Hove has become the most popular place outside of London for a new wave of young professionals looking to buy a home, according to a new report.

Nearly 1,000 homes in Hove were bought by London-based house-hunters last year.

Hundreds more homes were snapped up in Brighton by 25 to 44-year-old workers in the capital over the same 12 month period.

An estate agent, councillors and Hove’s MP said the stats showed what a draw Brighton and Hove was as a place to relocate to but warned the influx impacted on born-and-bred residents also looking to get on the property ladder.

The BN3 postcode in Hove had the largest number of property sales to young London workers outside of the capital while BN1 Brighton was not far behind at ninth in the figures compiled by Lloyds Bank and based on figures obtained from the Land Registry.

But while areas of Manchester, Bristol, Birmingham and Newcastle have seen wealthy capital workers gazumping local residents by paying up to 63% more than the average house price, in Hove buyers were finding bargains 11% below the average price tag.

Estate agent Phil Graves, of Graves Jenkins, said: “Why wouldn’t young professionals want to come to Brighton and Hove?

“It is a fantastic place to live especially when we have beautiful weather like it is at the moment.

“Is it a case that they outbid local people? Probably not.

“Anybody with cash is prepared to outbid someone else if it’s the right property. I don’t think that is exclusive to yuppies. Any estate agent worth his salt works exclusively and individually for their vendor. 

“We sell to the most appropriate bidder who can meet the contract, and that is usually the highest bidder, whether that is a local buyer, a yuppy, a European buyer or someone from
further overseas.”

Green councillor Bill Randall, chairman of Brighton and Hove City Council’s housing committee, said: “The mass movement of yuppies to Hove and Brighton confirms the fact that our city is a fantastic place to live and raise a family.

“However, the newcomers’ arrival puts an even greater strain on our limited housing resources, fuels houseprice inflation and prices many sons and daughters of the city out of the housing market.

"It is critically important that the council should be able to provide more and affordable homes for local people and the government should answer our pleas and allow us to borrow more to build more homes and create more jobs and apprenticeships.”

Graham Cox Conservative councillor for the Westbourne ward in Hove said: “There is no way practical way to stop this. The only answer to the housing crisis is to build more.

“We do need to have the courage to give permission for new homes.

“We want to have a mix of young and old in Hove. People from London come down, open shops and run great restaurants. We wouldn’t want to lose that.”

Hove MP Mike Weatherley said: “It is, of course, better that we continue to be an attractive area for those not living here but whether or not we can accommodate many more people is
the question.”