SINGLE earners could afford less than four per cent of homes on the market in Brighton and Hove last year.
According to research by estate agent Savills, just 3.1 per cent of properties on sale in 2020 were affordable for the average single earner.
While a household with two incomes fared better, two median earners could only have afforded 41 per cent of the properties available.
READ MORE: Average Brighton home costs 16 times the average salary, figures show
However, this would only be possible so long as they could pay a 25 per cent deposit, which works out at more than £80,000, or 16 months’ worth of gross pay.
Brighton and Hove City Council is working in partnership with housing association the Hyde Group on Homes for Brighton and Hove - a scheme which aims to provide 1,000 new affordable homes for working households on low incomes in the city.
Half of the developments will be available for rent and half will be shared ownership homes.
Construction of 242 new homes on land east of Coldean Lane and 104 new homes on the site of the former Belgrave Day Centre in Portslade is due to start this summer.
The first homes are expected to be available from 2023, while other sites are currently being identified to deliver the remainder of the homes planned.
Guy Dixon, planning director at Savills Brighton said: “The Homes for Brighton and Hove partnership is a good start.
"Shared ownership is key in improving access to home ownership to those with lower incomes and smaller deposits, but Brighton needs to find many more affordable homes to address its level of housing need.”
Two major developments in the city are the Edward Street Quarter and the Home X scheme in Moulsecoomb.
SEE ALSO: Pictures: Edward Street Quarter development in Brighton
The Edward Street Quarter will provide three residential blocks with 168 apartments, including a mix of one, two and three-bedroom homes.
Of the 168 new homes, 33 will be classed as affordable, with 18 rental properties and 15 shared ownership homes in the same building, all offered through Legal & General Affordable Homes.
The remaining 135 homes will be available for open market sale and rent.
The £120 million redevelopment of the former AMEX House is due to be completed early next year.
As part of the Preston Barracks regeneration in Moulsecoomb, Optivo is building 369 homes in its Home X scheme - with the majority of properties classed as shared ownership or affordable.
SEE ALSO: Brighton Housing Trust boss slams government social housing reforms
There will be a mix of one, two and three bedroom apartments and three bedroom townhouses, with 124 private homes and the remaining 245 a combination of shared ownership and affordable housing.
The first homes are due to be completed this summer.
Tom Bryant, head of residential development sales for Savills in the South East, said: “Brighton will continue to be a desirable place to call home.
“However, without an uptick in new supply across various price points, it will remain unaffordable for many.
“Ultimately, this will have an impact on the commercial success of the city and its economic growth.”
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