How much have Brighton house prices increased by since 1995?
We’re always hearing about the astronomical rise of house prices, but how much have they actually risen in the last two decades?
And, more to the point, how have house prices changed in Brighton, Hove and the surrounding areas over the last twenty years or so?
Fortunately for us, Home.co.uk provides this very information. Back in January 1995 – wow, that seems a long time ago when you actually think about it – the average price in Brighton was just £58,731.
By November last year the average price stood at nearly £370,000, representing a massive 525% rise.
This huge upward trend in prices has been witnessed across all property types. For example, detached homes leapt from an average price of £109,794 in Jan 1995 to £671,320 in November 2015, semis went from £77,769 to £401,523 and terraced homes rose from £63,577 to £404,404.
The biggest percentage shift was seen in flats – which have become an ever-more popular choice for homeowners in recent years – with a 605% change in the last twenty years, up from just £38,602 in 1995 to £272,165 in November 2015.
Similar changes have been seen in Hove, where the average house price has gone from £58,737 in 1995 to almost £390,000 at the end of last year.
Flats and detached homes have witnessed the biggest rises, up by 634% and 647% respectively.
There are, of course, many economic factors to take into consideration when it comes to analysing the huge rise in house prices in recent years. And the world is not the same as it was in 1995. But it’s still quite staggering to see quite how much prices have changed in such a relatively short space of time.
All this is good news for property sellers, who can now expect to get their asking price or above in a market which continues to favour those looking to put their home on the market.
Demand continues to outstrip supply, which means sellers have a larger pool of potential buyers to choose from and more wriggle room when it comes to negotiating.
Also, as we’ve written about before at Mishon Mackay, Brighton and Hove’s appeal to would-be buyers is increasing year by year.
Young professionals and families who have been priced out of the capital are seeking more affordable housing by the seaside. Others are drawn to the town’s vibrant, creative and bohemian vibe, with numerous opportunities for artists, musicians, designers and writers to flourish.
Buy-to-let investors, too, have recognised the appeal of Brighton and have pounced on the possibilities that the rental market here offers – with a significant student population and an army of commuters who work in London but choose to live on the coast for a more relaxed pace of life.
The surge in house prices looks set to continue for the foreseeable future, so it will be interesting to see what things look like in 2035!
To find out more about selling property in Brighton, Hove and the surrounding areas, please get in contact with Marc Cox on: 01273 416732.
If you would like to find out what you could be charging in rent or how much your home could sell for, why not check out our free and instant valuation tool?