UK south coast towns becoming new property hotspots for young professionals
The East Sussex coastline along the southern edge of the UK holds the biggest allure for aspiring young professionals to buy property, new research has found.
The seaside town of Hove is the leading property hotspot for many 25 to 44 year olds to buy homes while neighbouring Brighton is the fifth most popular in the country for young professionals.
The research from Lloyds Bank points out that young professionals, graduates and/or those with professional qualifications, are in well paid occupations and like to take full advantage of living in or close to a city, either for work or leisure purposes.
However, the bright lights of London still attract the young and 16 of the top 20 areas that attract the most young urbanite professionals are located in the city. Nine of these areas are in South West London and include Wimbledon, Wandsworth, Battersea, Streatham and Fulham. Other areas in the capital making the top twenty include West Kensington, Chiswick, Ealing and Islington.
‘The most popular areas for young professionals tend to be dominated by trendy locations in London. Whilst this is still the case, this year our report reveals the ascendency of Brighton and Hove as two of the leading property hotspots for this group of buyers,’ said Andy Hulme, mortgages director at Lloyds Bank.
‘Unlike many of the other areas in the survey, Brighton and Hove have 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,’ he added.
The research also shows that away from London and the South East young professionals are flocking to South Manchester with Didsbury the only location in the northern half of the country in the top 20 hotspots list.
Other regional areas becoming more popular for young professionals include Jesmond in Newcastle, Ilkley in Bradford, Clifton in Bristol and Harborne in Birmingham.
The research points out that properties in areas popular with young professionals typically come with a hefty price tag, but there are instances where average property values are higher in surrounding areas.
In Wimbledon the average property value is £624,110 and in Wandsworth homes trade at an average price of £672,178. As a result, young professionals would need to pay a premium of 19% and 28% respectively to live in these desirable areas, compared with London as a whole at £523,412.
The two most expensive areas in the top 20 popular with young professionals are Paddington and Hampstead with an average price of £1,319,237 and £1,310,868 respectively, a premium of 150% compared with London as a whole.
In Didsbury, young professionals pay an average premium of 59% compared with Manchester as a whole, some £239,734 against £150,751.
The average house price in Ilkley is £267,799, a 136% premium compared with the whole of Bradford. In Harbourne, there is a 54% premium compared with Birmingham. Young professionals looking for a home in Clifton would be paying an average premium of 48% compared with Bristol as a whole.