19th June 2015
Young professionals are looking outside of London to the coast as the seaside towns of Brighton and Hove become the most attractive area for aspiring urbanites.
Research by Lloyds Bank shows the East Sussex coastline hold the biggest draw for aspiring young professionals thanks to its social life, independent shops and commutable distance to London.
Hove, the BN3 postal district, is the leading property hotspot for 25 to 44 years olds buying homes in England and Wales, and Brighton, postcode BN1, is fifth on the list.
Young professionals tend to be graduates with professional qualifications and are in well-paid jobs who like to take advantage of living close to the city.
London is still a popular destination and 35% of the capital’s population is aged 25 to 44 and sixteen of the top 20 areas that attracts most young professional are in the capital. Nine of the areas are in South West London, including Wimbledon, Wandsworth, Battersea, Streatham and Fulham.
Andy Hulme, mortgages director at Lloyds Bank, said: ‘The most popular areas for young professionals tend to be dominated by trendy locations in London. While this is still the case, this year our report reveals the ascendency of Brighton and Hove as two of the leading property hotspots for this group of buyers.’
Hulme said the average property price in Brighton and Hove was 38%, of £199,000, lower than London yet still within commuting distance so it was ‘easy to see the desirability of living there’.
Away from London and the South East, young professionals are flocking to South Manchester.
Most areas that attract young professionals have high property prices but there are vast regional differences. In Hove the average property price is £317,912 and in Wimbledon the average price is £624,110 while in Wandsworth it is £672,178.
verage premium of 48% compared with Bristol as a whole.