Young Professionals Flock to the South Coast
The sunny south coast of Britain is pulling in young professionals looking to buy property, new research has claimed.
The sunny seaside town of Hove is now the country’s leading property hotspot for 25-44 year olds looking to buy houses, according to Property Wire. It is also claimed that neighbouring Brighton is now the fifth most popular location for young professionals looking to purchase property.
The research, carried out by Lloyds Bank, highlights the fact that young professionals, graduates and those with professional qualifications, are in relatively well-paid locations and like to take full advantage of living in or close to a buzzing city.
The capital still dominates the most desirable places to live though and 16 out of the 20 areas that attract young professionals are in the capital. Nine of these areas are in South West London and include Wimbledon, Wandsworth, Battersea, Streatham and Fulham. The other areas in the capital which make up the list are West Kensington, Chiswick, Ealing and Islington.
Andy Hulme, mortgage director at Lloyds Bank said: “The most popular areas for young professionals tend to be dominated by trendy locations in London. Whilst this is still the case, the year our report reveals the ascendency of Brighton & Hove as two of the leading hotspots for this group of buyers.”
He continued: “Unlike many other areas in the survey, Brighton & Hove has the attraction of being by the sea with some outstanding beach front properties and, with average property prices here 38% or £199,000 lower than London yet still being within commuting distance, it is easy to see the desirability of living there.”
The research has also highlighted the fact that properties in areas that are popular with young professionals actually come with a very high price tag. There are, however, examples where average property prices are higher in nearby areas.
This is evident in Wimbledon where the average property value £624,110, and in nearby Wandsworth properties go for an average of £672,178. This means that young professionals are required to pay a premium of around 19% and 28% respectively to live in these highly desirable areas compared with London as a whole at £523,412.
If you are wondering what the two most expensive areas in the top 20 are, then it won’t come as a surprise that they are Paddington and Hampstead with an average price of a £1,319,237 and £1,310,868. This is a premium of 150% compared with London overall.