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gruffydd

Brighton Falling

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Hiya - a property contact just said prices were falling and sales had slowed significantly last few weeks - what are you seeing on the ground Brightonians?

Chewing gum, mostly.

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Hiya - a property contact just said prices were falling and sales had slowed significantly last few weeks - what are you seeing on the ground Brightonians?

Lots of reductions in Hove on property bee, and the numbers of properties for sale and for rent are going up all the time. There is still the odd lunatic situation though. A friend of mine sold the house below to a cash buyer for £550,000...three bed terrace...bonkers, bought it for less than 100 in the 90s.

silly price

However, they have moved into a semi over the road for an even sillier price k675!

even sillier price

These are people that earn average Brighton wages...the market is totally fu(ked and needs to drop by over 50% in Brighton and Hove to become sustainable. There is no way the people would be able to even enter the market now, let alone pay even half these prices if they hadn't bought ten years ago, which says to me that the bottom is about to be pulled out as there is no one at the bottom to buy into this ponzi scheme.

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Time I rolled out my well-worn anecdotal - I bought in 1994 at Seven Dials for £25k off a mate - he said the place was 'worth' £80k a few years before at its peak..

What was that song about a little bit of history repeating.. ;)

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Ahhhh the dear old Seven Dials - best chippy in the world! (this was back in the 80s btw). A great discovery I made when visiting my friend Grainne.

Edited by gruffydd

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I used to own a flat in Brighton, always been a mysteriously expensive area.

Many many Londoners seemed to live there.

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Must be City boy money - Brighton prices are below average for the SE aren't they. Hardly the most dynamic of local economies.

Brighton prices are above average for the SE, partly because flexible working practices make living in Brighton while working in London quite doable, partly because for many people it's the only place in the SE outside London that has any kind of character, and many people would rather may 200k for a sh1tty flat near decent pubs rather than 200k for a suburban semi near a chav estate, partly because it has a large gay population, partly because it has a shortage of property (the sea to the south and a national park to the north makes it difficult to expand) but mainly because many people just don't know any better. Also houses like the one's linked to above are quite sought after because many have been converted into flats.

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675k and look at the 'huge' garden, err no it's just a pathway. They must be out of they're brilliant minds!. If I had 675k to splash around I would emigrate.

They wont have 675k. They might have 200k, rest is probably mortgage.

btw, Brighton is a special case - I know quite a few London workers who moved there paying high prices using funds generated from the overheated London market. Once the trainline gets faster, I expect even more of a bunch of seachangers.

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They wont have 675k. They might have 200k, rest is probably mortgage.

not if they have never MEWed. He said they bought for under 100k in the nineties. No MEW = maybe 60k left on the mortgage plus the new difference of 125K , so mortgage now of less than 200k.

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Lots of reductions in Hove on property bee, and the numbers of properties for sale and for rent are going up all the time. There is still the odd lunatic situation though. A friend of mine sold the house below to a cash buyer for £550,000...three bed terrace...bonkers, bought it for less than 100 in the 90s.

silly price

However, they have moved into a semi over the road for an even sillier price k675!

even sillier price

These are people that earn average Brighton wages...the market is totally fu(ked and needs to drop by over 50% in Brighton and Hove to become sustainable. There is no way the people would be able to even enter the market now, let alone pay even half these prices if they hadn't bought ten years ago, which says to me that the bottom is about to be pulled out as there is no one at the bottom to buy into this ponzi scheme.

Yes, and who will afford these prices when mortgage rates return to the norm of 6-9%? Brighton is one of the nuttiest markets in the country. If the crash gets a good grip it will fall hard there.

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Hiya - a property contact just said prices were falling and sales had slowed significantly last few weeks - what are you seeing on the ground Brightonians?

Hello! The low interest rates are saving a lot of smug 'homeowner' bacon down here . . . well, for the moment anyway . . . he he he . . .

People who pay £250 k, never mind £675 k, for a house whose nearest local High Street is a cheap carpet shop filled timewarp back to the 1980's are truly pathetic. They must really love tumbleweed. :blink:

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  • 144 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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