Brighton Area

[equitystasher]

Have been keeping a eye on the Brighton area in particular 3 bedroom houses in BN2 post code. I have been viewing these properties since January this year.

I had viewings on these two houses back in March.

This first was on for a asking price of £250,000.

http://www.rightmove.co.uk/viewdetails-149...=4&tr_t=buy

It was taken off the Market a month after I viewed it. The Ea said to me on the viewing that the vendor were a couple whos son was at university and that now he had left they were selling up and I presume the reason why they took it off a month later is that they must of had a offer on it.

It is now back on the Market for £237,950

The second was on the market for £260,000 which was a Kite flying price but was then taken off the market a month ago.

http://www.rightmove.co.uk/viewdetails-825...=6&tr_t=buy

its now back on for £250,000

I have noticed a increase of houses and a few that are back on the maket after being sold.

Has anyone else got their eye on the Brighton market?

[mjhodgson]

That first one is well overpriced considering where it is. i.e.

I'm also watching the Brighton market. Seen prices of 2 bed houses go though the roof as normal folk are priced out by the knock-on effect of the relocate from London brigade. Coupled with the explosion of yuppy flats.

I hope it all implodes.....soon.

Have been keeping a eye on the Brighton area in particular 3 bedroom houses in BN2 post code. I have been viewing these properties since January this year.

I had viewings on these two houses back in March.

This first was on for a asking price of £250,000.

http://www.rightmove.co.uk/viewdetails-149...=4&tr_t=buy

It was taken off the Market a month after I viewed it. The Ea said to me on the viewing that the vendor were a couple whos son was at university and that now he had left they were selling up and I presume the reason why they took it off a month later is that they must of had a offer on it.

It is now back on the Market for £237,950

The second was on the market for £260,000 which was a Kite flying price but was then taken off the market a month ago.

http://www.rightmove.co.uk/viewdetails-825...=6&tr_t=buy

its now back on for £250,000

I have noticed a increase of houses and a few that are back on the maket after being sold.

Has anyone else got their eye on the Brighton market?

[equitystasher]

That first one is well overpriced considering where it is. i.e.

I'm also watching the Brighton market. Seen prices of 2 bed houses go though the roof as normal folk are priced out by the knock-on effect of the relocate from London brigade. Coupled with the explosion of yuppy flats.

I hope it all implodes.....soon.

Brighton is the No1 BTL hotspot outside London.

I think that the silly prices are caused by the investor rather than people from London.

Investors have been buying more and more over the last couple of years. Have you noticed how many TO LET signs are aound!

[Hopeful FTB]

Apparently Brighton has actually overtaken London as top BTL city (town!) in the whole of the UK when talking about BTL/population ratio. It was in the Argus recently where I read it. This was alongside the recent gem about needing a pilots salary to be able to afford a 1 bed flat in this crazy city. Disaster disaster disaster!

[Hopeful FTB]

And also, has anyone been up in sunny Hollingdean recently? I had the honour earlier this week- its a very deprived part of town with lots of social problems so those 2 properties above are sheer madness.

[christhpc]

Yeah, apparently one in three landlords in the UK has a BTL in Brighton. It's going to be quite the case of, 'Oh the humanity' when this market finally unravels.

[christhpc]

I find it interesting that threads about Brighton seem to die a death far sooner than threads on other cities.

It's because the situation is just so broken and we've already discussed it to DEATH with our friends and we're tired of talking about it and are just waiting for the inevitable, right?

[mjhodgson]

Not strictly Brighton related, but probably a knock on effect of the boom in Brighton.

From the Argus:

http://www.theargus.co.uk/news/localnews/d...say_experts.php

Do I detect the slight whiff of panicking estate agent?

I find it interesting that threads about Brighton seem to die a death far sooner than threads on other cities.

It's because the situation is just so broken and we've already discussed it to DEATH with our friends and we're tired of talking about it and are just waiting for the inevitable, right?

