Brighton’s Average Mortgage is the Second Highest in the Country
Graham Greene, author of ‘Brighton Rock’ said that ‘No city…had such a hold on my affections’. If house prices are anything to go by it seems that this is a view also held by the increasing number of people who aspire to live in the city. Population figures for Brighton can be confusing. The estimate for the population of Brighton and Hove District is about 288,000 but the figure for the wider conurbation is a whopping 601,000. The estimates for the wider conurbation suggest that there has been an increase in the population of over 24,000 since 2015. According to the 2011 census, a third of the population are private renters, a level which is double that of other areas in the South East. Just over half of the population are owner occupiers.
Brighton’s average mortgage is the second highest in the country, only exceeded by London, worryingly Brighton also has the second highest cost of living in the country. The Brighton and Hove district is more expensive to live in than Oxford or Cambridge, which given the size of their universities and their global fame, does seem extraordinary. The average Brighton mortgage is over £200,000, with an average monthly repayment of £910 and the interest rates paid in the city are also second only to London. Mortgage rates are typically affected by the Bank of England Base Rate, so prospective buyers should ideally look to buy when rates are low.
According to Rightmove the average price for a flat, last year, was £285,486, for a terraced house, £469,986 and for a semi-detached property £435,145. Despite these daunting prices the Brighton and Hove District is the third fastest growing location in the UK. What is perhaps surprising then, is that it doesn’t make it on to any of the top ten ‘best places to live in the UK’ lists, which are constructed using a range of variables. The best the city can claim is that it is the ninth most entrepreneurial in the country.
So, what is it that continues to draw people to Brighton? Its proximity to London must play a big part. For folk living in the capital the lure of sea air and space is very inviting and what a delight it must be to swap your London flat for something more spacious by the seaside. There is also of course the inescapable romance of Brighton, writing back in the fifties, Clifford Musgrave said: ‘the atmosphere of Brighton is more than any other English town, like that of a continental city, with a spirit of elegance and gaiety and the promise of delight.’ Brighton isn’t like any other British city and you don’t have to spend long here to experience its vibrant energy.
Featured image by Flora Westbrook