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UK young people are leaving London, with each borough losing an average of 2,000 18-34-year-olds since 2012. But where are they going?
An increasing population of young people is a sign of a thriving city and it is good news for Coventry, which has just been named the top UK housing hotspot for 18-34-year-olds.
Research conducted by regulated property buyer Good Move, used data from the Office for National Statistics to reveal the locations which are experiencing the greatest influx of young people in the UK.
Coventry was found to be the most popular place for young people to move to, with 18-34-year-olds representing 32 per cent of the city’s population – a 3.65 per cent increase from 2012, which is unrivalled across the UK.
Such popularity can be attributed to low property and rental prices in the city, 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 South-West was also popular with young people. Bath and Somerset came next with an increase of 2.72 per cent, followed by Exeter at 2.4 per cent. The low unemployment rate in these regions (3.2 per cent for Bath and Somerset, 2.9 per cent for Exeter) adds to their appeal, with both bettering the national average of 3.93 per cent.
Surprisingly, it is London which is losing its young people at the greatest rate. Out of the top ten local authorities which are seeing their percentage of 18-34-year-olds decline the most, nine are boroughs from the capital and the other (Slough) is just 20 miles away.
On average, each London borough has 2,000 fewer young adults in its population than seven years ago – an average decrease of 2.75 per cent. The soaring house prices of the capital are an obvious explanation as at over £540,000, they’re more than double the average for the rest of the country (£258,270).
Ross Counsell, director at Good Move, said: ‘Young people bring money, innovation and life to a city and our research has highlighted the places currently benefiting from their interest.’
Top 10 UK Hotspots for Young People
1) Coventry – 3.65 per cent
2) Bath and Somerset – 2.72 per cent
3) Exeter – 2.4 per cent
4) Canterbury – 2.24 per cent
5) West Lancashire – 2.04 per cent
6) Runnymede – 1.97 per cent
7) Guildford – 1.79 per cent
8) Newcastle-under-Lyme – 1.74 per cent
9) Bristol – 1.69 per cent
10) Welwyn Hatfield – 1.61 per cent