In the second quarter of 2012 the average city property was worth 40% more than the national benchmark and had risen by over 5% in the last year compared to less than 1% nationally.
Land Registry figures show that the average house price in the city stood at £225,835 [up from £220,642 in April-June 2012].
The average city property now stands at just 3% below the all-time peak of November 2007.
Over the last year prices in Brighton & Hove have seen a 5.1% increase in comparison to a 0.9% increase nationally.
The income required to buy a one-bed flat priced at the average cost of £174,647 [up from £174,518 in the last quarter] would be £40,303 p.a. [£40,273 last quarter] assuming a 25% deposit of £43,662 and a mortgage of 3.25 x earnings for the balance.
The annual average cost of renting a 2-bed and 3-bed house has also increased with 2-bed houses showing the greatest increase at £1,112/month [+3.2%]. In contrast the annual average cost of renting a 4-bed house [£1,650/month] has decreased by 5.1%.
The largest annual increase has been in studio flats [bed-sits] showing an increase of 8.3% from £374/month in the second quarter of 2011 to £405/month in June 2012.
Click here to download B&H House Price update 2012 Q2
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