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adibrown

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  1. I rented a 2 bedroom flat in SE London 12 years ago for £900pcm. I've just taken a look now and an almost identical flat is on for £950pcm. One thing that is seldom mentioned about the housing boom that has just happened over the past 10 years is the positive effect it as had on the rental market. As somebody who likes renting because of the flexibility it offers and the reduced responsibility I am quite heartily toasting the house price boom. In the past ten years rents have remained static and in some instances decreased whilst at the same time the choice of rental property has increased along with the quality. So now in Brighton I can go on Rightmove and I have just under 300 2 bedroom flats available and I know most will be open to negotitation and if they aren't then I wont rent them. I can rent new build apartments, completely untouched, move in there and enjoy living in a spanking new place for a year and then when it starts to get a bit tawdry and the value has dropped 20% because it doesnt have that new smell anymore I just go out and rent another one. The reason rents in Kettering have gone up is more to do with the demographics and the fact that people are using it as a commuter town for London. BUT and it is a big but you are talking about asking prices for rent and usually you can ask for 10-20% reductions. These shifts are usually caused by landlords actually just trying to break even but screw the bas$ards, let em pay for their greed. I am currently renting from a landlord who is subsidizing me by about £400pcm. It is great being a renter at the moment so enjoy it and just sit back and observe the chavs and idiots who have fallen for the buying mantra pumped out by the media. I am giving it another 5 years and then I reckon prices will decline enough to make sense buying again i:e when your repayment mortagage is less than the rental value. As for rents going up, it may sometimes look that way but there are far too many amateur BTL landlords in desperate situations. We dont have the old eighties and ninties situation were landlords could sit on voids for months on end. These guys will take anything after a few void months just to contribute towards their terrible investment costs. As a renter lap it all up and enjoy it. If you see a 5 bed house on for £1600pcm offer £1000pcm. I have done this a few times and it as actually worked ;o)
  2. If you had been on other boards other than "Spanish Property to drop" boards then you would have noticed that Daftboy is a wind up merchant. He just makes things up and this is clearly no different. Costa Blanca is dropping but prices are on average 5-10% less than they were in 2006. Personally I dont agree that this is the right time to buy in Spain. I have been trying to buy for the past 4 months now and have had very little luck. I have been outbid or too slow on about 12 properties. Anything in the nice areas is getting snapped up almost immediately.
  3. This is very true. At work yesterday a guy came in after lunch and had been looking at a flat to buy in Chiswick. Somebody asked him how it had gone and he replied that he was a bit shocked because for £400k it was basically a characterless conversion and was in what looked like a normal suburban 3 bed semi that had been split into two flats. The guy who had asked the question said "Yeah thats your problem buying in Chiswick, you should look at West Acton because prices there are rocketing and you cant lose". I bravely piped up that perhaps they should be careful because prices looked like they were dropping, quoted the new nationwide figures. They both then spoke to me as if I was really stupid mentioning the fact that Interest Rates were dropping next year and things were set to boom again as soon as that happened. And as soon as this credit crunch thing went away after xmas it will all be better. Apparently they both agreed that the next 3 months was a good time to buy because the market was taking a breather before booming again. I honestly think that some people are looking at this period as an opportunity to buy.
  4. Costa Blanca is dropping. In areas like Torrevieja by as much as 40%. Costa Del Sol is in areas increasing by about 5-10% in more desirable areas 10-15%. Areas inland and in areas such as Fueng and Torremlnos are dropping by about 2-5% Other areas along the coast are holding up well because they still constitute good value for money. Aggressive building has left oversupply in many areas away from the coast and this adds up to about 500,000 dwellings and these are just not selling. Many of these developments (includes Polaris World in areas such as Murcia) will be available for 40% less than advertised prices. Basically apartments more than 2 miles inland. Another area to look out for is the Albox area, I understand that prices here are dropping again by around 30-40%. This area is popular with working class and unemployed people with council house right to buy equity. In other words not the most intelligent investors. property that should be worth no more than 20k euros has been going for 100k euros (disused farm buildings etc). Granada and Seville look good value for money at the moment, should remain stable with steady increases. Those that reckon that drops in inland developments will spread to the frontline and desirable areas are talking tosh. That would be the same as saying prices in Scotland have dropped by 20% and there are 500,000 homes in the Shetlands that lie empty therefore prices in London will drop by 20%. Nobody wants to live in Scotland just the same as nobody really wants to buy an apartment 2 miles+ inland. Desirable beachfront property or good quality property in nice resorts (Garrucha,Duquesa,Granada,Cadiz,Sitges,Tarifa etc) will always retain its value.
