Young professionals are flocking to the South Coast, with Hove proving the most popular destination for the second year running, new figures show.
The BN3 postal district in the South Coastal town of Hove is the most desirable location to buy a home in England and Wales for young professionals, according to the latest research from Lloyds Bank.
Hove’s larger neighbour Brighton (BN1 postal district) was the seventh most popular place to live for 25 to 44 year olds, the East Sussex coastline continues to attract the young and ambitious. Factors including its diverse population, the availability of music venues, theatres, 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 itself continues to prove 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 locations such as Wandsworth, Wimbledon, Battersea, Balham and Clapham. Away from south London, the most popular areas for young professionals are Hampstead, Kilburn, Paddington and Islington.
The RG1 area of Reading is the 20th most popular place for aspiring young urbanites, drawn by a combination of Reading’s short commuting time to London, close proximity to technology businesses and the planned opening of Cross Rail in 2019.
Didsbury in south Manchester most popular area for young professionals outside southern England
Beyond London and the South-East, Didsbury in south Manchester is the most popular hotspot for young professionals. This bustling area has become a magnet for commuters due to its proximity to Manchester city centre and major motorway networks.
Around the regions, the other popular hotspots for career-minded young people include the CB4 area of Cambridge, West Bridgford in Nottingham, Jesmond in Newcastle, Cardiff Central in Wales and Broomhill in Sheffield.
High property prices in areas most popular with young professionals
On average young professionals pay a 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. However, the average house price in the most popular postal district of BN3 is £33,972 lower than in the whole of Hove (£352,718 v. £386,690).
In other 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 area district of Hounslow.
And, in the N1 area of Islington houses are trading at an average premium of £267,891 compared to the whole of the Islington borough.
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). In Clifton the average house price of £397,599 is £132,163 higher than in Bristol as a whole and in Harborne they trade at a premium of £101,592 compared to the whole of Birmingham.
The three most expensive areas for young professionals all command an average house price in excess of £1 million; Hampstead (£1,318,492), Paddington (£1,220,198) and Fulham (£1,088,131).
Lloyds Bank mortgage director Mike Songer says: “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.
“With a third of London’s population in the 25 to 44 age group it is not surprising many of the most popular areas with this group are in the capital.”