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Brighton and Hove property UK's seventh most expensive
Land in Brighton and Hove is some of the most expensive in the country, new figures reveal.
A study by Halifax shows the city is the seventh highest in Britain for house prices per square metre.
Prospective buyers face stumping up £2,549 per square metre for property. Westminster is the most expensive at £7,586 per square metre.
Chichester is ranked fifth most expensive in Britain, with an average price of £2,638 per square metre.
Victoria Alderton, the president of Brighton and Hove Estate Agents Association, said: “I think the reason it is so high is Brighton is such an interesting and cosmopolitan place.
“There are really good links to London and everywhere else.
“We have got everything down here. There are lots of places socially and good universities. That is why it is so popular.
“I don’t see there has been a huge leap in house prices but we are expensive because the demand is there.”
But she said there were still bargains to be had if people looked away from the most popular areas.
She added: “If the house needs work or is in the outer areas such as Patcham you can get more for your money.
“First-time buyers need to look around and not dismiss certain areas.”
Rebecca Taylor Jones, from Charles Peck estate agents in Chichester, said: “It is such a good market for investors to do buy-to-let, people wanting a second home or looking for a family home.
“Every market is here and we do not seem to have been hit as hard as other areas.”
In August, a tax survey showed the average wage in Brighton and Hove has slipped below the national average for the first time.
The average person earns £28,400 a year while those in Brighton and Hove are paid £100 less.
This disparity is putting huge pressure on housing as first-time buyers struggle to find affordable options.
Andy Winter, the chief executive of Brighton Housing Trust, said: “With the success of the city comes a range of challenges, including that of the cost of housing and house price inflation.
“Those who struggle most are low and middle income households. Their circumstances are such that they do not qualify for social housing and the prices are beyond their means.
“We are facing an ever-increasing housing crisis. Affordability is just one factor. Drastic measures are required in these challenging times.”