The property hotspots young professionals are flocking to
Young professionals are willing to pay a £71,000 premium to live in the most popular areas, and top of the list is Hove, said Lloyds Bank.
For the third year running the BN32 area is the most sought after location for young professionals buying a home in England and Wales. With neighbouring Brighton coming in as the seventh top postcode, the East Sussex coast continues to press the right buttons for the aspirational young.
The average price of a home in one of the 20 most popular areas with young professionals is £735,874 compared to £664,716 in the surrounding area – 13% higher, or a difference of £71,158.
Of the top 20 areas with the most sales to young professionals, 16 are in Greater London. The highest premium paid by young professionals is in Chiswick, where the average house price of £857,792 is £370,988 (76%) higher than in the borough of Hounslow. Kilburn (£341,208) and Hampstead (£307,775) have the next highest premiums.
Looking at regions outside London; in Harborne, young professionals would pay a £102,909 (59%) premium compared with Birmingham (£277,261 v £174,353). In Didsbury, young professionals pay an average premium of £93,062 (56%) compared with Manchester as a whole – £260,057 against £166,995. 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.”