By Daniel Hunter
The latest research from Lloyds TSB reveals that Wandsworth in south-west London is the leading property hotspot favoured by aspiring young professionals.
This area of London is within easy access of the City and the West End, making it very convenient for young working adults. Wandsworth has a mix of Victorian and Edwardian properties as well as new riverside flats and conversions that many young professionals find attractive.
Fulham, Battersea and Wimbledon — which, like Wandsworth, are in the SW postal area — are the next most popular areas with this segment of the population. 18 of the 20 property hotspots favoured by young professionals are in the capital, including Paddington, Kilburn and Hampstead. Hove and central Brighton are the only areas outside London in the top 20.
Outside the capital and the south east, the area most favoured by young professionals in England and Wales is Didsbury in south Manchester. Other regional hotspots for young professionals include Clifton in Bristol, central Cambridge, West Bridgford in Nottingham, and Broomhill and Fulwood in Sheffield.
Properties in areas popular with young professionals tend to come with a large price tag. Those in the 20 most popular areas in London pay around 32 per cent (£619,000) above the average price for their local authority.
In the SW6 area of Fulham, for example, the average price of £847,620 is 23% above that for the wider Fulham area. In the SW11 area of Battersea, residents would need to pay a 19% premium on an average priced house compared with houses in the surrounding area.
Similarly, areas outside the capital popular with young professionals typically have relatively higher property prices. In Didsbury, young professionals pay on average £236,844 compared with £142,041 in the rest of Manchester: a premium of 67 per cent.
In West Bridgford, the average property value (£229,456) is 53 per cent above that for Nottingham as a whole (£150,175). The area of Harbourne in Birmingham, where the average house price is £251,015, comes at the greatest premium (72%) above the average for the city of £146,201. The most popular area in Wales — Cardiff Central — has property prices at a 52 per cent premium compared with the city average.
Flats are the most popular property type in many of the areas most favoured by young professionals. For example, flats account for four fifths (80%) of all properties in Hove (BN3 postal area) and Clifton in Bristol.
Terraced houses account for the majority of property sales in central Cardiff (81%), as well as in Broomhill and Fulwood (58%) in Sheffield.
Detached properties account for a much smaller proportion of homes purchased in the most popular areas in England and Wales with young professionals. West Bridgford in Nottingham (13%) had the highest proportion of detached properties sales in an area popular with young professionals.
"Aspiring young professionals are typically well-qualified and in well-paid jobs," Nitesh Patel, Housing Economist at Lloyds TSB, said.
"They tend to live in areas that are not far from the city centre, but are also places where they can enjoy open green space and a café style environment. Buyers typically pay a significant premium to live in areas popular with young professionals."
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