The percentage of Kent homes being snapped up by Londoners is at its lowest point for five years, new figures suggest.

In 2024, people moving from the capital bought 18.3% of properties sold in the county - a significant dip on the peak seen in 2022, when the figure was 24.6%.

Experts say higher mortgage rates in recent years are pricing Londoners out of buying “trophy homes” in Kent - forcing them to stay put or look for cheaper options further afield in the UK.

The research by Hamptons - using data from estate agents group Countrywide - highlights how the Covid pandemic sparked a surge in Londoners moving to Kent.

The percentage of homes being purchased by former city-dwellers rose from 17.3% in 2019 to 20% the following year and 23.2% in 2021.

KentOnline previously revealed how this had led to an unprecedented boom in the sale of million-pound properties - particularly in the Dover and Folkestone and Hythe districts.

Ross Anderson, south east director of Fine and Country, which specialises in selling homes for at least £750,000, said at the time that the biggest factor was people now being able to work from home.

“Our own business virtually trebled in 2020-21 compared to the best years before that,” he said.

“Interest rates were low. There was a stamp duty holiday. The whole country had a reason to move.”

But the influx of cash-rich Londoners to Kent has left many locals fearing they and their families will be priced out of buying homes in the towns they grew up in.

Lesley Alexander, who moved to Folkestone from the capital nine years ago, also expressed fears, telling KentOnline: “I am concerned about the younger generation and how they’re going to get onto the property ladder.”

So-called DfLs (people moving Down from London) have been credited with helping the revival of once struggling coastal towns like Folkestone and Margate - but now some locals feel the areas are becoming “gentrified”.

However, the steady flow of buyers from the capital appears to be slowing.

Aneisha Beveridge, head of research at Hamptons, says in recent years London homeowners have had to adapt to higher interest rates and suppressed property prices in the city.

“This has weighed on their ability to move, driving down the number of people leaving London this year,” she said.

“Stagnant or falling property prices in parts of the capital have limited equity growth, while house prices elsewhere have risen much more quickly since Covid.”

Land Registry figures show average property prices in Kent have increased 20% from £291,909 in February 2020 to £350,090 today. A detached house in the county now costs £588,474 on average.

“With a trophy home slipping out of reach, many London homeowners have opted to stay put or move even further out of the capital to get more house for their money,” Ms Beveridge said.

She added: “Looking ahead, we expect an uptick in London outmigration numbers next year as the capital's property market begins to pick up as mortgage rates edge down further.

“This could encourage a generation of more recent homeowners who have been restrained for a decade by limited or no price growth in the capital to make their move.

“But with mortgage rates likely to remain above historic levels, we expect more of these movers to look further afield to secure the home they could have bought in the Home Counties a decade ago.”

While the overall percentage of Kent homes being purchased by Londoners has fallen, some districts have seen an increase, according to Hamptons’ research.

In Tonbridge and Malling, 26% of properties were this year bought by people moving from the capital, up 14% since 2019.

There has also been an increase in Swale of 9% over the past five years, with 19% of home sales going to Londoners in 2024.