After a lacklustre 2020, second home buyers from London have hit the property market with some ferocity this year, breaking two national records.
Data received by MyLondon from Hamptons reveal that for the first time, the average second home buyer from London has spent over half a million pounds in 2021.
Statistics recorded by the estate agent in the first 10 months of 2021 have forecast that by the end of the year, second home buyers making purchases outside the capital would have spent an average of £558,500 on their properties.
This figure is up from the average of £416,100 in 2020, marking a significant increase of £142,400, or 25.5 per cent.
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The most popular destination for Londoners looking for a second property is Cornwall.
Cornwall has proved an ideal location for Londoners, as well as other city dwellers, who are seeking a quieter life along the coast, where there is an abundance of detached rural houses available for relatively low prices.
According to the data, 14.9 per cent of Londoners who bought second properties outside of their hometown in 2021 bought their second homes in the county.
On average, second home buyers in Cornwall spent around £326,266.
In total, second home purchases by Londoners in Cornwall have raked in over £114m for the county.
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Buckinghamshire however, has attracted the big spenders in 2021, where the average second home buyer from London spent £731,250, more than any other part of the UK.
This was followed by Wiltshire, where second homes went for an average of £701,045.
The figures for 2021 show that a record 2,350 Londoners have bought second properties outside of London this year which is around 2.6 times higher than what it was in 2020.
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In 2020, only 894 Londoners bought second homes outside the capital, the lowest number since 2010.
But, compared to 2019 figures, the number of Londoners buying second homes in the rest of the UK has more than doubled in two years.
The Hamptons suggests that a little under a third (32 per cent) of Londoners buying second homes are purchasing properties in the southwest of England. This is immediately followed by the South East (27 per cent).
Only 0.7 percent of second home buyers from London headed to the North West.
Around eight percent of second home purchases were made in Folkestone and Hythe in the South East, where the average spend was £262,928.
(Image: clubfoto/Getty Images)
The cheapest of the top 10 locations where second home buyers from London are moving to was Teignbridge, in Devon, where average spending was marked at around £233,666.
The list also includes the local authorities of Chichester, Gwynedd, King’s Lynn and West Norfolk, Bournemouth Christchurch and Poole, and Arun.
All together, the top 10 accounts for 52 per cent of all locations where second home buyers from London are purchasing properties.
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