The best cities for property investment to attract millennials have been uncovered in new research by credit experts TotallyMoney.
Millennials have been shown to be more likely to rent in the private sector, as the UK home ownership rate drops, an obvious target for by to let investors.
The research looked at 16 elements that are widely considered to be important to millennials and used them to rank 63 cities across the UK to reveal the best cities for millennials to live in.
The elements considered included property factors, such as the cost of a one-bedroom property to rent as well as to buy; cost-of-living factors, such as the cost of a cappuccino, gym membership, and meal for two; lifestyle factors, such as number of things to do, the population aged 0–17 and 18–29, and the percentage of Brexit remain voters; and most importantly, work factors, such as overtime hours, paid overtime, average weekly earnings, number of business start-ups, graduate hires, employment rates, and the number of young people on benefits.
Despite high living and property costs, London still makes second place in the list, due to high potential earning and the highest number of graduate hires.
However, first and third place go to Scottish cities Glasgow and Aberdeen respectively, where decent wages can be combined with lower than average property prices.
Bottom place went to Basildon in Essex, where just two per cent of graduates find work and the level of extra-curricular activities lagging way behind.
Spokesperson for credit experts TotallyMoney, James McCaffrey, said: ‘There are some things millennials have had to adjust to that haven’t been experienced by past generations, and with this comes an entirely different set of priorities. Rising house prices, stagnant wages, and Brexit are just some of the hurdles this generation have to get over.’
|Rank||City||Average Weekly Earnings||Business Start-Ups Per 10k Population||Graduate Hires||Employment Rate||Average One-Bed Asking Prices||Average One-Bed Asking Rents|
Source: Residential Landlord