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VacantPossession

Eastbourne

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Traditionally Eastbourne was considered, along with Bexhill, as the place you went in order to prepare to meet thy maker.

Not so nowadays....Eastbourne is much younger in outlook, much of this due to Brighton University offloading its student accomodation here, the more frantic, polluted Brighton now losing out with its permanent traffic jams and overcrowded streets having little resemblence to its former agreeable self.

There's more culture available now in Eastbourne too, and you can avoid the huge coach parties if you find the right places.

However none of this has stopped the slide in house prices in Eastbourne. There has been frantic building going on, mainly in the Sovereign Harbour developments, which has seen an explosion in Seaside apartments. But many of these were bought off plan by BTL's and retirees, and those looking for a better quality of life after hacking it in London suburbs. Eastbourne being, like Brighton, a cul de sac in practical terms, none of the new attractions can stop the slide.

A typical close-to-the-sea apartment would typically go for between 220k and 240k. The larger town houses 250k to 350k. Nowadays you can pick up a reasonable 2/3 bedroom apartment for as low as 150-170k. That's a huge drop. Many of those who bought off-plan a year ago are now in heavy negative equity.

Rents are plummeting daily.

VP

Edited by VacantPossession

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Well I am one of those who moved down from London (Croydon) and live on the marina. And very nice it is too, swapped a view of a busy road for yachts and clean sea air!

Been here for three years now and my rent has been the same throughout despite the landlord attempting to raise it. I would disagree with the previous poster and say that rents are static as are house prices.

The Landlord bought this flat about four years ago for around £140,000 and he could sell it today for £180,000. The mortgage has been covered by being let without voids and no repairs while I have been here. He has also made a decent capital gain.

Talking to friends back in croydon and prices seem to be on the rise again there.

Paul

Edited by pauluk

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Well I am one of those who moved down from London (Croydon) and live on the marina. And very nice it is too, swapped a view of a busy road for yachts and clean sea air!

Been here for three years now and my rent has been the same throughout despite the landlord attempting to raise it. I would disagree with the previous poster and say that rents are static as are house prices.

The Landlord bought this flat about four years ago for around £140,000 and he could sell it today for £180,000. The mortgage has been covered by being let without voids and no repairs while I have been here. He has also made a decent capital gain.

Talking to friends back in croydon and prices seem to be on the rise again there.

Paul

Hi Paul,

Yes, it's nice in the harbour. My info comes direct from several letting agents who report that this time last year a typical 2 bed apartment rented for 700-800. The current (agreed) price is now £600-650. I know this because I was offered several, which didn't quite fit the bill.

As for the flat for 140k...that was quite cheap four years ago and of course he's made his profit up to last July. However someone buying that same flat in August last year would have lost several thousand if they sold it today, and my analysis is based on RECENT value comparisons. Anyone can still show a profit if they start from 4 years ago!

VP

Edited by VacantPossession

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Well I am one of those who moved down from London (Croydon) and live on the marina. And very nice it is too, swapped a view of a busy road for yachts and clean sea air!

Been here for three years now and my rent has been the same throughout despite the landlord attempting to raise it. I would disagree with the previous poster and say that rents are static as are house prices.

The Landlord bought this flat about four years ago for around £140,000 and he could sell it today for £180,000. The mortgage has been covered by being let without voids and no repairs while I have been here. He has also made a decent capital gain.

Talking to friends back in croydon and prices seem to be on the rise again there.

Paul

Paul,

You say prices are going up in croydon? Me and myg/f have been lokking to buy a 1 bed flat there for 6mths now, but haven't been able to negotiate a decent price to make it worth while. We were planning on renting for a year or so in the hope prices will go down, but with the pension tax law changes and shared equity scheme coming in in April 2006 perhaps we'd be better of buying now (as prices have come down slightly from 2004 levels.

What do you think???

Liam

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Hi Liam

I sold a 2 bed flat in Croydon three years ago for £155,000. Six months ago a similar flat in the block went up for sale at £170,000 and in the last couple of weeks another one sold very quickly for £180,000 (reduced from £185,000).

Its amazing these were first time buyer flats six years ago at around £65,000. Now the first rung of the ladder is £180,000 ! I doubt salaries have tripled in the last six years

Good luck with the house hunting.

Regards

Paul

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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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