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Hopeful FTB

Going Down In Brighton!

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This is my first post so bear with me- think its a great and somewhat addictive site when you are trying to get on the ladder, as I am.

Anyway, Things appear to be on the slide in brighton and noticeably in the one bed flat area- there are now flats for sale for about 20k less than they were a year ago, depending on the area. There are also more properties on the market here than I have seen in a long time, many with 'new price' and reduced. They also have seemed to be on the market a lot longer- there is a one bed on my street that has been on the market for 9 months.

So, is this the beginning of the end? What do people think?- many of my friends disagree because they say the brighton is different due to the london influx and that property will never go down here- does this seem a realistic idea?

thanks

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When people say "prices will never go down?" my immediate reaction is:

What do you base this judgement on?

Let them dig their own graves, then dance on it.

These people usually base this opinion on hear'say and lack any appreciation of market-cycles and historical perspective.

Brighton is precisely the sort of place that will be obliterated in a recession. I cannot think of a more "credit/house-bubble" place than Brighton.

It has no industry whatsoever and I would say has 95% of its economy based on high-street spending in the shops, cafes, restaurants and hotels.

Still a nice place, mind.

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This is my first post so bear with me- think its a great and somewhat addictive site when you are trying to get on the ladder, as I am.

Anyway, Things appear to be on the slide in brighton and noticeably in the one bed flat area- there are now flats for sale for about 20k less than they were a year ago, depending on the area. There are also more properties on the market here than I have seen in a long time, many with 'new price' and reduced. They also have seemed to be on the market a lot longer- there is a one bed on my street that has been on the market for 9 months.

So, is this the beginning of the end? What do people think?- many of my friends disagree because they say the brighton is different due to the london influx and that property will never go down here- does this seem a realistic idea?

thanks

Everybody thinks it's different where they live - well it isn't, everywhere is in someway linked. If prices come down in London, as they are, then why shouldn't they come down in Brighton?

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So, is this the beginning of the end? What do people think?- many of my friends disagree because they say the brighton is different due to the london influx and that property will never go down here- does this seem a realistic idea?

thanks

I like Brighton - lived there in the 80's - strangely enough they said the same then

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Continuing my theory of Brighton as the ultimate house-bubble place.....

....being a University town (the amount of Uni students that make up the lacal population is staggering!) Brighton has streets and streets of BTL property.

I would not be surprised if it had the most amount of BTL property per square foot in the country.

Now, isn't this the market that is likley to keel over and die?

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Continuing my theory of Brighton as the ultimate house-bubble place.....

....being a University town (the amount of Uni students that make up the lacal population is staggering!) Brighton has streets and streets of BTL property.

I would not be surprised if it had the most amount of BTL property per square foot in the country.

Now, isn't this the market that is likley to keel over and die?

it also has some very rough areas and a history stretching back a long way of bouts of prosperity and poverty. Dazigers Britain has an interesting chapter - written probably about the time i lived there, after it all went horribly wrong last time around.

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Not exactly surprising.

http://www.theargus.co.uk/the_argus/news/NEWS13.html

Rise in demand for debt advice

by Lucy Brinicombe

An advice charity is having to turn away 20 people a day desperate for help because it cannot cope with the rise in demand.

Volunteers at Brighton and Hove branch of the Citizens' Advice Bureau (CAB) realised how much they were overstretched when they carried out an audit of their work last month.

About two dozen people queue outside the office in London Road, Brighton, every morning and there are similar pressures at Hove Town Hall's drop-in service.

The CAB deals with 14,000 people a year in the city and more than half the growing caseload comprises people needing financial advice, particularly over mounting debts

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Nowhere is immune - I bet your mates own places in Brighton. Now it's been overrun with Londoners with cash, it'll be one of the first places to feel the pinch, as per London. Brighton is a pretty cool place but less characterful & quirky than it used to be esp with the closing of many older pubs, chav invasion because of the new shoppin’ cen’a and major overcrowding. Like the prettiest girl in school, she knows it & is all the uglier for it.

Ps lived here all my life

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The latest Land Registry Report sums up the current situation in Brighton & Hove - http://www.landregistry.gov.uk/assets/libr..._q2_2005_bw.pdf

Transactions are -33% year on year.

Average prices have changed by about -7.5% year on year.

Tell that to your friends who say 'Brighton will never go down'. It is 'different' to other areas but only in that the falls have been more rapid there than elsewhere.

This was just after 'spring' 2005. I'll be interesting to see what the prices are after the Autum, or to use the Americanism, 'Fall'. (Sorry, I couldn't resist).

