A winning combination of a seaside location, independent shops and proximity to London make Hove the number one choice among young professional buyers.
Hove is the most popular place for young professionals in England and Wales to buy property, research showed today.
With its seaside location, independent shops and proximity to London, Hove is the leading property hotspot for professionals aged between 25 and 44, according to Lloyds Bank.
The neighbouring postcode of BN1, which covers Brighton, is also popular with young homebuyers, ranking fifth overall, while the BN2 district, which includes Brighton Marina, Kemptown and Saltdean, was the eighteenth
most popular place for professionals to buy a home.
The group said young professionals tended to be graduates, have professional qualifications and be in well-paid occupations.
They also typically liked to take full advantage of living in or close to a city, either for work or leisure.
Unsurprisingly, London was the most popular region overall, attracting 35 per cent of young professionals, with postcodes in the city accounting for 16 of the top 20 hotspots.
Wimbledon was the leading area of London for buying a home, followed by Wandsworth, Balham, Streatham and Fulham.
Other areas in the capital that made it into the top 20 places for young professionals to live were West Kensington, Chiswick, Ealing and Islington
Didsbury in South Manchester, was the only location outside of London and the south east to make it into the top 20 locations.
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 beach front properties and, with average property prices here 38 per cent, or £199,000, lower than London yet still being within commuting distance, its easy to see the desirability of living there.”
Properties in areas that are popular with young professionals typically command a premium compared with the surrounding area.
The two most expensive areas that are popular with young professionals are Paddington and Hampstead, where the average property costs £1.3m, 150 per cent more than for London as a whole.
Homes in Ilkley, the professional property hotspot in Yorkshire and the Humber, cost 136 per cent more than the typical home in Bradford, while Didsbury in Manchester, the most popular place for professionals to buy a home in the north west, they are 59 per cent more expensive.
But some areas bucked the trend, with homes in the BN3 postcode district of Hove favoured by young professionals, actually costing 12 per cent less than for Hove as a whole.
To find out more information on other popular
areas to live, click here
Source (by Zoopla.co.uk, 19th June 2015)
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