The majority of homes at Brighton’s newest neighbourhood, Edward Street Quarter, have been bought by locals.

More than 70 per cent of the homes sold at the £140m development in central Brighton have been snapped up by owner occupiers, with only a handful from London and abroad.

James Epps, director at Oakley Property said: “We often hear local residents in Brighton saying that they think homes in high quality new build property developments will be snapped up by overseas investors, second homeowners and people who have moved down from London, forcing local residents to look elsewhere.

“We’re happy to report that isn’t the case at Edward Street Quarter, where the majority of properties have been sold to local people who are owner occupiers, which will create a sense of community.”

Tom Bryant, director, Residential Development Sales at Savills, said: “EPC ratings are increasingly important to buyers in light of the cost-of-living crisis. Savills research estimates new build homeowners could save an average of more than 50 per cent on core energy bills, across all new build stock.

Great finishings

“There remains demand for good quality new build housing in the city and we expect the demand to continue to pick up as we move through 2023.  As new build supply in Brighton will remain constrained, if people are in a position to purchase now, there is some good stock which is available to consider.”

One of the latest residents to move into Edward Street Quarter said: “This place is hotel-worthy and a dream come true. The quality is amazing. There are great finishings and attention to detail to accommodate modern living. It’s warm too and feels healthy.”

Edward Street Quarter is joining forces with Savills, Oakley and SPF Private Clients to host Why Buy in 2023 – an event which will examine the forecasts for the 2023 property market and look at the benefits of buying new build homes, as well as providing insights on the Brighton rental market and the current rates and mortgage market.

It will take place at Edward Street Quarter, on 9 February from 4.30pm to 7.30pm.

There will also be an opportunity to view the completed development, which was created by Socius, First Base and Patron Capital.

Edward Street Quarter includes 168 new homes, comprising a mix of private and affordable units, as well as 125,000 sq ft of flexible workspace space and 20,000 sq ft for food and beverage, gyms and retail.