Close

Choose your country

Up and coming: The top cities for young people

noImage PropertySales.com

Look how happy and young she is! Much joy! So youth!

For those looking to invest in the commercial property sector in recent years, there is one city that ranked above all others for top prices, top rental rates and the best level of demand.

But the market is always changing and evolving, and markets that have been the best in the past may not always prove to be so fruitful.

For those with the future in mind, it can be worthwhile to look at who you are going to be investing in, rather than where.

Young people are the future of business, and investing in areas that are more favourable to younger residents can be the way to secure a strong long-term investment.

So where are the best places for young people to live in the UK these days, and just what are they looking for?

The changing map of the future

While London was once seen as the place to be for the trendy young generation of professionals, this is now changing according to a report published by Legal and General.

The company ranked the top 20 UK cities and found that London had dropped to 15th place among the 18-30 age group when it comes to the places they most enjoy living.

Taking first place on the list was Cardiff, with Coventry and Newcastle in second and third. The top five was concluded by Liverpool and Edinburgh.

What this shows is a desire from younger people to move away from the traditionally more popular areas in the south and towards the cheaper alternatives further north. In fact, the top ranking southern areas were Brighton and Bristol in seventh and eighth respectively.

What are young people looking for?

According to the findings, the cost of living, a good work life balance and a job they enjoy are the three main factors that decide of youngsters like living in a certain place.

It is the first of these in particular that has seen certain cities rise up the rankings. Places like Cardiff and northern cities like Leeds, Liverpool and Hull have all come up trumps because of the cheap rental rates that young people can find and the general lower cost of living than the capital and related cities in the south-east.

An example given by Legal and General is the fact that the wages on offer in London average out at £27,560, more than £6,000 above the national average, and far and away the highest in the country. However, it ranked last for both the cost of living and the rental rates on offer.

Why invest in these areas?

When young people are happy living in a certain place, it can mean businesses will start to migrate towards them in years to come.

In Leicester and Cardiff, for example, 73 per cent and 70 per cent respectively are happy with their job, and 74 per cent and 70 per cent respectively say they enjoy a good work-life balance, meaning they are unlikely to leave these locations and move to the south again.

The majority of companies are no longer tied down to a certain area because of the rise in technology, and this means that they can now seek out the best people rather than waiting for graduates to seek them.

Remember, businesses are seeking the same things that their young employees want - the chance to operate fully and do their job well while keeping costs to a minimum.


noImage

About The Author

Return to top ↑