The News
Londoners who leave the British capital are moving further away as the cost of homes increases. Those who left the city in the first half of this year traveled 39 miles to their new suburban residence on average, six miles further than in 2019 and 50% further than in 2014.
The change is driven partly by the rise of hybrid working, an analyst told Bloomberg, as well as increased transaction costs that make a series of smaller, more frequent moves too costly. The new Labour government has pledged to build more houses, but even the average home in commuter-belt towns now costs upward of £500,000 ($660,000), around 14 times the UK’s median wage.