New survey by Lloyds Banks ranks the top 20 places for young professionals to live with the south coast winning
Hove is Britain’s top property hotspot for young professionals, according to a bank survey, with the two Brighton postcodes – BN1 and BN2 – also high on the list.
Lloyds Bank said that Hove and Brighton were in “the top five most attractive areas for aspiring urbanites to live”.
The bank said: “Whether it is the attraction of living by the sea, the vibrant social life, independent shops, commutable distance to London – or perhaps all of them – new research from Lloyds Bank shows that the East Sussex coastline holds the biggest allure for aspiring young professionals.
“Hove (in the BN3 postal district) is the leading property hotspot for many 25 to 44-year-olds to buy homes in England and Wales.
“The neighbouring postcode district of BN1 (covering Brighton) is the fifth most popular in the country for young professionals while the BN2 district (covering areas such as Brighton Marina, Kemptown and Saltdean) is the 18th most popular hotspot for the 25 to 44-year-old demographic.”
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.
“Unlike many of the other areas in the survey, Brighton and Hove have the attraction of being by the sea with some outstanding beachfront properties and, with average property prices here 38 per cent (or £199,000) lower than London yet still being within commuting distance, it’s easy to see the desirability of living there.”
The bank added: “Properties in areas popular with young professionals typically come with a hefty price tag but there are instances where average property values are higher in surrounding areas.
Mike Songer, mortgage director at Lloyds Bank, 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.
‘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.’
Beyond south London, the most popular areas for young professions include Hampstead, Kilburn, Paddington and Islington.
Reading is the 20th most popular place for young professionals, with the city’s short commute time to London, close proximity to technology businesses and the planned opening of Cross Rail in 2019.
TOP 20 HOTSPOTS
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|Source: Lloyds Bank (based on Land Registry figures)|