Why Hove is the place to be for young professionals
Young professionals make up a large part of the buyers’ market, so it makes sense that sellers target their property to this diverse and forever growing demographic.
In Brighton and Hove, this is particularly important. A new report by Lloyds Bank has shown that Hove is the most popular place in England and Wales for young professionals to buy a new home, with Brighton not far behind in fifth place.
This isn’t exactly hugely surprising. As we’ve written about before, high house prices and a desire to escape the hustle and bustle are driving young people out of London for good. They are seeking out cheaper, more relaxed places to live. Hove, quiet, community-led and with a slightly bohemian vibe, has huge appeal to creatives, artists and writers, while Brighton – often labelled as London-on-Sea – strikes the perfect balance between seaside and city living.
Closeness to the beach and sea, a thriving cultural scene, buzzing night-life, a wide array of independent boutiques and a commutable distance to London all add to the city’s appeal for those aged 25-44.
The research by Lloyds revealed that the BN3 postcode in Hove had the highest proportion of property sales for workers aged between 25 and 44 last year. Brighton’s BN1 district was in fifth place. In addition, the BN2 postcode – incorporating Brighton Marina, Kemp Town and Saltdean – managed 18th place, further highlighting the popularity of the city as a whole.
Young professionals, who are typically graduates with professional qualifications, tend to be in well-paid jobs and, as a result, have a fair bit of disposable income. They like to live in or close to a city and also look for a lively social scene, good transport links and a number of leisure opportunities on their doorstep.
Andy Hulme, mortgages director at Lloyds Bank, isn’t surprised that Brighton and Hove is luring these young professionals from the capital and elsewhere. “Unlike many of the other areas in the survey, Brighton and Hove have the attraction of being by the sea with some outstanding beach front properties and, with average property prices here 38% lower than London yet still being within commuting distance, it’s easy to see the desirability of living there.”
That’s it, in a nutshell. If you worked in London and were looking to buy a home, it would still be more affordable to move out to somewhere like Brighton and Hove and commute back in, even accounting for travel costs.
House prices in London are only going one way, so this trend for young professionals branching out to places like Brighton and Hove is only going to rise – which is, of course, fantastic news for sellers in the area.
If more willing buyers move here, you as a seller will have a greater chance of achieving your asking price or above. In that sense, it is win-win for all parties involved. Young professional buyers get to purchase a more affordable home, while sellers get market value or above for their property.
For more advice on buying and selling property in Brighton, Hove and the surrounding areas, please get in touch with Marc Cox on 01273 416732. As part of our service we offer an instant online valuation to give you an accurate estimation of your property’s value in our current local marketplace.