[christhpc]

Brighton Anecdotal:

After a purchase at certain up-market cosmetics / designer goods shops you'll be asked if you want to join their mailing list. Apparently the number one reason shoppers have been giving lately for not wanting to sign up is that they are moving house.

Cutting and running anyone?

[bleakhouse]

Buy to let in Brighton

http://www.eigroup.co.uk/ImageLib/LotPhoto...6/Catalogue.pdf Lot 37

Rental income £118,7000p.a.

This lot was in last month's Barnardmarcus auction.

Guide price £2,300,000 and was unsold at £2,385,000

Back again this month guide price £2,150,000

Was someone a little greedy?

[soldintime]

Buy to let in Brighton

http://www.eigroup.co.uk/ImageLib/LotPhoto...6/Catalogue.pdf Lot 37

Rental income £118,7000p.a.

This lot was in last month's Barnardmarcus auction.

Guide price £2,300,000 and was unsold at £2,385,000

Back again this month guide price £2,150,000

Was someone a little greedy?

Rental income is at 5% yield. Than take the cost of voids, maintenance plus letting agent cost. You end up with 3.75%. Horible it can only go downwards.

[equitystasher]

House next door to My girlfriends parents has just gone on the market.

Its is a 2 Bedroom converted to 3 Bedroom terraced house in the Bear road area (hmmmmm )

It has been occupied by students ever since my girlfriends parents have moved in which was in 2000 so the landlord must be taking some good profits. Houses along the road have been making £240,000-£250,000

Will keep you posted on what happens

[equitystasher]

House next door to My girlfriends parents has just gone on the market.

Its is a 2 Bedroom converted to 3 Bedroom terraced house in the Bear road area (hmmmmm )

It has been occupied by students ever since my girlfriends parents have moved in which was in 2000 so the landlord must be taking some good profits. Houses along the road have been making £240,000-£250,000

Will keep you posted on what happens

Board has turned to sold already. I have also noticed that other for sale signs have turned sold so the animal seems to be still alive around here

[equitystasher]

Just something to cheer us up.

Check out the number of properties sold in April this year compared with April last year.

http://www.home.co.uk/guides/house_prices_...&lastyear=1

[stormymonday_2011]

Not strictly Brighton related, but probably a knock on effect of the boom in Brighton.

From the Argus:

http://www.theargus.co.uk/news/localnews/d...say_experts.php

Do I detect the slight whiff of panicking estate agent?

Hmm I would hardly describe Bognor or Shoreham as 'pretty'.

The property in places like Litllehampton, St Leonards or Bognor is really only 'affordable' to outsiders. Most people employed llocally earn less than the national average wage. You have to commute to London to get a higher salary and that means a llong commute (probably standing most of the way on the return journey) and an expensive rail season ticket. I have started to keep an eye on the Rightmove properties for sale in Worthing over the pastmonth and I have noticed the inventory of unsold properties slowly increasing. There is certainly no sign of people rushing to buy.

[whatnow?]

I have viewed those house too and did consider offering on the bungalow but it needed so much work and the area was a bit dodgy so we changed our minds.I don't know where Brighton EAs get their figures from because having viewed about 50 houses in the last 6 months or so only about 3 or 4 were liveable and that is at 250k!!!!!!!!!!!!which is more than 10 times average local wages for a house that isn't even reasy to go???????????I have noticed though that many of those we did view are now back for sale although prices haven't changed yet. :angry:

[stormymonday_2011]

I have viewed those house too and did consider offering on the bungalow but it needed so much work and the area was a bit dodgy so we changed our minds.I don't know where Brighton EAs get their figures from because having viewed about 50 houses in the last 6 months or so only about 3 or 4 were liveable and that is at 250k!!!!!!!!!!!!which is more than 10 times average local wages for a house that isn't even reasy to go???????????I have noticed though that many of those we did view are now back for sale although prices haven't changed yet. :angry:

One thing I noticed when I moved to this area back in the early 1990s was that many properties on the market on the South Coast were in a poor state of repair. People in the area seem to think that they have a divine right to receive huge sums of money for houses that are barely habitable. I know HPI is a countrywide phenomenon but I have never found another area that matches the South Coast for the amount of crud on the market. This region got hit very hard in the HPC of the early 1990s and I expect it is going to be in for another pasting this time.

