Despite London traditionally being considered one of the most vibrant and beloved cities in the world, thousands of people have recently been leaving it. According to reports, this is only the third instance in four decades where a decline in London's overall population has been observed.
The majority of people moving out of the city are young professionals and families aged 30 to 40 who are seeking better living conditions outside the capital.
Typically, migration from expensive cities is linked to high taxes or rising crime rates, but this is not the case in London. The city does not impose high local taxes, similar to those in New York, and the crime rate generally remains quite low; except for rare instances of phone theft on busy streets like Oxford Street, safety in London remains high.
The main and most significant reason for the population outflow is the inability to find suitable and affordable housing. The construction of new residential complexes in London has practically come to a halt. According to statistics, the number of new homes to be built in the coming years will reach the lowest level in the last 80 years, creating a crisis in the supply of quality housing in the market.
The problem lies not only in the cost but also in the quality of the housing offered for that money. Even those willing to pay high rent or large sums face receiving cramped apartments with small windows or housing built in Victorian style with outdated plumbing. Due to strict government planning rules (Planning Rules) and a shortage of developers, there is no novelty or diversity in the housing design.
When a person receives only a tiny apartment of about 800 square feet after incurring large monthly expenses, they lose the desire to live in the city. This is why people at the peak of their careers and lives prefer to live in the suburbs or other smaller towns, preparing to commute a longer distance to work daily.
