Average Brighton and Hove house prices close to their peak

House prices in Brighton and Hove rose in the second quarter of this year to a shade under £300,000.

According to a report in the Brighton and Hove Independent newspaper, the average price of a house was £298,407 in April to June.

The report, published by the free weekly newspaper yesterday (Friday 6 September), said that the peak average price of £299,834 was reached in the third quarter last year.

And that flats, terraced houses and semi-detached properties were all going up in price with only higher value detached houses falling short of their peak.

It also said that the value of the housing market in Brighton and Hove was more than £1 billion a year.

In the second quarter the aggregate value of all 973 properties sold was £290 million.

This compares with the record of £390 million set in July to September 2010 when there were 1,359 transactions.

The Brighton and Hove Independent report analysed more than 19,000 property deals in the area since 2009, using official Land Registry data.

The president of the Brighton and Hove Estate Agents Association and director of Oakley Residential James Epps said: “Demand to buy in is strong and homes are in short supply.

“As a result we have experienced a rise in achievable sale prices. These are comparable with levels prior to the recession in prime locations.”

Patrick Kneath, of Beaumonts, said that various factors had driven the increase in prices, including low interest rates for mortgages, more availability from lenders and improved employment rates.

These had coincided, he said, with limited availability of properties coming to the market.