Financial News

  • 18 May 2014, 22:13

'Yuppies' Go On SW London Property Prowl

Southwest London has become Britain's biggest magnet for the latest generation of yuppies, according to a property survey.

Research by Lloyds said the SW19 Wimbledon postcode is the prime destination for what it calls young urban professionals.

The "yuppie" tag was first coined in the early 1980s to describe well-paid workers below middle-age, said to be obsessed with frivolous consumerism.

Lloyds said half the nation's 20 best-selling property purchase locations by young professionals are in London's SW region.

It analysed Land Registry postcode data for the 12 months to January, for 25 to 44-year-old urbanites.

It said the average home price in Wimbledon was 534,999. Other hotspots in the area included Fulham, Wandsworth, Tooting and Putney, where it said prices were on average 624,676.

Lloyds Bank mortgages director Marc Page said: "Young professionals make up a decent proportion of the capital's workforce and where they choose to live has a bearing on the local housing market."

Only two out of the top 20 locations were not in the capital - Hove and Brighton.

Others in the top list included Kilburn and Hampstead, Chiswick, Ealing and Hornsey.

The study showed that young professionals pay an average premium of 47,000 extra - around 26% - to live in the southwest part of London compared with other parts of the capital.

Outside of the South, the study said a similar trend of higher prices for urbanites was noted.

It said the premium in Didsbury compared with Greater Manchester was 55%, 37% in Jesmond over Newcastle as a whole, 48% in Nottingham's West Bridgford and 39% in the Ecclesall and Hunters Bar areas of Sheffield.

Mr Page added: "Outside London the areas most popular with this segment of the population also tend to fit the profile.

"In the majority of cases, young buyers have to pay a significant premium for a property to live in these areas compared with living in other parts of the city."

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