[bleakhouse]

Buy to let in Brighton

http://www.eigroup.co.uk/ImageLib/LotPhoto...6/Catalogue.pdf Lot 37

Rental income £118,7000p.a.

This lot was in last month's Barnardmarcus auction.

Guide price £2,300,000 and was unsold at £2,385,000

Back again this month guide price £2,150,000

Was someone a little greedy?

http://www.barnardmarcusauctions.co.uk/

Lot 37 unsold at £2,175,000

Going down, anyone?

[equitystasher]

I Would say that prices have stagnated with a few "new prices" being advertised but there are not enough houses being sold at reduced prices to say house prices are falling............yet

I think we are in a period of stagnation here. I hope that we will see another Interest hike in the August which will give vendors another slap in the face to realise that a new game is starting.

Speaking to a well know Brighton and Hove player yesterday in a pub it is clear that the message has still not got through. I must admit that said player is not savvy but he is probably as savvy as the common man and he is still looking to invest a large sum of money in bricks and mortar in the current enviroment.

[equitystasher]

Update on Brighton and Hove area.

Plenty of supply coming to Market but few houses selling. Quite a few are coming back to market after being sold. I have also seen some prices readjusted lower but with no takers.I have seen in th last few days lots of lower end houses coming to market in the £230,000 area. Hopefully this could BTL's strting to jump ship

LR figures for July which lag 2-3 months show monthly increase of 0.0 HPI and Yearly figures at 15%

[yellerkat]

Stuff still moving in East Brighton - THIS DUMP is on Whitehawk Broadway (!) and is surrounded by chavs every weekend night.

an increasingly popular area

Yes, but with whom, exactly?

[equitystasher]

Stuff still moving in East Brighton - THIS DUMP is on Whitehawk Broadway (!) and is surrounded by chavs every weekend night.

Yes, but with whom, exactly?

Wait for the "To Let" sign to go up and remain up for a few months before a "For Sale" sign replaces it.

[tigsrenting]

Wait for the "To Let" sign to go up and remain up for a few months before a "For Sale" sign replaces it.

A lot of student properties remain empty. Letting agents still advertising student lets when years back they would make the students rent them from July 1st. Rents are going down too from £80.00 per week to £65.00. University even selling some of its portfolio. Hopefully it's the beginning of the long goodbye to the amateur BTL'S.

[tigsrenting]

Hope threads about Brighton dont die a death. I've just joined site and am finding it very interesting. Is Hove included as well? Have been collecting Latest Homes for a while now, so I can cross reference what is really reduced or what was reduced six months ago and still advertising as just reduced. Best one so far in Woodingdean price £599950.00 stamp duty paid, now it's reduced to £575000.00 plus stamp duty. Some reduction some price and still on the market six months on

[CrashHorizon]

This is interesting... The same flat advertised (in different sections) of a well known Brighton EA. It is for sale.....

http://www.4salehome.co.uk/windsorlodge4.html

AND for rent.....

http://www.4salehome.co.uk/Lettings%20PDF/...gh%20Street.pdf

For sale at £200,000 and you can rent it for £600 a month!! I admit that they are letting it for only 3 months and that the rental price is slightly below normal rental value but even so, a £200,000 mortage at 6.5% would be £1,350 pm and interest only would be £1,100pm! (then you have to add maintenance, fees etc)

This demonstates how completely out of line house prices are in Brighton... Time for a big time correction methinks!!!

(Plus they are probably in trouble and desparate to get some income in while the flat remains on the market.. Otherwise why go to the trouble, expense and worry of letting it out for such a short time!?)