Brighton’s economy bucks the trend
Economic indicators show that Brighton, on England’s south coast, is enjoying sustained growth.
Its unemployment figures are at historic lows, having fallen by more than 50 per cent over the past five years. There are now only a few hundred people aged between 18 and 24 without jobs, and youth unemployment is only half of the national rate.
Many of these jobs are in the digital sector, with companies flocking to the city, seeking access to talented graduates from the University of Sussex and local networks such as Wired Sussex.
IT design studios are flourishing and events like Brighton Digital Festival and Brighton SEO draw large crowds each year.
The city’s overall economy grew at a solid pace in 2016, expanding by around 2.5 per cent. Against a backdrop of uncertainty in the UK economy, experts predict that Brighton will continue to grow in 2017, increasing by more than £90 million over the year.
Property values are rising steadily, with average increases of 6.2 per cent compared with mid-2016, up to 11 per cent increases for one bedroom flats, which now average more than £250,000 in the city.
Overall, residential prices in Brighton are 55 per cent higher than the average in England and Wales.
GRE Assets has developed a major residential project at Brighton Marina. See http://www.brighton-marina.com/ for more details.