Thursday, Jan 24, 2008
Sinking Ship
Brighton Argus: Millions of pounds to tumble from Sussex house prices
I thought it was worth reposting this. I live in the Brighton area and there was a notable lack of paper copies of the Argus this evening. Might Brighton's estate agents have been buying them up by the barrow load in a last ditch effort to save their gold plated lifestyles?
Posted by captain sensible @ 05:33 PM (1105 views) Add Comment
19 Comments
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1. mark said...
quote "One Mid Sussex estate agent said: "It's not as good as it used to be but it is still a good market. Most of the problem is that the papers keep going on about it and making people nervous."
they were happy when papers were saying prices were going up, how they forget.... let agents go bust they need to learn...
2. Cybervigilantes said...
I sold my flat in Brighton a year ago (after reading this site), at the time everyone I knew thought I was crazy. "Brighton is always going to go up in value" they would say. We wait and see.
3. Othello said...
Look at the comments on this article! I've never seen anything like it. It has made a lot of people in Brighton very angry!
4. harold said...
"It's not as good as it used to be but it is still a good market."
I cannot believe that anyone in his or her right mind is buying UK property at the moment. You'd have to be mad, desperate, or extremely rich.
5. sirgoogle said...
Wow.... ====> The Estate Agents are deliberately talking the sheeple into a panic - so that they sell (and the EAs get their commission). Just proves that you can make money on the down as well as the up. EAs do not care whether the markey is going up or down, they just need throughput.
"One source from leading property marketing firm, TeamProp, added: "I'm telling people to get out of the market quickly and diversify their portfolios. "A crash is going to happen."
It is a dirty game they play.
6. Brit1234 said...
I found this article a couple of hours ago. I couldn't believe what carnage there was on the comments after, especially being a local rag. Very bloody. :)
7. hpwatcher said...
''I cannot believe that anyone in his or her right mind is buying UK property at the moment. You'd have to be mad, desperate, or extremely rich.''
OR a VI
8. hpwatcher said...
''Wow.... ====> The Estate Agents are deliberately talking the sheeple into a panic - so that they sell ''
Yes, but do people actually want to buy?
9. enuii said...
Thank god I don't like in Brighton, the comments to the article seem to indicate that it's full of obnoxious, self serving, money obsessed and property obsessed parasitic snobs.
How much of the South East will also be like this when recession driven reality checks in.
10. Larry Pickleman said...
I live in Brighton, and yeah, it is full of self serving snobs, but there are plenty of good folk too!!..
11. wdbeast said...
I too am staggered at the incredible aggressive emotion in the postings from supposed local property owners.
This just shows what a shocking surprise has been stored up for the average home owner!
Sad times ahead for the sheeple!
12. Yellerkat said...
enuii said...
"Thank god I don't like in Brighton, the comments to the article seem to indicate that it's full of obnoxious, self serving, money obsessed and property obsessed parasitic snobs."
...And that would differ from the rest of Britain how?
13. it_is_going_with_a_bang said...
Hardly suprising. Every home owner in Brighton has their dreams of wealth based on their homes. Not forgetting that alot of people stand to lose ALOT of money in brighton and hove.
It was only about 4 months ago that the Argus put out a headline saying Property Prices in Brighton and Hove to Rocket Next couple of years.
Ever seen a Rocket that doesnt quite make it - quite a mess.
You only have to walk around Brighton and se just how many people have made money out of Property - because there isnt anything else in Brighton to make money from!
14. hpwatcher said...
''...there isnt anything else in Brighton to make money from!''
Just like the UK!
15. it_is_going_with_a_bang said...
" enuii said...
Thank god I don't like in Brighton, the comments to the article seem to indicate that it's full of obnoxious, self serving, money obsessed and property obsessed parasitic snobs.."
Having lived around Brighton for the last 20 years. That is pretty much it. Full of suits / BMW X5's / Aston Martin's and Estate Agents every 100 yards.
It's Property Developer / Investor Capital of the UK in my opinion. Full of Wine Bars and Coffee shops to cater for them all.
