Brighton's House Sales Drop

06/07/2018
Sales volumes in Brighton have decreased by 28% in a year. April 2017 saw 325 sales, whereas April 2018 only saw 251 sales according to the most recent Land Registry data*. Could this mean that Brighton is becoming a less popular seaside town or is the housing market as a whole coming to a stand still?

The nearby town of Portsmouth has also seen a decrease in the number of house sales, but only of 16% rather than Brighton’s whopping 28%. The decrease in sales across the whole of the UK is only 14%, which shows Brighton’s decrease is far higher which could have serious implications to future sale prices.

Why has Brighton previously been such a draw for so many buyers?

Brighton has been a fashionable seaside resort since the Georgian era. People are drawn to its beaches, pier and bustling nightlife. It is home to many students as Brighton University and the University of Sussex are based within it. Around 34% of the city’s population are aged between 25 and 44 (Source: Brighton and Hove JSNA 2015) because of the ever-developing and lively nature of the town.

So, Brighton attracts young people, and sales volumes are decreasing. The link between these two statements could be due to the increasing house prices. The average house price over the same period above has risen from £347,209 to £360,166. Although this is only a 3% rise, a fall on the 5% seen in the year April 2016 to 2017. With falling sales volumes and slowing house price increases there can only be only one thing to increase sales and that is a fall in house prices over the next few years. This is especially needed as the average age for a first-time buyer is now 33 years old (Source: English Housing Survey 2016 – 2017) which shows that the young people studying and working in Brighton are struggling to buy and are having to wait by living with Mum and Dad, or renting.

How does Brighton compare to other seaside towns?

Despite Brighton’s house prices increasing, compared to Southampton and Portsmouth, the prices are began to level in August 2017. These other seaside towns are increasing fairly steadily at a rate of around 6% on the previous year, with Portsmouth seeing the highest increases (refer to graph).

The general trend of these towns is a reduction in the average house price increase each month, with Southampton seeing significantly less of an increase in December 2017 on that of November. However in April of this year house prices took a higher increase than previous months, for all three coastal towns. The pattern of house prices beginning to level out ended in April for Brighton, although the increase does seem to be significantly less than that of the other two towns.
Brightons-popularity-decreases.png
Brighton’s increases are depreciating to only around 2% on the previous year. Despite sales volumes being down, it seems that within the next few years Brighton’s prices may become steady or even decrease. This means that housing within this vibrant city may become more affordable for young people and hence, sales volumes could increase again.

The following article (continues below) looks at recent news regarding Brighton's property scene. Click here to find out more about buying a home in Brighton.


* All house price data used in this article is from the Land Registry unless stated otherwise. Latest monthly pricing figures are for April 2018, latest sales volumes are for February 2018.

Fixed Fee, No Sale No Fee with a 5 out of 5 rating

 

Brighton Property Overview

The style of Brighton’s close-knit streets means there are many terrace houses and smaller properties. Many of these properties were built during the Victorian era as the population grew by more than 120,000 in the time between 1801 and 1901. The attraction of the town grew with the opening to the Grand Hotel, the West Pier and the Palace Pier. Almost all of these Victorian properties are still lived in today including those on Borough Street, Belle Vue Gardens and Dyke Road Drive.

There are houses available of Regency architecture (classical white buildings built during the Regency era of 1811 to 1820) on Arundel Terrace and Regency Square.

Brighton Marina is a new development offering restaurants, bars, shops and modern flats. Aquavista is another new development with large, open plan properties designed for contemporary living.

Click to find out RICS Surveyor tips for Brighton and how to book a home buyers survey for properties in and around the location


Brighton Property Prices 2018

Detached: £655,457
Semi-detached: £426,919
Terraced: £385,828
Flats/Maisonettes: £296,588
Average: £360,166
Cf. 2017 +3.73%
Land Registry 2018

Read on for more news regarding Brighton's property scene. Click here to find out more about buying a home in Brighton


Off-Plan

Off-Plan properties are in the New Wave development in Hove that contains one to three bedroom houses that are very modern as well as a few grand townhouses.

Help to Buy and Shared Ownership

Greenhill Gardens offers three or four bedroom properties with Help to Buy available. Shared Ownership properties are also available such as those on Goldstone Lane, Pankhurst Avenue and Manor Road.

Brighton Sales Volumes.png

Rental Scene

Average rental prices in Brighton in June 2018 were £382 per week and the rental price range varies from £228 - £665 per week.

Brighton Postcodes

Postcodes in Brighton range from BN1 to BN99.

Brighton’s most expensive street

The most expensive road in Brighton is Roedean Crescent, with the average house price being £1,490,625.

Up and coming local areas

Up and coming local areas near Brighton include Worthing, Eastbourne and Crawley.

Council Tax Band D Charge 2018

£1,834.83

 
new-conveyancing-process.png

FREE Online Conveyancing Process for Buyers

Includes online checklists, videos, downloads and tips - plus it is free to use and remembers your progress.

 
Already have an account? Click here to log in