Britain’s young professionals pay an extra £70,000 for a better location

Britain’s young professionals pay an extra £70,000 for a better location

Young professionals in the UK are paying an additional £71,000 to secure a home in one of the country’s 20 most popular postcodes, a new research has revealed.

On average, a home in one of those desirable postcodes costs £735,874, whilst buying in surrounding areas will set you back £664,716, a difference of £71,158.

UK housing: No country for young men?

Out of the 20 areas mainly selling to young professionals most are located in Greater London. The only exception to the rule are Didsbury in Greater Manchester and Reading in Berkshire.

A total of 16 out of 20 areas on the list are located within London. Which probably doesn’t come as a massive surprise considering 52% of London’s working age population is aged between 25 and 44 years.

The research was compiled by the Lloyds Bank and looked at the UK as a whole before identifying regions that particularly stood out.

Andrew Mason, Lloyds Bank mortgage product direct, says:

“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.”

The continuing rise of Generation Rent and its best friend: the Private Rented Sector

Manchester’s Didsbury made it onto the list in spot 20. It became a popular destination with young professionals due to its great variety in high end food shops, independent retailers, restaurants and bars as well as regular tram connection to Manchester City Centre.

Chiswick, a west London district, came in first place with young professionals are willing to pay an extra of £370,988 (leading to an average price of £857,792) to secure a home in the area.

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