Property in Brighton has risen by 16% in the past 12 months as migration from London to commuter towns continues to grow, according to one agency.
A strong economy has helped to make the region a ‘hotspot’ for buyers from the capital, with 16% of Hamptons International’s business in the Brighton area in the year-to-date coming from London based buyers.
The town is particularly attractive to young professionals aged between 25 and 34 and projections suggest that the population will grow by nearly 8% over the next decade.
George Dobson of Hamptons International said, “Brighton is not your typical seaside town. It remains active during the winter as it has a large student population and a growing influx of commuters from London, who have it as their permanent base – ensuring it is always vibrant.”
According to Technical Forecasts Ltd, flat prices in Brighton are forecast to grow by 53% over the next five years. This is well ahead of regional expectations (39%), as well as forecasts for England & Wales (41%).
Land Registry data suggests that the price of flats in Brighton and Hove increased by 265% in the 10 years to 2006, or 13% per annum. This is above the national increase of 9.8% per annum over the same period. The average price in Brighton and Hove currently stands at £228,465, well ahead of the national average £182,914. Similarly, annual price growth currently stands at 15.5%, more than 6% ahead of the national average.
However, the average price of a Brighton property is well below the average property price for London which stands at £349,838, making Brighton a much more affordable option for Londoners looking for a property close enough to London but with a change of scenery.
Mr Dobson continues: ‘Brighton is a trendy town and with young buyers from London keen to make the right move. It has its own ‘hotspots’ and sought-after areas. In particular, these tend to fall into two categories; those on the seafront with a sea view and ‘The Lanes’, due to all the exclusive boutiques and shops. Buyers from London tend to choose one or the other but those looking for a second home invariably opt for a sea view. Brighton is also a very popular destination for those Londoners looking for a weekend retreat.’