Brighton house prices are weathering the storm better than most, with a monthly jump defying the national trend!

Despite a dip in the market over the past year, June saw a promising 2.3% jump in house prices in Brighton and Hove. This bucks the trend across the South East, which saw a more modest 1% rise in the same period.

And while other areas feel the pinch, Brighton & Hove are outperforming the UK average too! The Land Registry figures show a 2.3% rise here compared to a limp 0.5% nationally.

Key Takeaways for Brighton & Hove Homeowners:

• Average house price (June 2023): £424,988
• Monthly Change (May-June 2023): +2.3%
• Annual Change (June 2022- June 2023): -2.7%

Looking at the Bigger Picture:

Yes, prices have dipped slightly over the year – an average of £12,000 to be precise. But the South East is a mixed bag at the moment. Oxford, for example, saw a 10.3% increase over the year, reaching a dizzying average of £470,000. On the flip side, Epsom and Ewell saw a 7.7% drop, bringing the average down to £502,000.

What about First-Time Buyers?

It’s not all rosy, but it’s not all doom and gloom either. The average first-time buyer in Brighton & Hove shelled out £372,000 in June. That’s a drop of £10,000 compared to last year, but a considerable leap of £50,000 compared to June 2019.

The Lowdown on Property Types:

• Terraced houses are leading the charge, with a 2.6% monthly increase bringing them to an average of £473,734.
• Detached homes are up 2.1% monthly, but down 5% annually, sitting at an average of £792,472.
• Semi-detached properties mirror the trend, up 2.1% monthly but down 3.4% annually, with an average price of £522,764.
• Flats round out the pack, up 2.3% monthly but down 2.2% annually, at an average of £334,988.

Brighton & Hove: Holding its Own in the South East:

Brighton & Hove remains a desirable location, and its property prices reflect that. You’ll still pay a premium to live here – 11.1% above the South East average, to be exact. However, compared to the UK as a whole, the South East is experiencing a mini-boom. While the average UK house price stands at £288,000, the South East boasts a hefty £383,000 average.

And the Winner Is…

Elmbridge takes the crown for the priciest property in the South East, with an average house price of £652,000. That’s 2.7 times higher than Gosport, which sits at the other end of the scale at a more modest £243,000.

The Bottom Line?

Brighton & Hove’s property market is proving resilient. Despite a slight annual dip, the June figures are encouraging. If you’re thinking of buying or selling, keep a close eye on those trends – things are looking up!