  5. Panic is hitting the streets of Brighton and it has arrived so quickly it is frightening. Yesterday Debenhams in Brighton were doing a 20% off everything sale. I expected the worst at 2pm having been to a similar sale last year at the same time and had to wait outside the doors it was so full. This year it was practically deserted. I went to buy a winter coat and the old guy serving me mentioned that he had never seen things so quiet. Apparently in the past few weeks things have just dropped off a cliff. In the pub a few hours later and an ex work colleague of mine is in there with a woman of about 30 called Lisa. Lisa works for the online section of Argus. I mentioned that they had dropped the property articles and set it up so comments couldnt be made about other property based articles. She started going off on one saying that hundreds of people had stormed online and it was difficult to manage. I pushed her a bit further on this and it seems that a well known Brighton EA had complained and threatened to pull advertising if this article continued because the comments were mainly negative and causing unrest amongst his buyers and sellers. I mentioned that I thought the Argus was questionable for directing its content in response to commercial pressures and she flew off the handle. This girl was literally foaming at the mouth "you aren't one of these people going on about a crash" "You are causing misery". It turns out she is under a lot of stress because she has 2 flats, both for sale and she is buying a house in Patcham. She needed to sell one of the flats but her buyer has just pulled out because he is "waiting to see what happens to prices". Her other flat has just lay empty since April when she threw out the tenants to sell it ASAP. She left about 5 minutes later and the ex colleague told me that she was"a bit tight on cash". Turns out she has been having to pay out £900pcm on the flat she is trying to sell and borrowing it all on credit cards but now she is hitting her limit. This Lisa girl was buying champagne for everyone it seems just under a year ago when she remortgaged her 1st property to buy her second and then let out her first home. It appears at that point she assumed she was going to be a property millionaire. Now it looks as though she will have to go into negative territory on her first flat and break even on her second. How did this happen in the miracle market that was Brighton. Well it appears she was the type of girl who on £1200pcm used to eat weekly at expensive restaurants, take holidays to Barbados, buy £300 handbags and weekends at Health Spa's. She would have been in Debenhams last year...buy, buy, buy. This is a common story I am sure across Brighton and also proves to me that the Argus knows the party is over even though it prints stories of prices continuing to rise. If I was you Iwannahouse I would get at street level and smell the fear. After 1991 Brighton was literally destroyed. Prices halved and you couldnt give flats away. Mortgage approvals at a record low and things seem to have already turned. Whatever you do DO NOT BUY NOW.
  6. In my opinion France,Spain and Italy will be the least affected markets out of the "property abroad" craze. Worst affected will be Bulgaria,Romania,Morroco,Turkey and Hungary. What is the basis of my argument. Well France, Spain and Italy have a long tradition and are established resorts. Foriegners have been buying holiday homes in these places since the Roman era. 15 years ago many planes flew daily to Alicante, Malaga, Nice, Rome etc. In Boom and Bust these flights will continue to run,in boom and bust the infrastructure will remain, the bars, the cafes etc. Can the same be said for Morocco, Bulgaria, Romania, Turkey etc. These markets are almost entirely based around speculation. When that bubble bursts you are left with nothing, absolutely nothing. These resorts will just disappear or the market for property will just revert to local pricing levels
  7. It is bizzarely like 1990 all over again. House prices to fall........Butlers on the rise. I wonder how many people will be wanting butlers in a few years time? When excess and greed seems outrageous you know the party is about to end.