ITS NO SUPRISE THAT CHRIS EUBANK FITS IN VERY NICELY HERE! LOL ;-)
Having said that, in the last crash is crashed BIG TIME. I think what the Argus is reminding it's locals is that is likely to suffer the same fate again. I call it a Public Service !
16. Root said...
I moved out of Brighton 8 months ago for a new job in Woking, I'd lived at the same rented house for 8/9 years? Lovely landlady, crazy, but nice. Walking distance to Sussex Uni where I did my Master's and then got my first job. Now don't get me wrong I miss Brighton a fair bit (Woking is okay but there's another conversation) but bugger me is it a mess.
I was insanely lucky with my landlady, very nice woman, £208 a month rent (semi-detached with some mates from Uni!) and she did a reasonable effort at keeping the building maintained. However I was the rare case, the housing stock is appalling, endemic rot to the point of mushrooms in some places I've seen, most of it is rented to the students at Sussex and Brighton Uni (yeah, two separate Uni's in one small city) and over the nigh decade I lived there (I lived down the road in Worthing before that) it's got completely down hill. When I first started Uni it was nice, very nice as a student, by the end of my degree (and bear in mind I was the first year to pay tuition fees) it was becoming too expensive. Now three years after that it's not viable for students, numbers were dropping markedly (I worked as a executive officer for the union so I know the numbers) and as the students started thinning it started tanking properly.
Salaries were crap as well, London prices but below average pay. I got a 5 figure pay rise moving to Woking and the job involves a lot less stress (and this is despite the odd week on 24x7 on-call duty). Whatever the hell you do don't buy anything in Brighton, don't even look. It'll make you poorer just thinking of moving there ;^) I suspect if it does go wrong (yeah, yeah, if? ;^} ) Brighton is going to go very, hideously, catastrophically wrong. If you really do need to buy down there look at Worthing, Hastings or any other smaller suburb. Maybe after the dust has settled I'll see about moving back down there, perhaps there is a little jealousy in my views but if I really wanted to I could just about afford a small flat close to the center of town but I'm not that suicidal to be honest.
Regards,
Phil
17. sid public said...
Larry - obviously there are some good eggs in Brighton but on the whole it is possibly the most 'pleased with itself' place in the country, and has been since the mid 90's.
I read somewhere fairly recently that property has increased in Brighton more than anywhere else in England (more than three fold in less than ten years) so it's plain bleeding obvious it'll be hit by the correction over the next few years more than most.
Most of my friends there don't own, but one that does has had her 3-bed house on the market for nearly six months and no one has put an offer in, even though she keeps dropping the asking price... but then it is £500k... with no garden or parking space. It's looking like she'll be repossessed in the next three months.
And, oddly, I know of three people in London buying a house at the moment. Two FTBs and a BTL. All the properties are in London turdholes (really bad even by London standards) and all three will pay the price. I have warned them, to the point that I feel like some weird evangelical christian or something, but this nation of Daily Express readers children don't get their information from a variety of sources and therefore see property as an 'investment', no matter what the price.
Brighton's up the creek without a paddle - but not that much more so than the rest of this country.
I fear the next four years will be very sad to watch unfold.
18. Min said...
We moved out of Brighton in the summer; our rent for a tiny 2-bed terrace (no parking, behind a nightclub with drunks fighting in the street every night, graffiti all over the walls) was £850/month. The house next door was owner-occupied, and last I saw they were trying to sell for... wait for it... £400k. Now who in their right mind would pay that?? You'd either have to be a CEO earning >£100k/year, or some BTL fool who'll have to charge tenants around £2k/month just to break even. Prices there are utterly ridiculous, and I welcome the crash!
19. Cybervigilantes said...
hpwatcher said: "''...there isnt anything else in Brighton to make money from!''"
very true with Brighton, there is little industry, it is very much a service economy and has been hijacked by nouveaux rich wannabees who don't like London but gloat in their trendy pretty little Muse cottages. Might give them a wake up call and burst their delusions of grandeur.
The comments are quite telling.