House prices soar in Brighton and Hove
House prices in Brighton and Hove experienced a massive 16.8% year-on-year rise during April, which was the largest increase in England.
The information will further the fears that many people are being priced out of owning a home in the city, where the average house price is not reflected in the local average wage.
The figures have been calculated by The Guardian based on the latest round of data released by the Land Registry.
In England and Wales, prices rose by 8.5% over the past 12 months, while in the past month the average property prices rise by just 0.2%, the sixth successive month that prices have increased.
What has changed?
With recent property developments sky rocketing in Sussex, people are taking the plunge and moving down South.
See more information on property development in the UK.
We spoke to a Brighton based property developer and this is what he had to say:
“It’s now much easier for people to get involved in the property development industry. Although High Street banks are declining applications, more and more private lenders are approving these loans. I myself went through Hunter Finance which is a private lender and was approved almost instantly. “
“The reason people are developing properties in Brighton is because of its stunning location. Coastal views, the direct links to London, booming streets of restaurants and bars and more. It’s such a hit with people all over the UK.”
Click here to see the latest news on Brighton’s housing market.