Young buyer populations down across London boroughs by an average of 2.75% since 2012
A new study has revealed which cities in the UK young people aged between 18 and 34 are moving towards and where they are leaving.
The research, conducted by Good Move using data from the Office for National Statistics, shows that the city of Coventry, in the West Midlands, has seen a 3.65% increase in its population aged 18 to 34 since 2012.
This can be attributed to its affordable housing and low rental costs compared to national averages, as well as its high-quality broadband speeds and 4G connectivity coverage.
Bath & Somerset in the South East came in second in their analysis with a 2.72% rise, followed by Exeter in the South West (2.40%), Canterbury in the South East (2.24%), and West Lancashire in the North West (2.04%).
By comparison, the research revealed that London has seen the greatest decline in its population aged 18 to 34, with boroughs in the capital accounting for 9 of the top 10 Local Authorities experiencing a fall in this demographic.
Slough, in the South East, is the only non-London borough featuring in the top 10.
The borough of Hammersmith & Fulham saw the highest departure rate amongst 18 to 34-year olds of 5.39%, whilst on average, every London borough has lost 2,000 young people since 2012, the equivalent of a 2.75% decline.
Good Move attributes this to the capital’s soaring house prices, which typically cost £540,000; more than double the UK average of £258,270, with the firm’s Director, Ross Counsell, commenting:
“Young people bring money, innovation and life to a city and our research has highlighted the places currently benefiting from their interest.”
According to the latest index by Nationwide, annual house price growth in the North West and Midlands exceeded 2.0% in March.