LOCAL HOUSE PRICES
From Brighton Business website:
Brighton & Hove house price update Q2 2010
Land Registry figures show that the average house price in the city [£221,858] in the second quarter of 2010 was just under 6% lower than the high of £235,939 in November 2007. Over the last year prices in Brighton & Hove have risen 18.2% compared to 8.4% nationally.
With local prices increasing quicker than the national average, prices in the city are now 34% higher than the England & Wales average [up from 32% last quarter].
The income required to buy a one-bed flat priced at the average cost of £168,449 [£420 more than in the first quarter of 2010] would be £38,873 [up from £38,776 in the first quarter] assuming a £42,112 deposit [25%] and a mortgage of 3.25x earnings for the balance.