  8. Biggest falls in my opinion will definitely take place in Brighton and Hove. This happened last time around and will undoubtedly happen again. When you start seeing tiny 1bed flats in places like seven dials going for £200k+ you know its hammer time. I remember in 2001 living in a desirable part of London and visiting Brighton to see friends. My 1bed flat in London was valued at £130k. I had been considering selling my flat in London and buying something in Brighton. I took a look at a 2 bedroom 1st floor flat in Brunswick Square, Brighton with balcony and views over the sea for £79k. Down the road 10 bedroom small hotels were up for just short of £200k. I decided against it. Moving on to 2007 and the 1bed flat in London is back on the market for £175k. A two bedroom flat in Bruswick Square almost identical to the one I took a look at in 2001 is on the market for £415k whilst the 10 bed hotels are just short of a million. I had a look around Greenwich (SE10) last week and found that prices were around 10%-20% cheaper than in Brighton. It just doesn't add up. Brighton is flooded with property speculators, it is prime trading ground for them. In the last crash Brighton had been popular because developers had kept the prices of property just below those of London therefore encouraging thise who had been priced out of London to buy in Brighton. This time around they have become greedy and prices have exceeded those of London but the market has been fuelled by Amateur BTL and those even willing to pay more than London prices to achieve a better "lifestyle". Brighton (and I include our very own property porn paper The Argus) is one big marketing excercise. Of course it is a lively seaside city and it does have a good selection of pubs but on the flip side it is dirty, full of drug users, chavs, travellers, alcoholics and care in the community people. It has hardly any local economy (Other than AMEX and L&G), poor restaurants and fills with drunk chavs every Summer intent on smashing everything and everyone up. It has one of the worst performing hospitals in the UK, no good schools and a transport system that means you have to travel into Central London to go anywhere in the UK by train. At the end of the day Brighton isn't even good now if you are a student due to the high cost of living. It is hanging by this "London by Sea" tag that it has given itself. This myth has been perpetuated by greedy Londoners and people like Phil and Krusty who probably all own a handful of properties in the City. In my opinion Brighton is set to drop by in excess of 50%. I know a legion of squatters just waiting in the wings for the repos to start. Once that kinda shit hits the fan Brighton will once more be home to the travellers, hippies and students and Tarquin Taylor-Bradford will head back to Bucks with his tail between his hind quarters.
  9. Getting back on topic... I have no symapthy whatsoever for these friends of the original poster. This is the simple fact as I see it - They were given the opportunity and took it of buying a council house in Richmond 10 years ago. That is the opportunity of a lifetime which many people would give their right leg for. The fact that he has decided to abuse this position to remortgage and borrow excessively is nobodys fault but his own. In todays blame culture it is ery easy to look around for people to blame but in my opinion blame rests firmly on his own doorstep. This fella is the type of person you see heading off for a 2 week holiday in Mauritaus with his family and you scratch your head and think how can he afford that, he is the man down Comet taking delivery of his 50 inch Plasma with cinema surround system. Let him enjoy his new found wealth. Worst case scenario he sells his house in Richmond at 65 and with his £100k equity and state pension he could buy a house in Indonesia, France or Spain with a bit of cash to spare for old age.
  10. I have to agree. It is common place for people with learning difficulties or below par intelligence to be advised and trained to become IT "Professionals". The OP reinforces this by teaching these IT skills to a child who otherwise would have been bereft of work opportunities. You wouldn't for instance hand this child a book on law or medicine and encourage him to be a Pharmicist or Lawyer. IT is well paid and it is an industry that has its fair share of highly intelligent and creative individuals. Some areas of IT are bloomin hard to master but others are quite simple "by numbers" type applications. My cousin's boyfriend was thrown out of school at 15 and at the age of 22 after a number of years on the dole was forced to go to a college course to learn basic IT skills. I found the whole thing quite amusing as my cousin mentioned Mark had learnt how to deal with windows etc. Then last year his Mum bought him a PC and he had went on to do a course in Web Applications or something. Anyway recently he got himself a web development role at a company in Crawley that involves ASP, Javascript etc and he gets £26k a year. Now this is fantastic news and I wish him all the best because the boy has worked hard at getting good at something and it has paid off but he is hardly the sharpest pin in the cushion. From what I gather they are handing out MCSE's like sweets. As I see it the majority of IT workers are the modern day grunts. Just look at India, Nigeria and other developing countries and you see literally millions with what we regard as high level IT skills. In the UK I would say around 85% of IT workers are grunt level, 10% are highly skilled and 5% are genius's. When you find somebody with great IT skills who is also highly creative you have hit the jackpot or somebody with great IT skills who is also a fantastic business mind or communicator. I think the sooner we recognise that Network Engineers, Web Developers, IT Helpdesk etc are no longer highly skilled areas of work the sooner we can start preparing ourselves for competing on a global level. We can then start identifying a two tier system and recognise that highly educated and creative software developers/programmers should no longer be lumped in with Dave Done Good and his CISCO qualification.
