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News - 3 March 2017

House Price Update 2016 Q4

The average house in the city cost £346,829 during October to December last year. Still expensive but cheaper than the previous quarter.

The gap between the average property price in Brighton & Hove and the rest of the country is continuing a decline that started in the second quarter of 2016 and prices in the city are now 50% higher [the ‘Brighton premium’].

Perhaps reflecting the chaos on the trains, a one bedroom flat cost £239,794 in the last quarter of 2016 which is nearly 2% less than the previous quarter. It would require an income of £55,237 to purchase and a deposit of just under £60,000.

The cost of a three bedroom house also decreased by nearly 5% from the previous quarter at £446,581 and would require an income of just over £103,000 and a deposit of £111,645 to purchase.

While buying may have got cheaper, the cost of renting has increased with a one bedroom flat costing £933 per month to rent; a 2% increase on the previous quarter.


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