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Hove crowned property hotspot for young professionals

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18/04/2017
Hove has been named the top property hotspot for young professionals for a third year in a row.

Hove’s BN3 postcode is the most sought after location thanks to “its closeness to the sea, good sized homes, and its gentler feel than Brighton”, Lloyds Bank research said.

Neighbouring Brighton came seventh in the list.

Nine of the 20 most popular areas for young professionals were in London’s SW postal area.

The study said young professionals were paying an average premium of £71,000 to live in the 20 most popular postal districts.

The average house price in one of these areas is £735,874 – 13% higher than surrounding areas.

Yet in Hove, the average house price is £380,326 compared to £412,165 in neighbouring areas.

Top prices for the top locations

In Wandsworth – the second most popular area with young professionals – the average property value is £763,418 (for SW18) – £15,546 (2%) higher than in the rest of the local area.

In third place Wimbledon (SW19) homes trade at an average price of £703,388 – a premium of £109,397 (18%) to the wider area.

The highest premium paid by young professionals is in Chiswick, where the average house price of £857,792 is 76% higher than in the borough of Hounslow.

Kilburn (£341,208) and Hampstead (£307,775) have the next highest premiums.

Outside of London, in Harborne, young professionals pay a 59% premium compared with Birmingham.

In Didsbury, young professionals pay an average 56% premium of £93,062 compared with Manchester as a whole.

In the Cotham area of Bristol these buyers would be paying an average premium of £108,591 (48%) compared with Bristol as a whole.

Lloyds Bank mortgage products director, Andrew Mason, said: “Aspiring young professionals are typically well qualified, in well paid jobs and tend to live in areas not far from the city centre where they work. These are also places where they can enjoy easy access to green space and a range of places to socialise. These buyers also don’t appear to be put off by the significant premium in price to live in areas popular with young professionals.”

20 areas with the most property sales to young professionals

Postal Area

Post town

Region

Average House Price £

Average House Price in main city/local authority  £

Premium Young Professionals would pay (£)

Premium Young Professionals would pay (%)

BN3

Hove

South East

£380,326

£412,165

-£31,839

-8%

SW18

Wandsworth

Greater London

£763,418

£747,872

£15,546

2%

SW19

Wimbledon

Greater London

£703,388

£593,991

£109,397

18%

SW6

Fulham

Greater London

£1,090,094

£933,412

£156,682

17%

SW11

Battersea

Greater London

£891,796

£747,872

£143,924

19%

E14

Tower Hamlets

Greater London

£526,060

£518,796

£7,264

1%

BN1

Brighton

South East

£383,819

£364,627

£19,192

5%

SW16

Streatham

Greater London

£468,161

£589,879

-£121,719

-21%

NW3

Hampstead

Greater London

£1,352,836

£1,045,061

£307,775

29%

SW15

Putney

Greater London

£742,683

£747,872

-£5,189

-1%

SW17

Tooting

Greater London

£677,614

£747,872

-£70,259

-9%

W5

Ealing

Greater London

£687,851

£548,262

£139,589

25%

W14

Hammersmith and Fulham

Greater London

£1,139,668

£933,412

£206,256

22%

NW6

Kilburn

Greater London

£897,236

£556,028

£341,208

61%

W2

Paddington

Greater London

£1,231,224

£1,431,579

-£200,355

-14%

SW12

Balham

Greater London

£810,975

£747,872

£63,103

8%

SW2

Brixton

Greater London

£587,147

£589,879

-£2,732

0%

RG1

Reading

South East

£265,342

£384,080

-£118,737

-31%

W4

Chiswick

Greater London

£857,792

£486,804

£370,988

76%

M20

Didsbury

North West

£260,057

£166,995

£93,062

56%

Top 20 Average

 

 

£735,874

£664,716

£71,158

13%

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