  11. London will be very badly affected because most people living there are transient and have no ties to the area. A lot of people living in London tend to be single or childless couples with no long term commitment to the area and many rely on their job to afford them to live in London. You also find a lot of foriegn investment which is completely unsentimental to the area. To them it is pure financial transaction which means they will want rapid out if the trend turns negative. In other areas many people will just ride it out and either remain in their house or move to another house that as equally dropped in value within their area. In London you have this constant flow of people in and out. This means that the sales transactions are much higher and the market affected by any movement in price either way. As soon as the crash starts it will be crazy, flats will be as always hit badly and I see big drops in the capital. As I mentioned before when I purchased a flat in Blackheath in 1999 (Paid £75k for large one bedroom flat) I was surprised to find out that my 42yr old neighbour had paid £135k for the same sized flat in 1989. Of course by 2002 he was back out of negative equity and was able to sell for £140k. He immediately moved out of London to live in Sussex but he had been wanting to do so since 1992. So the poor guy was stuck for 10 years somewhere he didnt want to be and it was either that or say goodbye to £60k. I shudder to think how many people are sittign in their London flats tonight completely oblivious to the consequences should the market drop heavily. Most people I speak to seem quite confident that their flat will only drop by 10%-15% if a crash happens. I know from what I have seen that flats do and will drop by up to 40% in parts of London.
  12. ForestFire – out of your 21 posts all of them are identical, talking of a crash in Spanish Property and using the same stale arguments. I am guessing from the content that you live in Spain, would like to buy but currently rent. I can sympathise with this position as I am doing much the same in the UK. I believe prices will fall by as much as 30-40% in the UK over the coming years and that is why I will put forward a bearish argument on the state of the UK housing market. I assume you feel frustrated at high prices in Spain and wish the market would crash as you predicted was happening back in November 2006 when you first came to this board. Unfortunately I think the two markets differ quite substantially and you may find the whole UK market crashes whilst the Spanish Market drops unevenly according to areas. It would be unfair for me to simply make this comment so let me explain my reasoning behind this and also dispel some of the myths often repeated on this board: • Unfortunately some people are quite new to Spain and therefore get a little confused. When I first visited Spain in the early 80’s vast areas along the coast consisted of “ghost town” developments. These urbanisations were literally less than 10% occupied. The reason for this is very straightforward. For years the Spanish have purchased holiday homes on the coast. These homes are then visited in August and other holiday periods. So for 10 months of the year the shutters come down and the apartment/villa is left empty. British, German and other Europeans also have done the same so this is often the reason why in off peak times these developments look unoccupied. Go into the local town and the streets are bustling with markets and people watching the World go by. Often at peak times/weekends the population of an area will quadruple as people come to stay in their holiday homes. • The number of people buying in Spain is often underplayed by the media and the official figures paint a different picture to the reality. Close to 2 million homes are owned by UK ex-pats or UK residents. Figures such as 2,596 non residents buying in Spain hide the true figure of around 20,000 sold to foreigners (resident and non-resident) in that same quarter. That constitutes around 80,000 homes per year….in a so called crash!!!!!!!!. What tends to cloud the argument is the fact that many people will either buy through Spanish trusts/offshore companies to avoid tax or become residents to decrease their CGT tax burden. Unfortunately certain people will make stats look as they please because they are trying to talk down the market. These are often people who live in Spain but currently rent, frustrated that UK residents are still buying property and keeping things buoyant. • Spain has always had a four tier property system. To understand this is to then start understanding the way the market works over there. The first Tier of property is often called “first line” but more recently a few golf/leisure developments can be included (although only about a desirable 5%). These properties are the ones within a few minutes (500m) of the sea whether that is beach, marina or fishing town. Second Tier properties are those that are classed as being in a resort but can often mean walking for 5 or 10 minutes to get to the beach/harbour/town centre. Third Tier properties are those inland. These rural properties are often in a distressed state or a new development offering very cheap houses with land. This tier also includes the popular apartment blocks seen in inland towns populated by the majority of Spanish locals. Fourth Tier properties are City properties. These are expensive apartments or houses that are within a 10km radius of a City Centre. So in Spain at the moment the majority of first tier properties are still hard to come by. These properties are often priced to reflect this demand but supply is restricted. These are the properties literally selling like hot cakes. I know because this is the type of property I am looking to buy at the moment and I simply cannot get my hands on anything. Now where the problem exists in Spain is in the Second Tier. Go a mile inland and you are confronted by millions upon millions of acres of scrubland. Very much like Australia, apart from a few areas