Market analysis from property portal, Boomin, has revealed that Brighton’s housing market sits well within the UK’s top 100 most expensive after experiencing annual price growth of 10%.
Brighton has always been a desirable homebuying hotspot, but the past couple of years have seen its booming popularity intensify even more, causing house prices to soar to the extent that it is now the 67th most expensive local authority in the UK and the 27th most expensive in the South East.
Brighton’s average house price currently sits at £425,543 after experiencing an annual increase of 9.6%.
This puts Brighton well above the UK’s national average of £283,496 and far ahead of the South East regional average of £388,531.
In fact, it means that Brighton’s prices are closer to London, the most expensive housing market in the country with a current average of £526,183, than they are the national average.
The reasons for Brighton’s popularity are plentiful, starting with its seafront location featuring 13km of stunning coastline.
The city has a population of 277,200 living in 121,400 households and boasts 74 state schools, more than 50 of which are OFSTED rated as ‘Good’ or better.
There are 12 acres of green space for every 1,000 people, and to the north of the city is the South Downs National Park – 628km/sq of vast, beautiful countryside.
Demand for Brighton homes is very high with lots of hopeful buyers competing for a relatively small amount of available properties. Such is the city’s popularity that demand is high with 79.6% of available homes currently listed for sale already under offer or sold subject to contract.
It’s because of this strong demand and limited stock that Brighton prices are so high. But homebuyers looking for the best possible deal would be wise to focus their search on what Boomin has identified as the most affordable areas of the city.
The BN41 postcode area, covering Fishergate and Portslade, has an average house price of £350,598, the lowest Brighton can offer.
In BN42, covering the Southwick area, the average price is £367,765, and in BN2, which covers Bevendean, Brighton Marina, Kemptown, Moulsecoomb, Ovingdean, Rottingdean, Saltdean and Woodingdean, the average price is £394,409.
It’s not just buyers who are desperate to live in Brighton, the rental market is hot property too, due in part to the city’s remarkably young population.
The average monthly rent in Brighton is currently £1,210 and while this is above the national average of £1,113 per month, rental prices have fallen by -5.6% in the past year.
The most affordable areas of Brighton’s rental market are the BN42 postcode area (£1,255/month), BN41 (£1,331/month) and BN3 (£1,444/month).
Michael Bruce, CEO and Founder of Boomin, said: “Brighton’s grand popularity is nothing new. It has long emitted a siren call to Londoners looking to escape big city life in exchange for a slice of coastal living.
“Brighton’s seaside location, combined with its thriving culture and easy transport links to London, Gatwick, and the rest of the south coast, make it irresistible to many who want to leave dense urban living without sacrificing the lifestyle that young professionals crave – hence Brighton’s unusually young population.
“All of this means demand is high for homes in Brighton while supply remains respectively low. Furthermore, with wealthy London buyers bringing London salaries to the local housing market, prices just keep getting higher.
“Anyone looking to buy a home in Brighton needs to have deep pockets and patience, not to mention the expertise of a good local estate agent!”
