Home World Business Hove’s BN3 postcode the most sought-after for ‘young urbanites’

Hove’s BN3 postcode the most sought-after for ‘young urbanites’

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Hove seafrontImage copyright Getty Images
Image caption Unlike other property hotspots on the list, homes in Hove are cheaper than the surrounding areas

Brighton and Hove Albion’s promotion to the Premier League has crowned a top weekend for the area, which has been named as a top property hotspot for young professionals.

Hove’s BN3 postcode area is the most sought-after location in England and Wales for home buyers aged between 25 and 44, according to Lloyds Bank.

It is the third year in a row that Hove has come top of the annual ranking.

Neighbouring Brighton came seventh in the top 20 list.

Lloyds said Hove’s seaside location and good-sized homes made it popular for families, while Brighton’s “buzzing nightlife” and “thriving cultural and arts scene” helped make it “a year-round city on the sea”.

Living in one of the 20 listed hotspots puts a £71,158 premium on the price of a home on average, according to Lloyds.

Its research found the average price of a home in those areas was £735,874 – 13% higher than the typical price in surrounding areas.

However, in Hove buyers typically pay about £31,000 less than in surrounding areas, Lloyds said.

Million-pound homes

Of the top 20 areas with the highest concentrations of house sales to young professionals, 16 are in London, it found.

Hampstead was the most expensive place for young professionals on the list, with a typical home there costing more than £1.3m.

“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,” said Lloyds Bank mortgage products director Andrew Mason.

“These buyers also don’t appear to be put off by the significant premium in price to live in areas popular with young professionals.”

Lloyds’ research was based on profiling of “young, urbanite professionals” aged between 25 and 44 by CACI and Land Registry housing market figures.

Top 20 areas with most property sales to young professionals:

  • Hove, south-east England
  • Wandsworth, Greater London
  • Wimbledon, Greater London
  • Fulham, Greater London
  • Battersea, Greater London
  • Tower Hamlets, Greater London
  • Brighton, south-east England
  • Streatham, Greater London
  • Hampstead, Greater London
  • Putney, Greater London
  • Tooting, Greater London
  • Ealing, Greater London
  • Hammersmith and Fulham, Greater London
  • Kilburn, Greater London
  • Paddington, Greater London
  • Balham, Greater London
  • Brixton, Greater London
  • Reading, south-east England
  • Chiswick, Greater London
  • Didsbury, north-west England

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