House prices in Q 3 of 2017 continued their inexorable rise and show no sign of slowing down.
Land Registry House Price Index figures show that the average house price in the city is now £365,695. The gap between the average property price for Brighton & Hove and England & Wales has increased with average price in the city now £127,158 (53%) higher.
A one bed flat cost just £4 short of £260,000, which is a 6.4% increase on one year ago. The greatest inflation was seen in studio flats [bedsits by any other name] which increased by over 10% during the year to September 2017.
A three bedroom house went up by the same percentage as a one bed flat and cost £472,807 in the third quarter of 2017.
To purchase a one bed flat in the city during the third quarter of 2017 you would have needed a deposit of £65,000 and an income of £60,000. For the three bedroom house a deposit of £118,200 and an income of £109,110 would have been required assuming a 25% deposit and a mortgage of 3.25 times salary.
The cost of renting also went up with a one bed flat costing £960 per month, up nearly 5% from a year ago. If that was translated into monthly mortgage repayments it would be the equivalent of a £164,225 mortgage which is only 63% of the mortgage required to purchase the property.
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