Hove beats London for young homebuyers

19 April 2017
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Hove in East Sussex is the most sought after location for young professionals buying a home in England and Wales, according to Lloyds Bank’s new research.

It’s the third year in a row the town on the south coast in the BN3 postcode area has topped the tables, with its closeness to the sea, good-sized homes, and thriving cultural and nightlife scenes cited as reasons for its popularity.

Neighbouring Brighton (BN1) comes in as the seventh top locality for young professionals aged 25 to 44.

 

However, Reading (RG1) in Berkshire and Didsbury (M20) in Manchester are the only other areas in the top 20 locations for young professionals outside of London.

After Hove, the top five postcodes are Wandsworth (SW18), Wimbledon (SW19), Fulham (SW6), Battersea (SW11), and Tower Hamlets (E14).

The other popular postcode areas are (in order of popularity): Streatham (SW16), Hampstead (NW3), Putney (SW15), Tooting (SW17), Ealing (W5), Hammersmith and Fulham (W14), Kilburn (NW6), Paddington (W2), and Brixton (SW2).

But young professionals will likely have to pay a price to live in popular areas. The average price of a home in one of the 20 most popular areas is £735,874 compared to £664,716 in the surrounding area – 13% higher, or a difference of £71,158.

 

Lloyds Bank mortgage products director Andrew Mason says: "Aspiring young professionals are typically well qualified, in well paid jobs and tend to live in areas not far from the city centre where they work.

“These are also places where they can enjoy easy access to green space and a range of places to socialise. These buyers also don’t appear to be put off by the significant premium in price to live in areas popular with young professionals."

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