Today, I’m delving into a pressing issue that’s been making headlines: Brighton and Hove is now considered to be the least affordable city for housing in the UK, having recently taken over from London, thanks to the buoyant wages in the capital. It’s a stark shift for our vibrant city, known for its unique character and coastal charm, and it’s one that carries significant implications for the property market.
Recent data underscores a concerning trend: the cost of housing in Brighton and Hove has skyrocketed to the point where it surpasses even London in terms of affordability. The average house price here is notably higher than the regional and national averages, making it increasingly difficult for residents to either buy or rent homes within the city.
This surge in housing prices is reshaping the local property market. High costs are not only a barrier for new entrants but are also squeezing existing residents, some of whom are pushed to seek more affordable living options outside the city. This dynamic could potentially slow the market, as fewer people are able to participate in it. Additionally, there’s a risk that Brighton and Hove could lose its diverse socio-economic mix, which has been a cornerstone of its cultural vibrancy.
In response to these challenges, Brighton and Hove City Council appears to have been proactive. Their latest housing strategy outlines ambitious plans to improve housing quality, affordability, and sustainability. The strategy focuses on increasing the supply of genuinely affordable homes, enhancing the condition of existing housing, and ensuring new developments meet community needs. There’s a strong emphasis on public involvement in shaping these initiatives, reflecting the community-centric approach the council is striving for. But this will likely be a slow burn, if effective, and take time to impact the market overall.
As we look ahead, it’s clear the property market here is at a critical juncture, facing pressures that could shape its trajectory for years to come. For those of us in the industry, staying informed and engaged with these developments will be key. We need to be aware of these pressures on buyers, renters, and homeowners alike in the city. There is certainly a risk of losing one of the things that makes our city special in being a place where a diverse range of people can afford to live and thrive.
It's certainly going to be an interesting and turbulent time, as the market settles back down, and we will all need to be prepared for whatever comes next, whilst keeping an eye on housing policy both nationally and locally.
Photo by Egor Myznik on Unsplash
For more, see statistics by ONS