It’d be wrong to say that property in Brighton is “cheap” at present, but Rightmove has tipped Brighton to feel the ripple effect from London’s exorbitant property prices, as more and more people are priced out of living in and moving to the UK’s capital city.
Brighton has been tipped alongside Luton and Southampton as a place where property prices will increase rapidly as people look to snap up property that’s situated close to London. Properties in these areas tend to be popular thanks to the strong transport links in place, meaning that a commute into central London can often take less than an hour by car or train.
Rightmove are predicting a 43% increase in property prices in Southampton by 2019 – with the average homeowner expecting to see an increase in value of around £100,000 in that short space of time. The announcement by Rightmove has prompted property investors and speculators to hone their sights on Brighton, Luton and Southampton, with property price increases are expected to outstrip those of London in the next five years.
First time buyers are clamouring to get a foot on the property ladder while mortgage interest rates remain low – with such dramatic property price increases forecast for the next half a decade, more and more first time buyers are recognising that ultra-low cost borrowing won’t last forever. More first time buyers are making the jump to benefit from the current low cost of borrowing, as well as the relative low cost of property versus predictions for five years time. Experts have been quick to warn buyers however that predicted interest rate rises in the next 12 months could lead to thousands of people across the UK becoming “mortgage prisoners”.
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