Brighton & Hove: A guide to the property market
Toby Powell, co-director at Winkworth Brighton & Hove, tells us why it’s time to consider coastal life in the south east
The south east of England has been stealing the limelight from London as ‘the’ place to live and work and the Brighton & Hove property market has gone from strength to strength since the election this year. The market began on a high with Q2 sales of more than £394,000,000 between April to June alone and a £50,286 price increase from Q1 2013 to Q1 in 2015. Brighton and Hove property prices rose by more than 11% between June 2014 and June 2015 and cheap mortgage deals have maintained a buoyant house buyers’ market.
The Brighton market is as much about quality of life as it is about investment. Brighton welcomes visitors from around the world each and every day but for residents, the appeal of seaside life doesn’t just stop after the weekend. Once people do relocate to the city, they rarely leave!
Families choose Brighton for its range of properties on the market in a distinct selection of property areas. Fresh graduates from the University of Brighton, ranked in the UK’s top 25% of universities for world-leading research, can also live in the city after their degree thanks to its large amount of rental accommodation on offer. Due to its large volume of students, Brighton boasts a large buy-to-let market and was named the best place for the fastest-growing buy-to-let yields in the UK in 2014; in May 2014, the average rental yield stood at 6.7%. Hanover is one of the best areas to find a large selection of student property.
Brighton’s bustling business scene is another reason why people choose to relocate to the city. Brighton was named as the best place to start up a small business this October and has the fourth largest number of start-up businesses in the UK. The North Laine still provides an outlet for independent shop owners to sell their eclectic wares. As the cultural capital along the coastline, Brighton boasts one of the most packed events calendar in the UK, which is great for the local economy and residents.
Current and future property
Brighton’s Regency architecture and premium seaview squares, such as Brunswick Square, Sussex Square and Royal Crescent, are well known. However, away from the bright lights of the seafront and its bright white Regency and Georgian townhouses, there are many other property pockets to tempt buyers and renters. Victorian property surrounding Preston Park is popular with young families, while residential Hove has Victorian, Edwardian and semi-detached rental and for sale homes on the current market.
This distinct contrast between city and seafront property has created a vibrant property market that is inclusive for every generation. To maintain a buoyant market for years to come, the 2015 Housing Strategy has been created in collaboration with residents. The report notes that property prices are around 44% higher than the England and Wales average and the provision of all types of housing, for all budgets, is now a top priority. Numerous projects are now underway, including a 853 home development in Brighton Marina, and the redevelopment of London Road and Circus Street.
The Winkworth Brighton & Hove office is constantly inundated with calls from interested buyers and we have completed five property sales in the city during the past seven days alone. We continue to be excited by Brighton’s sheer range of properties on the market and are eager to watch upcoming developments rise up and transform recognisable spots across the city.