Revealed: property hotspots for young professionals
Hove is the most popular place in England or Wales for young professionals to buy a home – coming top for the second year running, according to research from Lloyds Bank.
Hove’s larger neighbour Brighton also made the top 10, coming in as the seventh most popular place to live for aspiring 25 to 44 year olds, proving that the East Sussex coastline continues to attract the young and ambitious.
Factors including its diverse population, the availability of independent shops, bars and restaurants, and the fact that it is under 70 minutes train ride to London, have made Brighton and Hove one of the most sought after places for young professionals to live.
London is, unsurprisingly, popular with young professionals, with 16 of the 20 areas with the most property sales to this group being located in the capital. 10 of these areas have a SW post code and include Wandsworth, Wimbledon, Battersea, Balham and Clapham. Away from south London, the most popular areas for young professionals are Hampstead, Kilburn, Paddington and Islington.
Didsbury in south Manchester is the most popular area for young professionals outside southern England. This bustling area has become a magnet for commuters due to its proximity to Manchester city centre and major motorway networks.
High property prices
Young professionals pay an average premium of £88,000 for a home in the most popular postal districts compared to the wider city or town in which they are located.
In some areas of London the price premium is considerably larger. In the W4 district of Chiswick the average house price of £866,492 is £390,388 higher than in local district of Hounslow.
Even outside London young professionals face hefty prices for a home in the most popular areas. In Didsbury homes trade at a premium of £106,383 compared to Manchester (£266,105 v. £159,722).
Lloyds Bank mortgage director Mike Songer said: “Young professionals tend to have a professional or university qualification, are in well paid jobs and enjoy an urban lifestyle without the hustle and bustle of living in the city centre.
“Our research shows that aspiring young urbanites choose to settle in areas which give them the best of both worlds – attractive suburbs offering good amenities and quality of life, which are within easy reach of a larger city centre – and in many cases they are prepared to pay a premium to live there.”