Homes in Brighton now 53% more expensive than the England and Wales average

Today (3rd March 2016), the Brighton Argus is reporting that Brighton homes are now 53% more expensive than the England and Wales average, at very nearly £300,000. They’ve increased more than 10% in cash terms over the last year.

House Prices 20160303I was asked for a comment. This is what I said:

“The reality is that for ordinary people, Brighton and Hove becomes less affordable with each passing month. The government’s Starter Homes initiative just doesn’t work in the south east, and certainly not in this city with its high cost, low income economy. Homes in the private rented sector are also getting beyond the reach of middle and low earning households. In Brighton and Hove the average private rent is now well over £1,000 per month.  Local people just can’t afford to remain here.

“We need new, imaginative ideas that will see homes built that are affordable. This will require the City Council putting in land, and new partners, such as community housing organisations, and private developers, joining forces.

“We have already seen good examples of this, such as the partnership between BHT and developers QED to produce 36 studio flats from converted shipping containers, and the ground-breaking work of local company, KSD, who have produced two bed homes in Lewes for rents of around £100 per week.”

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