It’s official! According to recent research by Lloyds Bank, Hove has statistically been one of the most sought after areas for young professionals to buy a home in over the past year, and, has held top place in the league table for three years running. The BN3 postcode has beat London areas hands down, and we’re not surprised, given the amount of fantastic properties that we’ve worked with over the last year.
How does the research decide that BN3 is the most popular postcode?
Lloyds Bank carry out annual research to define the answers to two questions: Which postcodes have had the most house purchases made by young professionals, and how much more are buyers prepared to pay to live in that postcode versus the average house price in the corresponding city or town?
Of the twenty cities defined as most popular to buy in, Hove came top and Brighton seventh, with sixteen of the remaining postcodes all being in London. However, when the research revealed which postcodes command a price premium to buy into the ideal lifestyle, BN3 was one of the least affected. The research suggests that buyers in fact pay an average of 8% less to live in BN3 versus other areas of Brighton & Hove.
So, what is it about BN3 that makes it a great place to live?
As an agency at the heart of Brighton and Hove we’ve had the pleasure of not only exchanging at lightning speed on the many period properties we’ve had in BN3, but also representing several new luxury developments. Our own local property experts agree that young professionals are getting great value for money when they move to Hove. For a first-time buyer, being able to pick up a new build apartment is an ideal low maintenance and eco-friendly option – perfect for busy workers. The development New Wave that we’re currently offering to purchase off-plan, is a perfect example of stress-free modern living in Hove.
Buying a property in BN3 is certainly a great move if you want to access plenty of green spaces, an excellent choice of good quality eateries and pubs, and be just a few steps from Brighton city centre for work, shopping and nightlife. And of course, there’s the beach, and the South Downs a short drive away. It’s no wonder that hard-working first time buyers are choosing to live in affordable Hove instead of entertaining some of the eye-watering prices across London.
What are the other most desirable places to live in the UK?
The most expensive of the top 20 postcodes listed in the research was W4 - Chiswick, where young professionals are prepared to pay a whopping 76% more than the average house price in London to purchase their perfect lifestyle. Didsbury, Manchester was second postcode with the biggest premium young professionals would be prepared to pay to have a piece of, at 56% higher than the average price.
How you can benefit from the popularity of BN3
For young professionals not yet ready to set foot onto the property ladder, there’s a steady flow of flats to rent in the BN3 area. Investors have long understood the rental appeal of Hove properties and the good news is that we’re never short of stock.
Our Residential Team will be happy to help you if you currently live in BN3 and are interested in an honest, market sensitive valuation of your property to sell or to let. It’s an exciting time to get moving in Hove and we have a database of excellent calibre tenants waiting to move. Or, if you’d like to start the search for your own piece of BN3, as a buyer, tenant or investor, we’ll help you using our local expertise to guide you into the right type of property, at the right price.