Highlights: · The average price of a home in Brighton is currently £251,404 · This shows an increase of 7.1% on average house prices in Brighton since 2006 · Average house prices increased 9.4% between 2005 and 2006 · Apartments were the most popular properties in Brighton in 2006, making up 46.7% of sales · Apartments have also experienced the strongest price growth over recent years, with prices currently standing at £191,942 , up 7.3% on 2006 and 11.8% between 2005 and 2006
The Brighton property market experienced positive growth in 2006, with prices up 9.4% on the previous year and increased sales, up 25%. The town has a wide appeal, offering a range of different properties with varying price tags.
With increasingly high London house prices, Brighton is now presenting a valid option for commuters who want to retain the vibrant city lifestyle. Brighton’s popularity has led to an increasing number of apartments in the city centre catching the attention of investors, resulting in an influx of buy-to let properties on the market. Although average house prices in Brighton are above the UK average, they are highly competitive when compared to other areas of the south east.
Summary: Average house prices in Brighton remain strong, up 7.1% so far in 2007 and recording a 9.4% increase between 2005 and 2006. Apartments continue to be the big winner, with prices up 7.3% on 2006 (11.8% between 2005 and 2006). The popularity of Brighton among young professionals and recreational visitors continues to drive prices upwards, although they still remain more affordable for commuters working out of London. This has brought many investors to the market and caused apartments to top the property mix – making up almost 50% of all sales in 2006, and 47% of sales so far in 2007. It is still possible to buy a small apartment in some of the city’s central districts for under £100k.
Terraced properties are a close second to apartments, both in number of sales and in price growth. Although prices for these properties remain attractive, they are accelerating rapidly – terraced homes increasing at a rate of £20,000 per year since 2005.