For the third year in a row, the BN3 area of Hove is the most sought after location for young professionals buying a home in England and Wales, according to a new report from Lloyds.
The bank said that with neighbouring Brighton coming in as the seventh top locality, the East Sussex coast continues to be a popular area for the aspirational young.
However, young professionals are paying a premium of £71,000 on average to live in the 20 most popular postal districts.
The average price of a home in one of the 20 most popular areas with young professionals is 13% higher than the surrounding area at £735,874.
Of the top 20 areas with the most sales to young professionals, 16 are located in Greater London, with Didsbury and Reading being the only other areas outside London.
In Wandsworth – the second most popular area with young professionals – the average property value is £763,418 – 2% higher than in the rest of the local area.
In third place Wimbledon (SW19) homes trade at an average price of £703,388 – a premium of £109,397 (18%) to the wider area.
Hampstead is the most expensive area for young urbanites, with an average price of £1,352,836, followed by Paddington (£1,231,224), Hammersmith (£1,139,668) and Fulham (£1,090,094).
Looking outside of London, in Harborne a young professional would pay a £102,909 compared with Birmingham.
In the Cotham area of Bristol these buyers would be paying an average premium of £108,591 compared with Bristol as a whole.
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 are also places where they can enjoy easy access to green space and a range of places to socialise. These buyers also don’t appear to be put off by the significant premium in price to live in areas popular with young professionals.”
20 areas with the most property sales to young professionals
| Postal Area | Post town | Region | Average house price | Average house price in main city/local authority | Premium young professionals would pay | Premium young professionals would pay |
| BN3 | Hove | South East | £380,326 | £412,165 | -£31,839 | -8% |
| SW18 | Wandsworth | Greater London | £763,418 | £747,872 | £15,546 | 2% |
| SW19 | Wimbledon | Greater London | £703,388 | £593,991 | £109,397 | 18% |
| SW6 | Fulham | Greater London | £1,090,094 | £933,412 | £156,682 | 17% |
| SW11 | Battersea | Greater London | £891,796 | £747,872 | £143,924 | 19% |
| E14 | Tower Hamlets | Greater London | £526,060 | £518,796 | £7,264 | 1% |
| BN1 | Brighton | South East | £383,819 | £364,627 | £19,192 | 5% |
| SW16 | Streatham | Greater London | £468,161 | £589,879 | -£121,719 | -21% |
| NW3 | Hampstead | Greater London | £1,352,836 | £1,045,061 | £307,775 | 29% |
| SW15 | Putney | Greater London | £742,683 | £747,872 | -£5,189 | -1% |
| SW17 | Tooting | Greater London | £677,614 | £747,872 | -£70,259 | -9% |
| W5 | Ealing | Greater London | £687,851 | £548,262 | £139,589 | 25% |
| W14 | Hammersmith and Fulham | Greater London | £1,139,668 | £933,412 | £206,256 | 22% |
| NW6 | Kilburn | Greater London | £897,236 | £556,028 | £341,208 | 61% |
| W2 | Paddington | Greater London | £1,231,224 | £1,431,579 | -£200,355 | -14% |
| SW12 | Balham | Greater London | £810,975 | £747,872 | £63,103 | 8% |
| SW2 | Brixton | Greater London | £587,147 | £589,879 | -£2,732 | 0% |
| RG1 | Reading | South East | £265,342 | £384,080 | -£118,737 | -31% |
| W4 | Chiswick | Greater London | £857,792 | £486,804 | £370,988 | 76% |
| M20 | Didsbury | North West | £260,057 | £166,995 | £93,062 | 56% |
| Top 20 Average | £735,874 | £664,716 | £71,158 | 13% |
Top hotspots by region
| Postal Area | Posttown | Region | Average house price | Average house rice in main city/local authority | Premium young professionals would pay | Premium young professionals would pay |
| CB1 | Cambridge | East Anglia | £508,294 | £419,646 | 21% | £88,648 |
| NG7 | West Bridgford | East Midlands | £175,086 | £178,497 | -2% | -£3,411 |
| SW18 | Wandsworth | Greater London | £763,418 | £747,872 | 2% | £15,546 |
| NE2 | Jesmond | North | £268,877 | £195,177 | 38% | £73,700 |
| M20 | Didsbury | North West | £260,057 | £166,995 | 56% | £93,062 |
| BN3 | Hove | South East | £380,326 | £412,165 | -8% | -£31,839 |
| BS6 | Cotham | South West | £395,162 | £286,571 | 38% | £108,591 |
| CF24 | Cardiff Central | Wales | £194,587 | £215,924 | -10% | -£21,337 |
| B17 | Harborne | West Midlands | £277,261 | £174,353 | 59% | £102,909 |
| S10 | Sheffield | Yorkshire and the Humber | £245,290 | £175,602 | 40% | £69,689 |
Source: Land Registry
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