Average home costs record £318,821 as property market surges

Most expensive: This five-bedroom house at 27 Withdean Road, Brighton, was the most expensive to sell at £2.5m
Most expensive: This five-bedroom house at 27 Withdean Road, Brighton, was the most expensive to sell at £2.5m

By every measure, residential property prices in Brighton and Hove have never been higher.

By every measure, residential property prices in Brighton and Hove have never been higher.

The price of an average city home set a new record of £318,821 in the second quarter of the year - 6.8% higher than the same period last year, beating the previous quarterly record of £307,539 in the first quarter of this year. In five years, the price of an average home has risen by 40.2%, from £227,440.

For every type of home, average prices have never been higher, according to the latest Land Registry data for the 1,270 transactions, with an aggregate value of £404.9 million, in April to June:

Detached (108 transactions): an average of £574,083 - 21.7% higher than the second quarter of last year; the previous quarterly record was £557,430 in January to March; the five-year increase is 61.9%;

Semi-detached (197 transactions): an average of £382,896 - 10.7% higher than the second quarter of last year; the previous quarterly record was £373,532 in January to March; the five-year increase is 43.9%;

Terrace (285 transactions): an average of £369,284 - 5.6% higher than the second quarter of last year; the previous quarterly record was £349,552 in the same quarter last year; the five-year increase is 48.3%;

Flats and apartments (680 transactions): an average of £238,567 - 11.2% higher than the second quarter of last year. the previous quarterly record was £225,919 in January to March; the five-year increase is 36.5%.

There is also evidence prices could perhaps go even higher.

In the single month of June - with 444 transactions, with an aggregate value of £143.7 million - the average city home cost £323,566, a new monthly record.

The figures for each type of home were: detached - 38 transactions, with an average of £683,629; semi- detached - 62 transactions, with an average of £365,061; terrace - 100 transactions, with an average of £365,451; flats and apartments - 244 transactions, with an average of £239,781.