Brighton home sales fall as renting booms

09 2008
Estate agents in Brighton are reporting that home sales have dropped to a record low as people opt to stay out of the market until the current uncertainty comes to an end.

According to the latest figures compiled by the Royal Institution of Chartered Surveyors (Rics), the average estate agent made just 12.7 sales in the three month period to the end of August,

This represents the lowest level since the body began surveying its members back in 1978, with the decline attributed to a combination of a lack of affordable mortgages and persistent uncertainty over the government's stamp duty plans.

In comparison, the number of people opting to rent a home and therefore shield themselves from the market turbulence continues to soar, with many of the professionals flocking to Brighton now looking to be tenants for the foreseeable future.

One other reason that demand for rental property has remained strong in Brighton is the fact that its popularity - a combination of its seaside location and strong cultural scene - among both students and professionals has kept it largely immune from the house price falls seen elsewhere in the country. ADNFCR-1219-ID-18771075-ADNFCR

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