Southern Spain is built on the coast. So when a Developer approaches a farmer and offers to buy 30 acres for £100,000 the farmer snaps his hand off. The developer then builds 200 apartments, builds a couple of pools and landscapes the land around the complex and starts selling them for £100k a piece. Because of increased demand and therefore prices for first tier properties this was a lucrative business for Spanish developers. They soaked up all of the disappointed Brits who expected to buy first tier properties with their MEW money (old 1999/2000 rerun episodes of Place in the Sun were to blame). These Brits flew over in their thousands during 2001/2002/2003/2004, newly acquired equity in their homes was burning a hole in their pockets. So there they were with £100k to spend and they were herded by the big Spanish EA’s on their “inspection visits” to these two tier developments. They were in the sun and they had a pool and they were only a short drive from the beach and the town…may be even a 15 minute walk. So they started buying. Some of the more ambitious developers such as Polaris World even went to the lengths of building golf courses to attract people away from the “first tier”. It was a great success but it of course had a limited life span. Soon the Brits with their equity money would slowly dry up and worst of all these Brits had this obsession with making money so they all expected to get some kind of huge return on their property. As a result they expected every new phase and every new development to be 10%+ more expensive but the Developers knew this would soon price people out and decrease demand even further…..after all the whole idea was to offer a cheap alternative to “First Tier”. Anyway the scenario has played out as predicted, their now lies 300,000 of these second tier properties and a bunch of Brits trying to sell. Slowly and surely these developers are disappearing and the building has stopped. The second tier is no longer a gold mine but a money pit. Expect up to 30% falls on some of these developments. Some developments offering exceptional views or facilities may retain their value. Third tier properties have been blighted by the increasing number of Brits buying up barns and outhouses for £30k believing they have bought a bargain. The business of renovating these and then selling them for £80k is still ticking along but has dramatically slowed in the past year or two as this money moves to Eastern Europe. The people paying £30k - £80k are now looking in Bulgaria and Morocco. As for apartments within towns these are still fairly reasonably priced but because of increased immigration of South American farm workers wages have been depressed and this makes it quite difficult for people to afford £60k - £80k in Spain. These properties will drop by 10-20% and improved labour/wage conditions promised by Zapatero should help bridge the remaining gap. The fourth tier is complicated. It is over priced at present and will be the most likely sector affected by the credit crunch. Like the UK people have over stretched and many of these were not in a position to do so. I can see 15-20% falls in this sector over the coming years. • The majority of Spanish Property is still very cheap in comparison to other areas of Western Europe. OK so some areas of the Coast are very expensive but still affordable even in those areas that are highly desirable. 4 bedroom detached villas with a few acres can still be picked up for less than £100,000 in most inland areas. 3 Bedroom houses literally on fantastic sandy beaches can be picked up for £200,000. This doesn’t strike me as over inflated when 2 bedroom terraced houses in the worst parts of Salford are selling for £150,000. • Spain in the new millennium is now a developed country. Spanish motorways such as the E15 are the best in Europe. The high speed railway network can transport people in luxury between Seville, Madrid and Barcelona within a few hours. This high speed network is now running along most coastal areas opening travel to millions. Flights to and from the UK can now be purchased for £50 and take only a few hours, it can sometimes cost more and take longer to travel from London to Newquay. • With the popularity of Spain increasing for British people and new EC regulations opening borders employment opportunities are exploding in Spain. Contrary to popular belief wages are pretty good. There are also increased opportunities for home workers with Telefonica guaranteeing ADSL to most homes with speeds up 16MBps available. People such as Radio 2 producer Andy Davies (works with Jonathan Ross) commute weekly from Spain. • The majority of UK buyers aren’t buying in Spain for investment purposes. More importantly the people I know didn’t buy expecting huge price increases. Unlike a BTL buyer who buys a 2 bed flat in Bedford when you cant rent your flat out in Mojacar you can go and holiday there for a few weeks yourself or even treat a member of your family. The majority of flippers left the Spanish market for Morocco and East Europe back in 2004. What this means is that fewer buyers are distressed and the rush for the door is unlikely to happen. In the UK the market has been fuelled by greed and BTL investors and whilst Spain hasn’t been immune to this the majority as Sharpnose quite rightly points out are retiring to Spain or simply looking for a holiday home. They don’t care too much about the price because it doesn’t affect them and if they can’t sell…well it’s a hard life having to wait a year or two in the Spanish sunshine ;o) • Although it seems as though building work is taking place everywhere in Spain there is of course a limited amount of land available along the coast. With the glut of baby boomers approaching retirement age and the majority determined to retire abroad with Spain the most popular destination it seems like a pretty safe long term decision to buy property on the coast. Note also that the Germans were once the biggest group of foreign property owners in Spain – their economic crash means they have been