Are you saving up to buy your first home, but not yet quite sure where you want to live? If so, you’re not alone. Thousands of 18 to 34-year-olds are in the same situation, and, to help you, new research has revealed the UK property hotspots for millennials.
Perhaps surprisingly, young people are leaving London in their thousands. Keep reading to find where younger people are migrating to, and what these locations have to offer.
Young people leaving London in their thousands
If you’re thinking of buying your first home, your biggest decision will be where to buy. A new study from regulated property buyer Good Move, using data from the Office for National Statistics, has found that 18 to 34-year-olds are leaving London in their thousands, choosing to put down roots by buying a home in one of the UK’s regions.
Out of the top 10 local authorities who have seen a decline in the percentage of 18 to 34-year-old residents, nine are in London with the tenth (Slough) being just 20 miles away.
The study found that Hammersmith and Fulham is seeing the highest rate of departures, with millennials now accounting for just 31% of their population, equivalent to a 5.39% decrease since 2012.
The trend for young people moving away from London extends across the entire city. Just two of the 32 London boroughs have seen any increases in the number of younger residents, and even these are minor (a 0.55% increase in Havering and a 0.34% in Islington).
On average, each London borough has 2,000 fewer young adults in its population than seven years ago, representing an average decrease of 2.75%.
Rising house prices in London are an obvious explanation as, at over £540,000, they are more than double the average for the rest of the country (£258,270).
So, if millennials are leaving London, where are they moving to?
The top 10 property hotspots for millennials
An influx of younger residents is often a good sign of a thriving city. And, it’s the Midlands city of Coventry that has been named as the top property hotspot for millennials in 2019.
The Office for National Statistics date show that 18–34-year-olds now represent just under a third (32%) of the city’s population, an increase of more than 3.6% since 2012 and unrivalled across the UK.
The city’s central location, good transport links and low property prices have clearly appealed to younger people, with house prices well below the national average. Trains to London take just over an hour, and it’s only 25 minutes by train to England’s second city, Birmingham.
Coventry boasts two leading universities, and the city also boasts excellent broadband speed and 4G coverage – perfect for young professionals.
The current European City of Sport is undergoing a transformation, and further investment is planned as the city will become the UK’s City of Culture in 2021. The city is also at the centre of the green energy industry, with the forthcoming creation of a national centre to develop batteries for the electric vehicles of the future.
The Good Move research found that the second and third most popular destinations for 18–34-year-olds were both in the South West.
Bath and Somerset has seen their proportion of millennials grow by 2.72% since 2012, while Exeter now has 2.4% young adults than seven years ago. This can partly be attributed to the low unemployment rate in these regions (3.2% for Bath and Somerset, 2.9% for Exeter) with both coming in well under the national average.
Next on the list is the Kent town of Canterbury where almost 50,000 millennials make their home. Perfectly located to commute into London, Canterbury is a young city with almost 30% of the population aged between 18 and 34. While the average monthly rental is more than £800 (compared to just under £650 in Coventry) there are three top universities nearby and plenty of arts, entertainment and recreation services.
Rounding out the top five popular locations with millennials is West Lancashire. 18 to 34-year-olds make up just over a fifth of the population in a location which is ideal for people commuting to work in either Manchester or Liverpool. House prices are well below the national average, with the average monthly rent of £580 also extremely affordable when compared to other locations.
The complete top 10 UK hotspots for young people, which are seeing the largest relative increases in their population of 18 to 34 year olds, are:
- Coventry – 3.65%
- Bath and Somerset – 2.72%
- Exeter – 2.4%
- Canterbury – 2.24%
- West Lancashire – 2.04%
- Runnymede – 1.97%
- Guildford – 1.79%
- Newcastle-under-Lyme – 1.74%
- Bristol – 1.69%
- Welwyn Hatfield – 1.61%
Ross Counsell, director at Good Move, said: “Young people bring money, innovation and life to a city and our research has highlighted the places currently benefiting from their interest.”