Is property in the South East becoming unaffordable?
It is unquestionable that Brighton has a certain allure with its sunshine, beach and easy-going way of life, but is it really worth the increasing costs associated with living in one of Britain’s most bustling cities?
Recent reports have shown that the increase in property prices hasn’t indicated the sharp downturn in the market that many expected for this year, with the average house in the UK now setting you back £226,000 according to the National Office for Statistics - that’s an increase of £11,000 over the past 12 months.
What’s more, the South East and London maintain their status among the most expensive areas to live. With this hike in house prices in these areas, it’s no wonder homes are being labelled ‘overpriced’ and experts from the Royal Institution of Chartered Surveyors predict the market in the South East and London slowing down and perhaps experiencing a slight fall in prices in the most expensive areas.
Could Brighton and Hove, however, be the exception to this rule? According to Zoopla, Hove saw the second largest percentage rise in house prices since the start of 2017 (only beaten by Belper in Derbyshire).
The seaside town, which is a favourite amongst celebrities for its laid-back lifestyle and proximity to the sea, witnessed a price increase of 7.07% (or a whopping £30,584) since just January this year, leaving the average home in this area costing almost £463,000!
With this stark increase in mind, it will be interesting to see if the house prices in Brighton and Hove continue to reach unprecedented levels, or whether its unique appeal won’t quite be enough to save it being caught up in the slowing property market.