London hit by exodus of young people over living costs

GROWING numbers of young people are leaving London often because they have given up hope of ever owning a house, new research suggests.

More than one million workers in their 20s have left the capital since 2014, including 100,000 in 2018 alone, according to a study by jobs site Totaljobs.

The report said more than two out of five young workers expect to move out of London before they reach the age of 33.

The main reasons were high living costs and little chance of owning a house, the study indicated, while it is predicted another one million young people could leave London in the coming years.

Researchers found most of those who have left moved too far to commute to work in London, highlighting the difficulty firms will have to recruit and retain staff.

Totaljobs chief executive Jon Wilson said: “Our research shows the challenge London’s employers face in holding onto some of their staff, and with widely reported skills shortages, it’s vital that they do so.

“While some factors may be out of their control, businesses focused on retaining talent can consider how they can encourage movers to settle within a commutable distance – be it through offering season ticket loans, more flexible working hours or the opportunity to work remotely.”

Geraint Johnes, a professor of economics at Lancaster University, who helped with the report, added: “This analysis has revealed a large increase in net migration out of London among those in their 30s and suggests that this trend is likely to accelerate into the future with 41 per cent of 25 to 34-year-olds looking to move out of the capital in the next six years.”

Meanwhile, the average price tag on a home reached a new record high of £312,625 in March, a property website has reported.

Rightmove said average seller asking prices in March across Britain were £3,226 higher than in February.