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There is a new housing hotspot for young people in 2020 and it’s not London.
New research by Good Move has revealed that young people are abandoning the capital for Coventry.
Using data from the Office of National Statistics, Good Move analysed which cities had seen the biggest increase in 18 to 34-year-olds since 2012.
The Warwickshire city has seen the greatest influx of young people over the last eight years. 18 to 34-year-olds currently make up 32 per cent of the city’s population, an increase of 3.65 per cent from 2012.
It’s not hard to see why young people are fleeing the capital for Coventry. The new young person housing hotspot boasts low house and rental prices and excellent broadband speeds.
Bath and Somerset swooped into joint second place for attracting the largest influx of young people. Both saw the number of 18 to 34-year-olds grow by 2.72 per cent.
In contrast, London has seen its number of young people decrease faster than in the rest of the UK. Hammersmith and Fulham, once hotspots for young up-and-comers now have the highest rate of departures.
The only London boroughs to see any growth in the number of young people was in Havering and Islington. However, even then the increase was tiny at 0.55 per cent and 0.34 per cent respectively.
It’s no surprise that young people are making a great escape from London. Soaring house prices and living costs are a sure way to get young 20-somethings, strapped for cash, to pack their bags.
London is guilty on both counts, with a house in London costing on average £540,000. That is more than double the £258,270 average in the rest of the UK.
‘Young people bring money, innovation and life to a city and our research has highlighted the places currently benefitting from their interest,’ says Ross Counsell, director at Good Move.
‘Buying your first home is a huge deal, with so many factors to consider,’ he adds. ‘This is why we created our new online First Home Hot Spots tool, as it clearly shows how different regions compare in the areas most important to young people.’
Would you consider a move to Coventry?