Young Londoners buck trend to leave the capital due to coronavirus pandemic
Young people are keen to continue living in London despite the trend, sparked by the coronavirus pandemic, to seek bigger and cheaper housing outside of the capital, according to the latest research.
Research published this morning showed that 73 per cent of Londoners aged 25 to 44 were planning to remain in the capital, compared to 74 per cent before the pandemic.
Before the pandemic 21 per cent of young people were preparing to leave London.
However just 13 per cent of respondents to the PwC survey said they were definitely abandoning the city after the crisis.
A further 13 per cent said they were undecided on a potential move away from the capital.
PwC economist Jamie Durham said: “This is interesting given they are the group that are most affected by job losses, and can least afford London house prices, but not necessarily that surprising given that it is where many of their friends will be based and the range of leisure opportunities the capital offers.”
The new research comes after reports that many Londoners were planning to move to the suburbs or other towns or villages, seeking more outdoor space following the UK coronavirus lockdown.
The shift towards home-working has also made some people rethink the necessity of living a commutable distance from central London.
Around a third of over 45 year olds who currently live in London said they expect to move to a different region outside of Greater London the next time they move – an increase of 14 per cent compared to before the pandemic.
The analysis also found that 20 per cent of people were now less likely to purchase a home over the next couple of years compared to February. However 10 per cent of people were now more likely to do so.