A big rise in demand to move home in Brighton and Hove may have been fuelled by pent up demand created by the coronavirus lockdown, according to a Brighton estate agent.
Syd Wilson, of Coapt, in Lewes Road, said that the stamp duty holiday had also helped the bounce-back since the lockdown restrictions were eased.
His comments followed research suggesting a 45 per cent rise in demand for housing in Brighton among buyers since last summer.
But the research, by the online property platform Zoopla, said that the number of homes for sale in the area was rising more slowly – by 29 per cent.
The property portal said: “Zoopla’s Brighton House Price Index studies multiple local housing trends and prices on an annual basis.
“The data shows that the average house price in Brighton is now £361,000, with prices rising by 2.8 per cent in the last 12 months, beating the national average of 2.5 per cent.
“(It) shows the property market in Brighton is bouncing back strongly since the easing of lockdown restrictions and the introduction of a stamp duty holiday.
“The average time to sell a home in Brighton (listing to sold subject to contract) is 37 days. This is 10 days longer than the UK national average of 27 days.
“House prices in Brighton have risen cumulatively by 18.3 per cent in the last five years, mirroring the UK national average of 18 per cent.
“Two-bedroom apartments are the most searched-for properties in Brighton
“The top five most popular search terms on Zoopla for buyers in Brighton are garden, garage, parking, sea view and balcony.
“Zoopla’s Brighton House Price Index also looks at trends and behaviour in lettings.
“The lettings market follows a similar trend to sales. Rents and tenant demand are up but the availability of property isn’t rising as quickly.
“The data shows annual rents have risen by 0.9 per cent in Brighton since July 2019 (and) the average time to let a property locally is 15 days.
“The number of properties available to let has increased by 12 per cent in the last year, while tenant demand has gone up by 19 per cent.
“The average rent for a property in Brighton is currently £1,280 per calendar month.”
Syd Wilson, senior sales and lettings negotiator at Brighton estate agency Coapt, said: “The findings of Zoopla’s Brighton House Price Index mirrors what we’re seeing in the market locally.
“There’s been a lot of pent up demand from buyers in Brighton during lockdown and that, combined with the relaxation of stamp duty, has seen the market take off over the last few months.
“Middle market properties are definitely the most popular. Anything that’s well priced will sell very quickly.
“And while high-value homes are still popular, they’re not flying off the shelves in the same fashion as the more affordable homes.”
Zoopla’s head of research Gráinne Gilmore said: “Brighton’s housing market has regained momentum since lockdown ended, with the rising demand for homes putting upwards pressure on pricing.
“Average annual house price growth in the city is now at 2.8 per cent, after dipping briefly into negative territory in summer 2019.
“Buyer demand is up 45 per cent compared to 12 months ago and rental growth has eased in recent months after a strong start to the year when rents were rising 2.7 per cent year on year.”
How do houses “fly off the shelves”? Can Syd tell us?
And all this age-old stuff about rising prices is meaningless as those who sell have to pay more in their turn when it comes to buying.
The real stamp-duty holiday is when ringing the bell to be let in by St. Peter, the ultimate landlord.
Well said, Christopher!
I’m so glad to see that you’ve finally given in to my advice in that you’re commenting on subjects which you actually have a grasp of.
Let’s look forward to more of this!