Hove is the leading property hotspot for young professionals

Posted 22 June 2015 by Stephen Maunder

The East Sussex coastline holds a significant allure for young professionals, according to new research from Lloyds Bank. Hove, in the BN3 postal district, is the leading property hotspot for 25 to 44 year olds to buy homes in England and Wales, with neighbouring Brighton also making the top 5. 

Bright lights of London still attract the young London

With over a third (35%) of London's population aged 25 to 44; it is no surprise that sixteen of the top twenty areas that attract the most young urbanite professionals are located in the capital. Nine of these areas are in South West London and include Wimbledon (the leading property hotspot last year), Wandsworth, Battersea, Streatham and Fulham.  Other areas in the capital making the top twenty include West Kensington, Chiswick, Ealing and Islington.

Only Didsbury in South Manchester disrupts the dominance of London and the South East. Other regional hotspots for young professionals include Jesmond in Newcastle, Ilkley in Bradford, Clifton in Bristol and Harborne in Birmingham. 

Areas with most sales to young professionals:

  • Hove - £317,191 average price
  • Wimbledon, London - £624,110
  • Wandsworth, London - £672,178
  • Battersea, London - £892,293
  • Brighton - £330,368

Hotspots tend to have high property prices Cambridge

The two most expensive areas in the top twenty are Paddington (W2) and Hampstead (NW3), with average prices of £1,319,237 and £1,310,868 respectively – a premium of 150% compared with London as a whole.

In Didsbury, meanwhile, young professionals pay an average premium of 59% compared with Manchester as a whole – £239,734 against £150,751. The average house price in Ilkley is £267,799, a 136% premium compared with the whole of Bradford, and in Harbourne there is a 54% premium compared with Birmingham.

Top hotspots for young professionals:

  • Cambridge - £412,936 average price
  • West Bridgford, Nottinghamshire - £234,273
  • Wimbledon, London - £624,110
  • Jesmond, Newcastle - £240,181
  • Didsbury, Manchester - £239,734

Is it worth the extra expense to live in a property hotspot? Join the debate by tweeting us @What_House

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