Hove '˜the top choice' for young professionals buying a home

Hove took the top spot on the list for the third year in a row, and this year Brighton was named the seventh most popular area.

The other areas named in the top ten were all in London: Wandsworth, Wimbledon, Fulham, Battersea, Tower Hamlets, Streatham, Hampstead and Putney.

A Lloyds spokesperson said: “Hove is a very popular area with families because of its closeness to the sea, good sized homes, and its gentler feel than Brighton. Immediately to the east, Brighton, on the other hand, is a year-round city on the sea, with two large universities, a thriving cultural and arts scene and a buzzing nightlife served by a number of restaurants, pubs and bars.”

The research released today (April 17), also revealed that young professionals are paying an average premium of £71,000 to live in the most popular postal districts - but not in Hove.

In Hove’s highly sought-after BN3 area, the average house price is £412,165, according to the bank. But young professionals tend to spend £31,839 less than the average on homes in the area, buying up property around the £380,000 mark.

It’s a different situation in Brighton, where the average home in the BN1 postcode is £364,627. But Lloyd’s research shows young professionals tend to pay an extra £19,192 on property - spending around £383,819 on a home.

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.”

Why do you think Brighton and Hove is so popular with young professionals? Let us know by commenting below.