Brighton average house prices and salary needed to afford it

News at John Hoole | 05/02/2024

The city is one of the most expensive places to buy property in the UK and comes second only to London.

The average price of a flat in Brighton is £336,827.

New research by Go Compare used these figures to work out what someone would need to earn to afford one such flat.

Using the average price of a flat from Land Registry data and calculating monthly mortgage repayments at a third of take-home income, you would need to earn £73,886 to afford the average-priced flat in Brighton.

This figure is calculated taking tax into account but is before student loans and other financial commitments.

It is based on a 90 per cent mortgage with an example 6.5 per cent interest rate over 25 years.

To buy a terraced house in the city, which averages at £489,386, you would need to earn six figures.

According to the study, you would need a salary of £107,061 to cover this cost.

The average price of a semi-detached home is £555,802 and would require a £121,591 salary.

Go Compare’s data says you would need a salary of £189,091 to afford a detached home in Brighton, which costs -  on average - £864,349.

John Hoole Estate Agents in Brighton and Hove
Source: Ellie Crabbe - The Argus 05/02/2024

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