Young professionals make up a significant proportion of the capital’s workforce and where they’re living is shaping London’s housing market.
According to recent figures from the Office of National Statistics (ONS), 60% of inner London’s working age population are graduates. This is more than twice the number in the North East (29%) of England and considerably higher than both Wales (33%) and Scotland (41%).
Young professionals make up a significant proportion of the capital’s workforce and where they choose to live is helping shape London’s housing market. While proximity to work and amenities play an important part in determining where they live, house prices and rental costs are considerable drivers too. The pattern is a familiar one. As an area becomes established, so prices rise, forcing would-be incomers into cheaper, neighbouring postcode districts. And so the cycle begins again.
Research not only illustrates the point, but shows just how marked an influence young professionals have had – and continue to have – on defining London’s housing market.
Looking at the age profile across all London boroughs there are six that stand out. These are boroughs where over 50% of residents are aged between 20 and 44 – the London average is 43%. In ascending order they are Hackney, Lambeth, Islington, Hammersmith & Fulham, Wandsworth and Tower Hamlets.