The average house in the city cost £353,176 [up from £346,829 last quarter] during January to March this year. That’s £125,627 more expensive than the average for the England & Wales.
The gap between the average property price in Brighton & Hove and the rest of the country had started to decline in the last quarter of 2016 but that has now reversed and prices in the city are 55% higher than England & Wales [the ‘Brighton premium’].
Over the last year average prices in Brighton & Hove have seen a 6.2% increase in comparison to a 4.4% increase nationally.
A one bedroom flat cost £255,823 [£239,794 in the last quarter of 2016] which is just under 11% higher than the same period in 2016. It would require an income of £59,000 to purchase and a deposit of nearly £64,000.
The cost of a three bedroom house also increased by nearly 8.7% from the same period in 2016 at £454,000 [up from £446,581 last quarter] and would require an income of just over £104,778 and a deposit of £113,509 to purchase.
While buying may have got more expensive, the cost of renting has decreased with a one bedroom flat costing £910 per month to rent [down from £933 last quarter]; a 2.5% decrease on the previous quarter.
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