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News

Prices flying high for Brighton

Tuesday, April 26, 2016 By Tom Sleven

Figures for 112 cities and towns across England and Wales reveal that Brighton has had the biggest surge in house prices having jumped almost 500% over the past 20 years according to the Office for National Statistics.

Average house prices in the city were £50,000 in 1995 and are now at £295,000.

The same cannot be said for all of England and Wales as the average increase for other towns in the South saw house prices rise by between 250% and 350% over the same period.

This amazing rate of increase shows no sign of slowing and data from land registry shows that between February 2015 and February 2016 house prices in Brighton rose by 11.9%. This far outweighs the average growth over England and Wales of 6.1% over the same period. https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/511386/Land-Registry-February-HPI-2016.pdf

What is attracting buyers to Brighton? There are many reasons that people relocate to Brighton including its direct commuter links to London, first class academic establishments, eclectic coastal resort, its many green spaces and being surrounded by the beautiful Sussex countryside.

Where are all of the buyers coming from? With the average price of a London house currently at £530,000 compared to just below £295,000 in Brighton *according to land registry figures. In relative terms Brighton still affords buyers moving from London a far better value for money property than the equivalent property in London. Londoners currently make up 38% of purchases in Brighton (based on a sample of 955 sales in 2014).

Tom Sleven, Brighton residential manager commented; “Brighton continues to offer fantastic value and continues to provide buyers and sellers a return on their investment even over a short period of time.
I may be biased as a Brightonian myself, but see no reason for this wave of buyers to slow anytime soon as the attraction and draw of living in Brighton remains so high.”

There are many exciting developments and new attractions in and around the city at the moment. These include over 800 new apartments in Brighton Marina and the British Airways i360 tower. Constant additions further evolvement certainly keep Brighton firmly on the map as both a tourist destination and wonderful place to live.

If you have any questions about buying or selling in Brighton please contact Tom Sleven on 01273 601060 or sleven@gravesjenkins.com