Rising costs are pushing would-be buyers and renters outwards, with outer London boroughs gaining ground.
Compare My Move analysed more than 28,000 moves and found Wandsworth still tops the list, despite arrivals falling 5.3 per cent year on year.
Tower Hamlets stayed second and Brent was third.
Brent had the biggest year-on-year rise in the top 10, closing the gap on the top two.
Southwark, Croydon, Lambeth, Barnet, Lewisham, Greenwich and Bromley made up the rest of the top 10.
Most popular London boroughs for new residents
The figures suggest cost is now a bigger factor in where people move.
Wandsworth’s sky-high property prices may be putting movers off.
The borough’s average house price is £810,224 — the highest in the top 10.
Dave Sayce, co-founder and managing director of Compare My Move, said: "When we look at the top of the list, it is clear that the year-on-year decline has largely affected the more expensive boroughs.
"Wandsworth has the highest average house price and rent price, and it is no coincidence that it has also seen the biggest annual drop.
"People are increasingly looking for areas that are more affordable while still being relatively close to central London.
"That is likely why Brent has seen a notable rise, and why Lambeth, despite having comparatively high rents, has performed better than Wandsworth.
"Other boroughs that have seen growth, such as Croydon, Barnet, and Bromley, are slightly further out and therefore more affordable."
Croydon and Bromley were among the outer boroughs to record an increase in new arrivals, highlighting the growing demand for housing in less expensive parts of London.
Mr Sayce said: "If you already live in one of these more affordable areas, rising demand could push property prices up.
"And if you are considering a move to one of these boroughs, acting sooner rather than later may help you secure a better price."
Across the table, movers still weighed up affordability against being close to central London.
The boroughs ranked by popularity are:
Wandsworth, Tower Hamlets, Brent, Southwark, Croydon, Lambeth, Barnet, Lewisham, Greenwich and Bromley.
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Outer London boroughs seeing the fastest growth
Central, traditionally pricey areas lost ground, while parts of outer London saw double-digit growth in new arrivals.
Hillingdon and Harrow grew fastest, up 15.7 per cent and 16.3 per cent respectively.
Sutton (11.9 per cent), Hounslow (11 per cent) and Kingston upon Thames (11 per cent) also saw strong growth.
It could push up house prices in these cheaper areas as demand grows.
Compare My Move says cost, transport links and lifestyle are reshaping where Londoners choose to live.
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