Residential property sales fell to an 18-year low in Brighton and Hove, according to figures published yesterday (Tuesday 18 March).
The total number of houses and flats sold in 2023, the latest year for which figures are available, dropped to 2,918 from 4,339 the year before. In 2021, the number was 5,441.
Even in 2008, when the property market was hit by a financial crisis known as the credit crunch, the sales figure was 3,443 – down from almost 8,000 in 2006 and 7,427 in 2007.
The figures from the Office for National Statistics also said that first-time buyer mortgage sales in Brighton and Hove had fallen to their lowest level since 2012.
There were just 1,010 first-time buyer mortgage sales in the area – the lowest figure since 2012 when there were 911 sales to first-time homeowners.
Overall sales of houses and flats have never fully recovered from the 2008 crash but went on to peak at 5,517 in Brighton and Hove in 2014.
They were falling year by year and dipped to 3,400 in 2020, the year when the coronavirus pandemic reached Britain and the government imposed a series of lockdowns that hit the economy.
The figure went up to 5,441 in 2021, helped by pent up demand post-lockdown, including Londoners moving to the coast and looking for more home for their money.
The market was also boosted post-pandemic by low interest rates and a stamp duty holiday although rates started rising in 2022 and peaked in 2023. The stamp duty holiday ends at the end of this month.
Separate figures from the ONS showed that the average first-time buyer sale price in Brighton and Hove, including purchases by cash buyers, had risen 56 per cent since 2013, to £353,633 in December 2023.
Zoopla director Richard Donnell said: “Higher house prices, higher mortgage rates and the impact of mortgage regulations have compounded the problems for those buying their first home in southern England.
“This has exacerbated pressures in the rental market, pushing rents higher.
“There is a case to ease mortgage regulations and help more first-time buyers access housing and reduce the pressure on the rental market.”
The Ministry for Housing, Communities and Local Government said: “We have inherited a serious housing crisis which has made the dream of homeownership feel like a distant reality for so many.
“That’s why we are taking decisive action to deliver 1.5 million homes as part of our Plan for Change.
“And we have recently set out plans to launch a comprehensive mortgage guarantee scheme that will open the door to homeownership for more young families and hardworking renters.”
Residents especially families want houses especially affordable homes, yet our left wing council keep building blocks of flats that rarely get sold to locals or families & usually fall to renters/students/HMOs/stay empty. As a result the birth rate is falling significantly & schools are closing &/or reducing admissions. No wonder the number of sells are falling (less houses are pushing up prices), affordability is becoming an issue driving the number of sales down & the circle repeats itself …
For the last 30 years or so, both Labour and the Conservative Party have moved to the centre, in effect they are both Social Democrats now.
They have believed in an ever growing government and public sector, controlling the ways and the whims of the population, taxing them more and more to do so and buying their affection and votes by giving them back some of their money with supposed benefits.
Indidgeuos birth rates are declining as a result of working people now realising, they can’t afford to have more children, without compromising their now expected lifestyles.
“Residents want homes.” – In other news, water is wet, the sky is blue, and Ivan’s going to take a disingenuous jab at you.
the trouble with brighton is the morons – students – voting the morons in
Students make up around 14% of the population of Brighton. So you comment is essentially BS
Simple maths, the kind you learn as a student, would tell you that literally cannot be the case as an impossibility. “The trouble with morons” indeed, Helen.
The cause and effect you claim is not supported by facts, setting aside provocative rightwing statements that lack any evidence Birth rates are falling in most of the world, including for example Myanmar, one of the poorest. The conclusion based on the facts is that women make choices about how many children to have, and choose less, regardless of education and income. Religious beliefs are however an apprentice factor, for example Israel. It is true that the Council has long felt that Brighton is importing high need people and exporting families and that’s a demographic issue that is a legitimate discussion point. Maybe there needs to be as much attention to “fake conclusions” as “fake news”.
Why not become a child free city? That way we can spend the school money on cycle lanes and other vanity projects. We can also build more high density housing on the school sites. We could also close the children’s hospital. A big saving on playgrounds too. Not seeing a downside to this.
Sounds like heaven 😊
Wish your mum agreed to this years ago
Sounds like Venice.
Brighton is unaffordable to most and poor value for money. People essentially pay over the value for proximity to the pubs, sea and other cultural activities, but you could just jump on a train to get to these. The housing stock is often in quite a poor state. Many people who live here don’t have enough funds to maintain the properties faced with damp issues. People are choosing Worthing or other coastal towns where you can get a better deal.
Also the upheaval in the schools system makes Brighton seem a less certain place for anyone wanting a stable pathway for their children’s education. And the town being a bit run down in any of the affordable areas.
I went to look at the block of new flats in Freshfield Rd. The rooms are so small I would need to buy new furniture from beds to settees.
…which suggests that you’re not the target demographic.