According to a recent report released by Lloyds Bank, in order to live in one of the most popular hotspots, young professionals are paying a premium of £71,000.
Young workers face paying an average price of £735,874 for a property in one of the 20 most sought after areas. The average price of a property in surrounding areas is £664,716, creating a difference of £71,158 between the two areas.
The most popular location in England and Wales for young buyers is Hove, BN3. Brighton is seventh on the list of most sought after locations, with a lively nightlife, popular universities, cultural scene and family size homes.
Greater London is the dominant force on the list, with 16 areas to the south of London in high demand. The location in second position on the list is Wandsworth, where the average property price is £763,418, which is £15,546 higher than surrounding areas. Wimbledon is number three on the list, where young buyers can expect to pay £109,397 more to live, in comparison with nearby locations.
Young professionals will face paying the highest premium to live in Chiswick, which is £370,988 higher than properties in nearby Hounslow. The most expensive location for young buyers is Hampstead, followed by Paddington, where the average house price tops one million.
Young first time buyers may be able to minimise the costs of buying a house, by seeking assistance from a CeMAP qualified mortgage adviser, to find a mortgage deal with a low rate of interest.
