Ripple effect making waves

The long-anticipated ripple effect created by London homeowners selling up and boosting the market in other regions is well underway, according to new research.

Londoners have purchased 14,700 homes outside of the capital this year, with an average spend of £330,000 a combined total of almost £5 billion, according to international estate agent, Hamptons.

These figures raise the number to 44,000 in the last 12 months, a total value of £15 billion – the highest since the economic downturn.

Six per cent of sales outside of the capital were made by people from London in 2014, a 1.5 per cent increase on last year and the highest proportion since 2007.

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