Brighton and Hove house prices increased slightly in May
House prices increased slightly, by 0.6%, in Brighton and Hove in May, new figures show.
The rise contributes to the longer-term trend, which has seen property prices in the area grow by 9.6% over the last year.
Advertisement
Hide AdAdvertisement
Hide AdThe average Brighton and Hove house price in May was £425,543, Land Registry figures show – a 0.6% increase on April.
Over the month, the picture was different to that across the South East, where prices increased 1.4%, and Brighton and Hove was lower than the 1.2% rise for the UK as a whole.
Over the last year, the average sale price of property in Brighton and Hove rose by £37,000 – putting the area 51st among the South East’s 64 local authorities with price data for annual growth.
The highest annual growth in the region was in the Isle of Wight, where property prices increased on average by 18.1%, to £292,000. At the other end of the scale, properties in Oxford gained 4.8% in value, giving an average price of £466,000.
Advertisement
Hide AdAdvertisement
Hide AdAn imbalance between supply and demand for properties has remained the primary reason behind climbing house prices across the UK throughout the pandemic.
But activity is starting to slow, with soaring inflation putting household budgets under pressure.
Sarah Coles, senior personal finance analyst at financial advice company Hargreaves Lansdown, said:“The average house price hit another record high in May, and rose faster than any time since the peak in June last year.
"However, we’re starting to see small changes in the market, which are likely to mean weaker growth in the coming months, especially if interest rates are hiked in August."
Advertisement
Hide AdAdvertisement
Hide AdFirst steps on the property ladder
First-time buyers in Brighton and Hove spent an average of £369,000 on their property – £29,000 more than a year ago, and £57,000 more than in May 2017.
By comparison, former owner-occupiers paid £486,000 on average in May – 31.6% more than first-time buyers.
Property types
Owners of semi-detached houses saw the biggest rise in property prices in Brighton and Hove in May – they increased 1.3%, to £541,702 on average. Over the last year, prices rose by 13.2%.
Among other types of property:
Detached: up 1.2% monthly; up 14.1% annually; £843,263 averageTerraced: up 1.2% monthly; up 11.4% annually; £478,370 averageFlats: down 0.2% monthly; up 6% annually; £325,383 average
Advertisement
Hide AdAdvertisement
Hide AdHow do property prices in Brighton and Hove compare?
Buyers paid 9.5% more than the average price in the South East (£389,000) in May for a property in Brighton and Hove. Across the South East, property prices are higher than those across the UK, where the average cost £283,000.
The most expensive properties in the South East were in Elmbridge – £719,000 on average, and 1.7 times as much as more than in Brighton and Hove. Elmbridge properties cost three times as much as homes in Southampton (£239,000 average), at the other end of the scale.
The highest property prices across the UK were in Kensington and Chelsea.
Factfile
Average property price in May
Brighton and Hove: £425,543The South East:£388,531UK: £283,496
Annual growth to May
Brighton and Hove: +9.6%The South East: +13.5%UK: +12.8%
Highest and lowest annual growth in the South East
The Isle of Wight: +18.1%Oxford: +4.8%