Brighton property market proves robust, with strong demand for energy efficient homes
Property experts in Brighton say 2023 is the year to buy in the city, where there is a constrained supply of new homes.
With energy prices set to soar by more than 40 per cent in April, there is an increased demand for new build properties, which offer the bonus of increased energy efficiency.
These were just some of the insights into Brighton’s property market, delivered by property specialists Savills and Oakley Property at an event called Why Buy in 2023, held at Brighton’s newest neighbourhood Edward Street Quarter.
Tom Bryant, director, Residential Development Sales at Savills, said:
“With a constrained supply of housing in Brighton and Hove, especially when it comes to new build, developments such as Edward Street Quarter, present an excellent opportunity for buyers.
“Energy efficient properties are increasingly in demand, with the cost of energy very much on the minds of potential homebuyers. In our latest client survey carried out in December 2022, 79% of respondents said that the prospective energy consumption of their next property has become more important.
“House prices in Brighton saw a 7.9% increase over the last year and continue to be higher than the wider South East region. With a continued lack of housing supply in the city, we expect the property market here to remain robust.”
New build properties can save on average £856 a year on energy bills, which represents a 55 per cent saving compared to second-hand homes, according to Savills Research.
As a result, the research found, mortgage providers are even offering preferential rates or additional lending on more energy efficient homes.
James Epps, director at Oakley Property said:
“Brighton and Hove remains a desirable area to live in and the number of new homes being built in the city isn’t enough to meet the demand.
“The property market is currently less frenzied, so now is the right time to find the perfect new build property, which can also help to reduce energy bills and has the added benefit of a reduced chain.
“As rents increase across the city, it tends to be more cost effective to pay for a mortgage and build up equity in your home, than pay increasing rents as the cost-of-living soars.
“Just 2.2 per cent of homes available to buy in Brighton are new build so prices in this sector are robust.”
Why Buy in 2023 gave guests the opportunity to tour the new development at Edward Street Quarter which was created by Socius, First Base and Patron Capital.
Edward Street Quarter includes 168 new homes, comprising a mix of private and affordable units, as well as 125,000 sq ft of flexible workspace space and 20,000 sq ft for food and beverage, gyms and retail.
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