Top property hotspot for young professionals revealed

Wed, 19 Apr 2017

Top property hotspot for young professionals revealed
Hove's BN3 postcode area has been named England and Wales' most sought-after location for home buyers between the ages of 25 and 44 years, for the third consecutive year.

Lloyd's Bank conducted research based on profiling of 'young, urbanite professionals' by CACI and Land Registry housing market figures, with 16 of the top 20 areas being in Greater London.

'Young urbanites' are keen on Hove due to a range of factors: a "thriving cultural and arts scene" and a "buzzing nightlife" in neighbouring Brighton, combined with Hove's seaside location and sizeable homes, has seen the popularity of the area rise over the years. The Brighton and Hove Albion football club has also just been promoted to the Premier League, which will likely add to the appeal of the area for many people.

On average, living in any of the 20 listed locations adds £71,158 to the price of a house, with the average price of a house in one of these hotspots sitting at £735,874. However, Lloyds said that home buyers in Hove tend to pay approximately £31,000 less than buyers in surrounding areas.

Andrew Mason, Lloyds Bank mortgage products director, said: "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 buyers also don't appear to be put off by the significant premium in price to live in areas popular with young professionals."

The top 10 was completed by Wandsworth, Wimbledon, Fulham, Battersea, Tower Hamlets, Brighton, Streatham, Hampstead and Putney. Hampstead was the most expensive location for young professionals in the list, where the typical home costs upwards of £1.3m.
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