Young professionals favour the south coast

London’s dominance at the top of the property hotspot list for young professionals has taken a hit according to research published by Lloyds Banks, reports Richard Carr.

One way ticket to the south coast

Fortitudo Property Development Specialist Richard Carr gains planning permission and overseas developments of luxury properties in the south coast of the UK and isn’t surprised to see a buck in the trend.

Places such as Hove, Brighton and Bournemouth have all becoming leading property hotspots for 25 to 44 year olds to purchase homes. Hove leads the list whilst neighbouring Brighton is the fifth most popular.

Hove and Brighton rank highly ranks to the relatively short commute into the capital. Despite this, 16 of the top 20 areas that attract the highest proportion of young professionals is London. The majority of the places are fairly obvious with Wimbledon, Battersea, Fulham and Islington all high on the list.

Outstanding beach fronts

Speaking to propertywire.com, Andy Hulme, Mortgages Director at Lloyds Bank spoke about the research: “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.

“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.”

Premium

It’s not just the south cost that is proving popular, many areas around major UK cities are seeing an influx of young professionals. Jesmond in Newcastle and Ilkley in Bradford are just two places that has seen property prices rise as a result of their new status.

For example, the average house price in Ilkley is £267,799, an average premium of 136% compared to the whole of Bradford.

Richard Carr believes this is great news and shows the positive effect of the internet and the digital economy. It’s also great news for the ailing coastal economies that can now blossom as commuter towns, however we need faster broadband now more than ever.

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