potential patrons coming from London are outdoors conventional commuter belt hotspots.
In 2019, simply 1% of candidates registering to purchase in Wiltshire got here from London however by this yr, 16% of potential patrons had been trying to relocate from the capital.
Aneisha Beveridge, Hamptons’ head of analysis, says it expects the tempo of London outmigration to chill additional subsequent yr as pent-up demand from the Covid-related development wanes.
She provides: “However affordability pressures, and particularly the price of greater rates of interest, might imply that extra Londoners are compelled to maneuver additional afield to purchase a house.”
Learn extra: Landlords face 'double whammy'.