Homeowners in Brighton and Hove have benefited from a £4,000 boost in the value of their home in just the last three months.
Figures from Zoopla show an average property in the city is now worth £4,286 more than it was in the previous quarter, while house prices are £13,671 up on this time last year.
Local property specialist Leaders, which operates five branches in the city, has noticed an upturn in Brighton and Hove’s property market in recent months, with high demand from buyers pushing up prices in many areas.
Andrew Hovey, branch manager at Leaders in Western Road, says: “Property owners in the city have seen the value of their homes increase at a strong rate in recent times, with an average household gaining more than £1,000 per month.
“Many people do not realise how much their house or flat is now worth, such is the pace at which the market has been moving.
“This has created an ideal opportunity to sell at a good price and use the proceeds to make your next move. You might be surprised by just how far the equity in your property would go on another purchase.”
In particular, those who own a detached home in Brighton and Hove have seen its value shoot up by 9.85 per cent (an average of £46,338) over the last year. This is significantly more than any other property type, making a move increasingly lucrative to this group.
High prices are certainly not confined to detached homes though, with flats now worth an average of more than £250,000 and terraced houses closing in on a typical value of £400,000.
Andrew adds: “Anybody thinking of moving away from the city or downsizing can also cash in on recent house price rises by selling their property and taking advantage of the funds generated in the city’s booming market.”
For more information and advice on selling your property, contact one of Leaders’ branches in Brighton and Hove or visit leaders.co.uk.