Hopeful FTB Posted August 17, 2005 Share Posted August 17, 2005 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 Quote Link to comment Share on other sites More sharing options...
libitina Posted August 17, 2005 Share Posted August 17, 2005 (edited) Welcome to HPC. This was mentioned on here the other day. http://www.housepricecrash.co.uk/forum/ind...showtopic=13911 Also something along the same lines http://www.housepricecrash.co.uk/forum/ind...showtopic=10648 Edited August 17, 2005 by libitina Quote Link to comment Share on other sites More sharing options...
Guest consa Posted August 17, 2005 Share Posted August 17, 2005 woohooo!! someone else from sussex Quote Link to comment Share on other sites More sharing options...
iamconfusedagain Posted August 17, 2005 Share Posted August 17, 2005 property will never go down here- does this seem a realistic idea?<{POST_SNAPBACK}> There will only be one response to that! NO (I bet someone agrees now) Welcome aboard. Always good to "see" faces* *No dumsunreader not included he is too dumb. Quote Link to comment Share on other sites More sharing options...
DonnieDarker Posted August 17, 2005 Share Posted August 17, 2005 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. Quote Link to comment Share on other sites More sharing options...
munimula Posted August 17, 2005 Share Posted August 17, 2005 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 <{POST_SNAPBACK}> 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? Quote Link to comment Share on other sites More sharing options...
Who Knows Posted August 17, 2005 Share Posted August 17, 2005 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 <{POST_SNAPBACK}> I like Brighton - lived there in the 80's - strangely enough they said the same then Quote Link to comment Share on other sites More sharing options...
DonnieDarker Posted August 17, 2005 Share Posted August 17, 2005 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? Quote Link to comment Share on other sites More sharing options...
Who Knows Posted August 17, 2005 Share Posted August 17, 2005 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? <{POST_SNAPBACK}> 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. Quote Link to comment Share on other sites More sharing options...
OnlyMe Posted August 17, 2005 Share Posted August 17, 2005 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 Quote Link to comment Share on other sites More sharing options...
Yonmon Posted August 17, 2005 Share Posted August 17, 2005 wasn't that when it earned the nickname "Skidrow-on-sea"? Quote Link to comment Share on other sites More sharing options...
Badger Posted August 17, 2005 Share Posted August 17, 2005 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 Quote Link to comment Share on other sites More sharing options...
Tentpeg Posted August 17, 2005 Share Posted August 17, 2005 woohooo!! someone else from sussex <{POST_SNAPBACK}> I'm from Sussex too Quote Link to comment Share on other sites More sharing options...
newbie Posted August 17, 2005 Share Posted August 17, 2005 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). Quote Link to comment Share on other sites More sharing options...
Zzzzzzzzzzzzzzzzzzzzzzzzzz Posted August 17, 2005 Share Posted August 17, 2005 (edited) 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 August 17, 2005 by gruffydd Quote Link to comment Share on other sites More sharing options...
Its-Already-Crashing Posted August 17, 2005 Share Posted August 17, 2005 The latest Land Registry Report sums up the current situation in Brighton & Hove - http://www.landregistry.gov.uk/assets/libr..._q2_2005_bw.pdfTransactions 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). <{POST_SNAPBACK}> 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. Quote Link to comment Share on other sites More sharing options...
Hopeful FTB Posted August 17, 2005 Author Share Posted August 17, 2005 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 <{POST_SNAPBACK}> 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! Quote Link to comment Share on other sites More sharing options...
Sledgehead Posted August 17, 2005 Share Posted August 17, 2005 "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. Quote Link to comment Share on other sites More sharing options...
Minimind Posted August 17, 2005 Share Posted August 17, 2005 (edited) 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 August 17, 2005 by Minimind Quote Link to comment Share on other sites More sharing options...
Scooter Posted August 17, 2005 Share Posted August 17, 2005 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?<{POST_SNAPBACK}> 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. Quote Link to comment Share on other sites More sharing options...
nobody Posted August 17, 2005 Share Posted August 17, 2005 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) Quote Link to comment Share on other sites More sharing options...
VacantPossession Posted August 17, 2005 Share Posted August 17, 2005 (edited) 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 August 17, 2005 by VacantPossession Quote Link to comment Share on other sites More sharing options...
oldmisery Posted August 17, 2005 Share Posted August 17, 2005 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. Quote Link to comment Share on other sites More sharing options...
right_freds_dead Posted August 17, 2005 Share Posted August 17, 2005 ***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. Quote Link to comment Share on other sites More sharing options...
Hopeful FTB Posted August 17, 2005 Author Share Posted August 17, 2005 ***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. <{POST_SNAPBACK}> I didnt actually think about the title of my post until people startign commenting- there was no pun intended! Quote Link to comment Share on other sites More sharing options...
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