Hove is the place to be if you’re in a well-paid job and enjoy the urban lifestyle, a new survey has revealed.
Research of Land Registry data by Lloyds Bank has found that the BN3 postcode in Hove is the most sought-after town in England to buy a property if you’re a young professional.
The East Sussex coastline continues to attract aspiring 23- to 44-year-olds, with Brighton also coming in as the seventh favourite place to be.
Unsurprisingly, 16 of the 20 areas with the most property sales to this age group are located in London, and it seems that south-west London is the place to be. Ten of these areas have a SW postcode, including Wandsworth, Wimbledon, Battersea, Balham and Clapham. Elsewhere in the capital, the most popular areas for young professionals are Hampstead, Kilburn, Paddington and Islington.
Perhaps due to its quick commute to London and the planned opening of Crossrail 1 there in 2019, the RG1 postcode in Reading comes in 20th as a place for aspiring young professionals.
Outside London and the South East, Didsbury in south Manchester – a close commute to Manchester’s city centre – is the biggest hotspot for young urbanites.
Other places young professional would consider are the CB4 area of Cambridge, West Bridgford in Nottingham, Jesmond in Newcastle, Cardiff Central in Wales and Broomhill in Sheffield.
Prices surge in potential hotspots
Lloyds research suggests that young professionals are willing to pay a premium, on average, of £88,000 to have a home in one of these popular postal districts, compared to the wider surroundings of the city or town.
Whle the average house price in the top choice of the BN3 postcode is £33,972 lower than in the whole of Hove at £352,718 rather than £386,690, professionals in other areas will pay more for the privilege of living in these sought-after postcodes.
In Didsbury, properties cost £106,383 more than in Manchester itself (£266,105 versus £159,722). Similarly, in Clifton, young professionals can expect to pay, on average, £397,599 – £132,163 higher than in Bristol itself.
London’s three most expensive areas for young professionals – Hampstead, Paddington and Fulham – all have an average house price of more than a £1 million.
Mike Songer, mortgage director at Lloyds Bank, says: “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.”