Most desirable postcodes for young professionals revealed
The south coastal town of Hove is the top hotspot for young professionals buying homes across England and Wales, a report has found.
Didsbury in Manchester, Clifton in Bristol, central Cardiff, Jesmond in Newcastle, Sheffield and Reading were also among the most desirable places for professionals aged between 25 and 44 years old to buy a property, according to Lloyds Bank.
Lloyds said that for the second year in a row, the BN3 postcode, which covers Hove, was identified as the most popular place for young professionals to buy a home.
The BN1 postcode in Brighton was also on the list of hotspots. Brighton and Hove have particular attractions for the young and ambitious, with a diverse population as well as the availability of independent shops, bars, restaurants, music venues and commuter links to London, the report said.
Looking across the country, the postcode of CF24 in Cardiff, which includes Cathays, Roath and Splott, was named as the top hotspot for young professionals in Wales.
In the north west of England, the postcode of M20, covering leafy Didsbury, with its boutiques and bars, was the top place to attract well-heeled younger workers.
The postcode of BS8, covering Clifton, with its grand Georgian and Victorian architecture nestled close to Bristol city centre, was named as the south west's top hotspot for young professionals.
Lloyds' review looked at Land Registry house sales in the year to February 2016 and also used analysis of different sectors of the population by marketing consultancy CACI to make the findings.
Lloyds Bank mortgage director Mike Songer said: "Young professionals tend to have a professional or university qualification, are in well paid jobs and enjoy an urban lifestyle without the hustle and bustle of living in the city centre.
"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."
The young professional hotspots list was also crammed with areas of London, including Wandsworth, Wimbledon, Battersea, Streatham, Fulham, Putney, Hampstead, Paddington, Brixton and Tooting.
The three most expensive areas for young professionals all command an average house price in excess of £1 million - Hampstead, where the average price is £1,318,492; Paddington, where it is £1,220,198; and Fulham, with a typical home there costing £1,088,131.
Mr Songer continued: "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."
The research also found young professionals face paying a premium to live in their desired area - paying £88,000 more typically for a home in the postal district hotspots than a property in the wider town or city where they are located.
But among the exceptions is BN3 - the most popular postal district in the survey, where the average house price is £33,972 lower than in the whole of Hove.
In other areas of London the price premium is considerably larger. In the W4 district of Chiswick, for example, the average house price of £866,492 is £390,388 higher than in local area district of Hounslow. And in the N1 area of Islington houses are trading at an average premium of £267,891 compared with the Islington borough generally.
Even outside London young professionals face hefty prices for a home in the most popular areas. In Didsbury, homes trade at a premium of £106,383 compared with Manchester generally. In Clifton, the average house price of £397,599 is £132,163 higher than in Bristol generally.