Hampstead hotspot: young professionals flock to NW3
Church Row - Credit: Archant
Hampstead is the ninth most popular choice for young urban professionals, and the most expensive choice on the list.
Church Row - Credit: Archant
Hampstead has been revealed as one of the top ten most popular places for young professionals to buy a house.
It ranked ninth on the list of the top 20 areas with the most property sales to young professionals, according to a report from Lloyds Bank.
The area is the most expensive for young urbanites, with house hunters paying a premium of £307,775, or 29 per cent, for a home in NW3, but they’re clearly prepared to pay through the nose for the postcode.
Lloyds Bank mortgage products director Andrew Mason 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.”
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Hampstead ranked above Paddington, Hammersmith and Fulham in terms of expense, with house prices on average costing £1,352,836. However, it placed behind fashionable SW postcodes Wandsworth, Wimbledon, Fulham, Battersea, Tower Hamlets and Streatham in terms of popularity. Brighton also ranked above Hampstead with Hove topping the list as the most popular choice for the third year running.
52 per cent of London’s working population are aged between 25 and 44, so it is unsurprising that 16 of the top 20 areas attracting young professionals are in the capital. In second place, premiums in Wandsworth are just 2 per cent when compared to the local area. The highest London premium paid is in Chiswick, where properties fetch 76 per cent more than in Hounslow as a whole. North London’s Kilburn and Hampstead follow in second and third place.
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On average, young professionals are paying a premium of £71,000 to live in the top twenty most fashionable areas when compared to the wider city or local authority. The average house price in the twenty most favoured areas is £735,874, 13 per cent higher than the £664,716 paid in the surrounding locality.
Number crunching:
Average house price in Hampstead: £1,352,836
Average house price in main city/local authority: £1,045,061
Premium young professionals would pay: £307,775 (29 per cent)
