Brighton house prices set to outpace London (From The Argus)

Brighton house prices set to outpace London

4:20am Thursday 7th November 2013 in News1 By Bill Gardner2, Senior Reporter

House prices in Brighton and Hove are set to outpace those in London for the first time in more than a decade, a study has claimed.

Buyers priced out of the capital are increasingly moving to the south coast, sending values skyrocketing.

According to research by upmarket estate agents Savills, average prices in Brighton and Hove will soar by 32% in the next five years.

In contrast, house prices in London will rise more slowly, making gains of 24.4%, just behind the national average of 25%.

Estate agents said soaring prices was good news for homeowners but bad news for first-time buyers struggling to get on the housing ladder.

Others cast doubt on the figures, suggesting values in Brighton and Hove were still likely to lag behind London for years to come.

Phil Graves of property consultants Graves Jenkins said: I’m certainly surprised by the figures – and slightly sceptical to be honest.

It’s very difficult to predict exactly what will happen but if these numbers do come true, then we can all look forward to more equity in our homes.

That can only encourage consumer spending.

But Mr Graves warned first-time buyers were likely to be priced out of the market, sending city rents soaring.

He said: The downside is that there will be more people who are not able to get on the ladder.

It could also increase levels of renting because people won’t be able to buy.

That could mean rents will go up because demand will be higher.

James Epps, director at Oakleys Residential, said: I’m a little surprised because I think values will certainly rise down here, but not that much.

Values have certainly been rising here for a number of years though.

The demand for living down here is huge, with the lifestyle and London within commutable distance.

But prices in London have been soaring so high in recent years that perhaps we will see Brighton catching up.

References

  1. ^ News (www.theargus.co.uk)
  2. ^ By Bill Gardner (www.theargus.co.uk)

See original reference article:
Brighton house prices set to outpace London (From The Argus)

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