Prices to buy any type of property increased over the first three months of 2012 despite falling nationally and prices to rent have also increased apart from larger family homes. The average city property is worth 38% more than the national benchmark.
Land Registry figures show that the average house price in the city stood at £220,642 in January- March 2012 [up from £219,038 in the last quarter of 2011]; this is an increase over the last few months but 5% below the all-time peak in November 2007. A salary of over £40,273 p.a. would be required to buy a one-bedroom, first-time buyer's flat.
Over the last year prices in Brighton & Hove have seen a 2.7% increase in comparison to a 0.6% decrease nationally and prices are 38% higher than the England & Wales average.
The income required to buy a one-bed flat priced at the average cost of £174,518 [up from £171,673 in the last quarter of 2011] would be £40,273 [£39,617 at the end of 2011] assuming a 25% deposit [£43,270 in this example] and a mortgage of 3.25x earnings for the balance.
The cost to rent in the city has increased for some properties but decreased for others. A 1 bedroom flat will cost £752/month [3.3% increase on the previous quarter], two bedroom flats are averaging £1,089/month [4.2% increase from the last quarter]. But larger premises have become cheaper to rent with a 4 bedroom houses averaging £1,686/month [a 14% decrease from the previous quarter].
Click here to download House Price Update 2012 Q1
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