BRIGHTON RENTAL MARKET
Brighton & Hove is a seaside city located on the South Coast often referred to as “London by the Sea”, with rows of listed Georgian buildings and several conservation areas. Brighton has easy access to London via the A23 and railway now taking less than an hour. Brighton has fast become the home for many commuters who prefer the laidback seaside location rather than the hustle and bustle of London. The property market in Brighton & Hove is therefore just as young, fast paced and buoyant as the Capital.
With two universities and a music college, Brighton is also the home to 31,000 students accounting for approximately 12.4% of the population.
Property in Brighton & Hove is still selling well but the property market has flattened off a little according to local estate agents. Many sellers are having to be a lot more realistic about price in the current economic climate with many sellers not seeing the same returns as previous years.
The property prices listed below are the average price range for various kinds of properties with roads and locations making a big difference to the property.
Studio Flat - £115,000 to £125,000
1 Bed Flat - £135,000 to £165,000
2 Bed Flat - £200,000 to £250,000+
Terraced - £283,240
Semi-Detached - £291,477
Detached - £429,767
Accordingly to Land Registry Statistics the average house price in Brighton & Hove is 23% above the national average at £229,590. With the average price being so high many young people are forced out of the sales market as they simply cannot afford to buy and cannot obtain a mortgage. There is a real lock of first time buyers. As a result, people are opting to rent property and the rental market in Brighton & Hove is booming and proves to be a great place for buy-to-let investors.
Harringtons Lettings have had a superb year of renting property with many properties being snapped up by tenants within the first week of marketing.
The average rent for property in Brighton is £1,108 which is 18% above the national average.
The most active area of the lettings market is at the bottom end and the most popular properties are Studio and 1 bed flats and 2 bed flat house shares. The rentals market is dominated by 2 types of tenant, the city centre young professionals market and the student market which surrounds the towns universities
However, there is also a large demand for student houses and every year the universities have oversubscribed the halls of residence. Students ideally look for 4-8 bedroom houses in the Mouslecombe, Fiveways and Hanover areas of Brighton or on the Number 25 bus route. Harringtons Lettings have a large database of students currently looking for properties for the 2013 academic year.
2013 is shaping up to be another good year for residential lettings and Harringtons Lettings are expecting rents to rise significantly as more people are choosing to rent. We are anticipating that demand will outweigh supply and there will not be enough property. Harringtons Lettings are now trying to source more properties and have applicants waiting to move.
If you have a property in the Brighton & Hove area or are considering investing, please make contact with us urgently on 01273 724000.
Brighton & Hove is a seaside city located on the South Coast often referred to as “London by the Sea”, with rows of listed Georgian buildings and several conservation areas. Brighton has easy access to London via the A23 and railway now taking less than an hour. Brighton has fast become the home for many commuters who prefer the laidback seaside location rather than the hustle and bustle of London. The property market in Brighton & Hove is therefore just as young, fast paced and buoyant as the Capital.
With two universities and a music college, Brighton is also the home to 31,000 students accounting for approximately 12.4% of the population.
Property in Brighton & Hove is still selling well but the property market has flattened off a little according to local estate agents. Many sellers are having to be a lot more realistic about price in the current economic climate with many sellers not seeing the same returns as previous years.
The property prices listed below are the average price range for various kinds of properties with roads and locations making a big difference to the property.
Studio Flat - £115,000 to £125,000
1 Bed Flat - £135,000 to £165,000
2 Bed Flat - £200,000 to £250,000+
Terraced - £283,240
Semi-Detached - £291,477
Detached - £429,767
Accordingly to Land Registry Statistics the average house price in Brighton & Hove is 23% above the national average at £229,590. With the average price being so high many young people are forced out of the sales market as they simply cannot afford to buy and cannot obtain a mortgage. There is a real lock of first time buyers. As a result, people are opting to rent property and the rental market in Brighton & Hove is booming and proves to be a great place for buy-to-let investors.
Harringtons Lettings have had a superb year of renting property with many properties being snapped up by tenants within the first week of marketing.
The average rent for property in Brighton is £1,108 which is 18% above the national average.
The most active area of the lettings market is at the bottom end and the most popular properties are Studio and 1 bed flats and 2 bed flat house shares. The rentals market is dominated by 2 types of tenant, the city centre young professionals market and the student market which surrounds the towns universities
However, there is also a large demand for student houses and every year the universities have oversubscribed the halls of residence. Students ideally look for 4-8 bedroom houses in the Mouslecombe, Fiveways and Hanover areas of Brighton or on the Number 25 bus route. Harringtons Lettings have a large database of students currently looking for properties for the 2013 academic year.
2013 is shaping up to be another good year for residential lettings and Harringtons Lettings are expecting rents to rise significantly as more people are choosing to rent. We are anticipating that demand will outweigh supply and there will not be enough property. Harringtons Lettings are now trying to source more properties and have applicants waiting to move.
If you have a property in the Brighton & Hove area or are considering investing, please make contact with us urgently on 01273 724000.