Londoners stay in their homes longer than people elsewhere in the UK, new data from Zoopla has found.
The data, which looks at people who sold their homes in the last 18 months, showed that Londoners live in their homes for an average of 11 years before selling, compared to nine years across the UK.
Predictably, people who live in smaller properties — often singles and young families with faster-evolving needs — tend to sell faster. In the capital, people living in one or two-bedroom properties stayed there for nine years on average, while those in three-beds sold after 11 years. People living in homes with more than four bedrooms stayed the longest, at 12 years on average.
Outside of London, people stayed in one, two and three-bedroom properties for an average of eight years, and nine years for a home with four or more bedrooms.
Why don’t Londoners move as often?
Higher house prices — and therefore higher stamp duty — are partly responsible for Londoners staying longer in their homes. According to Zoopla’s data, people living in more affordable areas are more likely to sell faster. In Scotland and the northeast, for example, where homes cost an average of £197,000 and £167,000 respectively, 28 per cent of homeowners are likely to sell their properties within just five years of purchasing them. In Scotland, sellers lived in their homes for seven years on average, and eight in the north east.
London, by contrast, has the highest house prices of anywhere in the country, with Londoners paying the most stamp duty. The average London property costs £520,000 on average, according to the ONS, which would incur a stamp duty bill of £13,500 for an existing homeowner. Last year, HMRC’s data showed that London accounts for 36 per cent of all the stamp duty land tax raised by the Treasury, with Westminster alone delivering £765 million – more than any other local authority and more than the entire north west region.
Certainly, homeowners in London’s most expensive areas — Kensington and Chelsea and Westminster — stay the longest, at 13 and 12 years respectively.
For Londoners, the higher cost of moving is a major deterrent. Last month, research from reallymoving showed that people living in the capital will pay £30,048 in upfront expenses, which is more than twice the national average of £13,978. As well as stamp duty, this includes estate agents’ fees, conveyancing, surveys, removals and an EPC.
Next year, when stamp duty thresholds are lowered, Londoners can expect to add another £2,500 to that bill. This is expected to create a surge in property sales before April next year.
“As home movers rush to potentially save themselves thousands of pounds, we are likely to see a slight rise in house prices and a mad flurry of activity in the lead-up to April, providing a highly stimulated and effective market for those wanting to move,” says NAEA Propertymark president Toby Leek.
As well as the greater costs of moving, there are other factors that keep Londoners in their homes for longer, including a mismatch between housing supply and demand, an increasing number of people taking out “marathon mortgages” and the fact that higher property prices prevent many people from upsizing earlier. At the top end of the market, London’s enduring appeal as a luxury residential destination encourages people to retain their assets for longer.
“London is a global city offering an exceptional range of opportunities, from prestigious schools and universities to robust employment and earning potential. These advantages significantly influence why many people choose to remain in their homes for longer periods,” says Leek.
“Rising costs associated with moving, such as stamp duty and other financial hurdles, further encourage residents to stay put.
“Moreover, the supply of new, practical housing that meets the changing needs of Londoners has not kept pace with demand, adding to the trend of extended homeownership and rented tenancies.”
Peaks in sales activity
Across the country, Zoopla’s data is also influenced by wider global events. The pandemic, which changed peoples needs; fire safety issues and soaring mortgage rates have encouraged people to move in recent years. In the past 18 months, for example, 33 per cent of sales have come from homeowners who have lived in their properties for three to seven years.
Equally, the data shows a peak in activity from people who bought their home before the Global Financial Crisis of 2007 and have recently chosen to sell. This trend is more distinct in northern England, where house prices took longer to recover.
"Two cohorts of sellers have dominated the market over the last 18 months — those who bought just before the Global Financial Crisis and those who bought just before or during the pandemic,” explains Izabella Lubowiecka, senior property researcher at Zoopla.
“Their decisions to move have been influenced not just by personal needs, but also equity gains, affordability and buying costs. As the market continues to settle in 2025, those considering selling should get in touch with local agents to understand the value of their current home, what demand for a home like theirs looks like and what they can afford to buy."
