Brighton’s property market update
The phrase ‘best of both worlds’ is overused when describing residential locations but when it comes to Brighton, home movers really can enjoy a seaside setting and a commute into the capital. This South Coast resort benefits from a fast rail link to London, which workers love – you can pull in to Victoria just 60 minutes after leaving the sea, while St Pancras International is 1 hour 20 minutes away.
The Royal seal of approval
Just like London, Brighton is a mix of property styles from a number of different eras with a city centre brimming with bars, restaurants, shops and cultural facilities. Victorian, Edwardian and most notably Regency architecture document the city’s flirtation with the rich and the royal – especially the Prince Regent - who flocked to Brighton for its spa-town status and salty air. The Royal Crescent, a number of regal ‘parades’ and smart sea-facing squares (including Bedford, Regency, Clarence, Russell and New Steine) remain firmly in fashion, as does the striking architecture of The Brunswick Estate, which spills over into Hove.
Lettings opportunities abound
A legacy of the period house building boom is a plethora of large dwellings with multiple bedrooms – up to 24 in the most generous cases – that are being marketed as ideal projects for landlords looking for Houses in Multiple Occupation. Many have lived former lives as hotels but now lend themselves to smart professional house shares, student lets or even Airbnbs.
Dazzling architectural brilliance of the modern kind
At the other end of the spectrum, Brighton is known for its one-off architecturally designed houses that capitalize on their seafront positions. Examples on Dyke Road and Withdean Road draw influences from many sources, as diverse as Art Deco and James Bond.
The ability to flit between coast and city, as well as the varied housing stock, has drawn people away from London to Brighton for a better work-life balance. As a result, this has supercharged the property market. It’s such a buoyant and busy city (it upgraded its status from town in 2000) that Brighton & Hove City council produces is own house price index.
Sales values slip marginally
Its latest report reflects residential sales and rental values between April and June 2019. The average house price in Brighton & Hove, according to Land Registry figures, stands at £358,983 – an annual dip of -1.3%. A one-bedroom flat is currently advertised at an average of £250,958 (down 3.4% on last year), while a three-bedroom house has an average asking price of £476,632 (down 1.6%).
Increasingly more expensive to rent
Rental fortunes, however, are working in favour of landlords, as rental values have risen significantly in the last 12 months. A one-bedroom flat is now 5.7% more to rent compared to last year, with average advertised rents of £995 per month. The average rent on a three-bedroom house has risen too, but more modestly, now with an average advertised rent of £1,646 – a rise of 1.4%.
Viewber has a number of representatives in Brighton and Hove, who can be booked to accompany viewings or complete property visits with as little as 24-hours notice. Ask us today about our service.