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I lived in Brighton for 13 years. and went to school there. I remember the it very well - the wages were, and are, lower than most parts of the SE. Sure, Brighton's not that bad, but I never liked it much if I'm honest and it has loads of s***e areas. I went to a rough school where we had confrontations with the police every lunch break (I vividly recall being chased by five police vans across a playing field). 50% of the pupils on free school meals. Most of the Brightonians I went to school with have moved away from the 'City' for work. It was badly hit by the last house price crash - remember kids having days off school because of housing problems. Caught up with one of my former buddies who said the whole place had been kinda taken over by Londoners, but I suppose there have always been plenty of Londoners in 'London by the sea'.

G - Brighton-Welsh and Proud Of It

Edited by gruffydd

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The latest Land Registry Report sums up the current situation in Brighton & Hove - http://www.landregistry.gov.uk/assets/libr..._q2_2005_bw.pdf

Transactions are -33% year on year.

Average prices have changed by about -7.5% year on year.

Tell that to your friends who say 'Brighton will never go down'.  It is 'different' to other areas but only in that the falls have been more rapid there than elsewhere.

This was just after 'spring' 2005.  I'll be interesting to see what the prices are after the Autum, or to use the Americanism, 'Fall'.  (Sorry, I couldn't resist).

Please correct me if I am mistaken, however, looking at these landregistry figures the year on year prices for Hove and Brighton have gone up, not down.

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Nowhere is immune - I bet your mates own places in Brighton. Now it's been overrun with Londoners with cash, it'll be one of the first places to feel the pinch, as per London. Brighton is a pretty cool place but less characterful & quirky than it used to be esp with the closing of many older pubs, chav invasion because of the new shoppin’ cen’a  and major overcrowding. Like the prettiest girl in school, she knows it & is all the uglier for it.

Ps lived here all my life

As it goes, my mates have just got themselves a very large mortgage on interest only in Brighton- no-one seems to pay much attention to what is starting to happen down here as people have made so much money on property!

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"Going Down In Brighton!, all change!"

Had me worried there Hopeful. For a min I thought HPCs resident 'dogging' fanatic Bill Gates had strayed on the Housing Discusion thread. :o

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I think the bubble will produce a deep shock here in Brighton when it takes hold, although I don't really know how it compares with other places. The last flat I rented sold for £69k in 2001, and it went for £124k in 2005 - and it was tiny and very dark. I could fit one double bed in the bedroom and not much else. The bathroom didn't have any windows. Although I was happy there, it wasn't the kind of place you would want to spend years and years living. I rented it for £560 (cheap-to-average for a one bedroom flat in Hove) and I believe that this is far less than the monthly payments due on even an interest-only mortgage for £124k.

Edited by Minimind

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Everybody thinks it's different where they live - well it isn't, everywhere is in someway linked. If prices come down in London, as they are, then why shouldn't they come down in Brighton?

They should come down especially in Brighton as many people seem to have moved there to avoid London where they were priced out a couple of years ago, inadvertently taking the bubble with them. The connection is clearer than in many places....but still nice for the odd visit. :)

S.

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Have posted this before somewhere, but here again

Flat on market £132,500 Oct 2004 (agents valuation)

Reduced price £119,950 Jan 2005 (agents suggestion)

Accepted offer £119,000 Feb 2005

Exchange & Completion July 2005

Originally bought £41500 Feb 1988

1 bed flat off Elm Grove sold to FTB (caveat emptor)

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I distinctly remember two particularly vile EA's telling me in Brighton (and Hastings at the time) 15 years ago that unless I immediately bought the grotty one bedroomed flat they were showing me around, the price would go up a thousand quid each week.

I do hope by now or some time in the future that both EA's are living in a cardboard box underneath Brighton's railway arches.

I also hope all the EA's in Brighton personally suffer catastrophic losses and bankruptcies and have to queue up for at least five years in soup kitchens.

Brighton is a prime spot for BTL reality checks and EA come-uppance. Long may they descend into the abbys, and never emerge again.

VP

Edited by VacantPossession

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never could see what all the fuss was about brighton. london was always far more fashionable. the only thing that happend was a load of pretentious people from london moved there.

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***WARNING TO HOPEFUL FTB***

please re-write your title. its attracting the wrong sort of poster to the forum.

nothing personal, but we had the same problem with the post title about overcrowding in cockermouth last year.

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***WARNING TO HOPEFUL FTB***

please re-write your title. its attracting the wrong sort of poster to the forum.

nothing personal, but we had the same problem with the post title about overcrowding in cockermouth last year.

I didnt actually think about the title of my post until people startign commenting- there was no pun intended!

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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