Coventry has been named the top UK housing hotspot for 18-34 year olds.
The research, conducted by regulated property buyer Good Move, used data from the Office for National Statistics to reveal the locations which are seeing the greatest influx of young adults.
Coventry topped the list, with millennials representing 32% of the city’s population – an increase of 3.65% from 2012.
Such popularity can be attributed to its low house and rental prices, which are considerably lower than national averages. The Warwickshire hotspot also boasts excellent broadband speeds and 4G coverage, making it an attractive option for young professionals.
The city was closely followed by Bath and Somerset (2.72%) and Exeter (2.4%), possibly due to their low unemployment rate.
The findings have been visualised in Good Move’s interactive online tool, First Home Hot Spots, which shows where populations of 18-34 year olds are increasing, alongside other useful statistics, such as average house prices, the number of jobs available and average salary.
The research also indicates where this demographic is moving from, by identifying the locations which are seeing a decrease in their young population.
Surprisingly – or unsurprisingly? – London is losing its young adults at the greatest rate. In fact, nine of the 10 local authorities which are seeing their percentage of young adults decline the most are boroughs from the capital and the other (Slough) is just 20 miles away.
Hammersmith and Fulham is seeing the highest rate of departures, with millennials now constituting just 31% of their population – a 5.39% decrease since 2012.
However, the trend extends across the capital, with just two of the 33 London boroughs – Havering (0.55%) and Islington (0.34%) – seeing any increases at all.
On average, each London borough has 2,000 fewer young adults in this population than seven years ago – an average decrease of 2.75%. This is expected, as average house prices here (£540,000) are more than double the average for the rest of the country (£258,270).
“Young people bring money, innovation and life to a city and our research has highlighted the places currently benefitting from their interest,” Ross Counsell, director at Good Move, comments.
“Buying your first home is a huge deal, with so many factors to consider. This is why we created our new online tool, as it clearly shows how different regions compare in the areas most important to young people.”
The top 10 UK hotspots for young people are:
- Coventry (3.65%)
- Bath and Somerset (2.72%)
- Exeter (2.4%)
- Canterbury (2.24%)
- West Lancashire (2.04%)
- Runnymede (1.97%)
- Guildford (1.79%)
- Newcastle-under-Lyme (1.74%)
- Bristol (1.69%)
- Welwyn Hatfield (1.61%)
For more information on the tool, or to see more details about the UK’s top 10 housing hotspots for millennials, you can visit: www.goodmove.co.uk/first-home-hotspots.