New Study Reveals Housing Affordability Challenges in Brighton

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Brighton, known for its vibrant culture and coastal charm, emerges as one of the UK’s most expensive property markets, second only to London. A recent study by Go Compare sheds light on the city’s housing landscape, uncovering the financial requirements needed to secure a home in this coveted locale.

The average price of a flat in Brighton stands at £336,827, presenting a considerable financial hurdle for aspiring homeowners. According to Go Compare’s analysis, to afford such a flat, an individual would need to earn £73,886 annually, factoring in mortgage repayments at a third of take-home income, after taxes.

For those eyeing terraced houses, which command an average price of £489,386, the financial bar is even higher. Prospective buyers would require a six-figure salary, specifically £107,061, to cover the costs associated with purchasing such properties.

Moving up the property ladder, semi-detached homes in Brighton boast an average price of £555,802, necessitating a salary of £121,591 to make homeownership feasible. Meanwhile, detached homes, with an average price tag of £864,349, demand a substantially higher income of £189,091.

These calculations consider a 90 per cent mortgage scenario, where borrowers can secure up to 90 per cent of the property’s purchase price, with the remaining ten per cent constituting the deposit. However, it’s crucial to note that these figures do not account for additional financial obligations such as student loans.

As housing affordability continues to pose challenges in Brighton, prospective buyers must carefully assess their financial readiness and explore available options to navigate the city’s competitive property market

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