out of the market for at least 10 years. Any recovery in the German economy may mean demand is increased even further for good quality coastal properties. • It is impractical to expect people retiring to hang around renting for 5 years. People retiring want to lay stable roots in a community when retiring abroad. Security and stability is very important when moving to a strange country and this isn’t provided by renting. I know from experience that should you buy in the right area you can sell within weeks (being realistic on price is also required). Sure some people have been trying to sell for months but visit these houses and you will see why. A lot of people assume that their house has doubled in price or they have bought in an area which offers nothing special to the purchaser. So as I mentioned before I think some areas of Spain will drop 30% and others will continue even increasing slightly MoM. Take a good look at the market and think about the location. Location is key in Spain..I don’t mean resorts but location (Distance from coast, amenities, town etc). In other words you could say to me “I have seen a load of empty properties and there in the popular resort of Sotogrande”. What you fail to say is that they are 5 minutes out of the town centre. Think of the worst case scenario should you have to return to the UK and rent it out. I remember reading on this board somebody saying you can get a bargain from a distressed buyer at any point in the market and this is so true. If you want to buy a property in Tier Two then definitely wait if you can’t get 20% off. If you’re looking to retire to somewhere on the coast and you have the money to buy then I would advise you do so if the opportunity is available. Just make sure you do your research. Some of the people on this forum have been saying Spanish Property has been crashing for 2 years now. I went over there the other week and I can't see any evidence of it whatsoever and in fact I am faced with quite the opposite. In the area I was looking I held back on a development thinking a bargain may have been had and then was told they had all gone. I of course thought this was a sales tactic and waited for the "ooh we have just had somebody drop out" but it never came. I could kick myself now for not being more reliant on my own eyes rather than random newspaper articles and posts on here. Just remember "oh in some areas things are actually OK" doesnt sell papers. Pick out the odd case of misery and magnify it 500 fold to make it even more dramatic. Then throw in some random figures that you have manipulated and hey presto everybody wants out of Spain and the whole economy is on its knees. The truth is out there...go and take a visit for yourself and see things with your own eyes.
  13. I'm afraid I have to agree with Sharpnose and I dont sell property for a living. Now is a great time to buy property in Spain. Bargains can be had in most resorts but tread carefully and take long hard look at the area. I have never seen anybody desperate to sell who doesn't live in the Costa Blanca. Make sure you either pick unique inland towns or coastal areas (and I mean less than 1km from beach). A lot of people hype up the crash in Spain but when I have been over there recently I have seen very little evidence. Sure the number of buyers is down from the extraordinary boom years of 2002/2003 but the good developments are still selling out within weeks. The oversupply mainly exists because Spanish developers tried to cash in by buying cheap land away from the coast (2km+) and building apartments which they then tried to charge silly money for. The profit attainable was unbelievable. These flats can be sold on for £50k and the developer will still be quids in. These undesirable properties will come down from their stupid high price and become dirt cheap holiday homes and it will give the impression of a crash. Those places in the desirable areas rarely come up and when they do expect to pay a high premium.
  14. Brighton is still quite busy with Mum and Dads buying a house for son/daughter attending university. This concept became popular about three/four years ago and is a winner whilst Son/Daughter attend University and a year or two afterwards if son/daughter remain in area. This is because son/daughter can get friends to live in said house and pay Mummy and Daddys interest payments. The shit hits the fan when Mummy and Daddy have to go to a local lettings agency and stand in line with the thousands of other BTL landlords. All of a sudden there are no emotional ties to the area and voids are costing Mummy and Daddy £1000pcm. Mummy and Daddy manage to find some tenants but it is Sid Snot and his punk band "The F@ckwits". A year later Mummy and Daddy find that the little student house is completely wrecked and not only do they now have to spend £2k doing it up and refurbishing they also hit more voids and miss the start of the student season. Daddy is very angry because he is told by the EA that his house has reverted in value back to what he paid for it but he has also lost a good £10k. Daddy immediately puts it on the market but realises all the other daddies are doing the same and their are no more daddies willing to buy On top of this add the dumb "young professionals" heading down from London with the equity from their studio in Hackney now looking for a new life by the seaside and you have the reason for the legs in the Brighton market. It is a market built on hot air and will collapse so quickly it will be breathtaking. The amount of property in Brighton that isnt a "family home" is phenomenal and should times get hard which is a certainty IMO then the amount of desperate sellers combined with lack of buyers will mean prices halved in B&H if not more within literally a couple of years. In the meantime rent is at a record low so sit back and enjoy, perhaps even send a letter to your LL asking for further reductions (Threaten to leave and watch him squirm in fear). Patience is a virtue.
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