As local property experts, we keep a constant eye on the market both nationally and closer to home. The impact of both Brexit and the General Election have made for an uncertain year for house prices. With a turbulent 2017 coming to an end, now’s the prime time to take stock of the Sussex market, especially if you’re thinking about making the most of the January property rush.
Sussex vs. London
We’re all familiar with the sky-high state of London property prices, and online indices record an average of £628,219 in Greater London compared to East and West Sussex’s combined average of £380,074. For all you mathematicians, that’s a 65% difference.
Whilst this might seem like good news for London sellers, it’s actually indicative of the stagnation pervading the capital. London has seen a dramatic drop in interest from buyers and tenants, as more and more house hunters seek property outside of the city. This is apparent from Rightmove’s index, as growth in traditionally desirable London boroughs has taken a plunge in favour of boroughs towards Essex and the east. No surprise, then, that we’ve seen a sharp increase in property investors from London looking to buy in Sussex.
Sussex vs. Surrey
Surrey has long had a reputation for expensive properties, and 2017 hasn’t changed that. Where Sussex averages sit comfortably at just under £400,000, Surrey boasts an average property value of £556,488, with sales going through at an impressive £619,439. This £63,000 discrepancy indicates that Surrey buyers might not be getting as much for their money as they bargained for. In comparison, projected value in Sussex is only £30,000 lower than the average paid prices, suggesting better value for money.
Sussex vs. Hampshire
We could dub this the Battle of the Beaches. Seaside property has long been a favourite for buyers and the figures speak for themselves. Hampshire sits comfortably level with Sussex averages: with an average house value of £333,355 and an average paid price of £370,755, we’ll call this one a draw.
East Sussex vs. West Sussex
Believe it or not, there’s actually quite a discrepancy between these two markets. Whilst not up in the stratosphere of London prices, West Sussex pips East Sussex to the property price post, with an average property value of £360,853 compared to its neighbour’s £337,585.