Jump to content
House Price Crash Forum
Sign in to follow this  
Realistbear

Big 5 Figure Drops Starting Just East Of Brighton

Recommended Posts

http://www.zoopla.co.uk/for-sale/details/13508753?search_identifier=9c1f4128dfb77f99c7653f23dc8fd3e2

Bevendean Avenue, Saltdean, Brighton

From £265,000 - 3 bedroom detached house for sale

http://www.rightmove.co.uk/property-for-sale/property-28386403.html?premiumA=true

3 bedroom detached house for sale £245,000Saltdean, East Sussex

DOWN £20,000.

I am tracking a number of properties in this general area and am seeing 10% drops coming in since the New Year (a few in December). I believe the market has just turned. Hope of a rebound has been lost and EAs are warning sellers to drop 'em because IR are already rising whether Merv remains vigilant or not.

The crash has begun, at least it has in East Sussex near Brighton.

:D

Edited by Realistbear

Share this post


Link to post
Share on other sites

Yup, I've been noticing asking prices in Brighton slowly edge downwards for a few months now. Problem is that a drop of 10k on an asking price of 350k ain't that much really. Still it's a start.

The South East in on its way down, to be followed shortly afterwards by London.

IMO things will really get going in early Summer - there will be no Spring bounce this year, just an increase in supply looking for one. After that the sheeple will finally start to realise that the property game is up. My only concern is the government, and what they'll do to slow down the crash.

Share this post


Link to post
Share on other sites

And my bloody area is still immune...

NO area is immune

Consider for example London which plenty (including some on here) think is 'special'

According to Halifax:

Between 89 and 92, average price down 32% (vs 20% uk-wide)

Between 07 and 09, average price down 20% (vs 19% uk-wide)

If you still don't believe this, think about what happens to demand and thus prices in these 'special' areas once prices have fallen sufficiently in the surrounding areas to make the longer commute, lack of facilities, travel links etc worthwhile. It's simply the reverse ripple effect and it always surprises me how many people don't get this.

Share this post


Link to post
Share on other sites

I'm pretty certain where we are is contained within an immunity cloak. Where we are there are those who live here full time and then there are a good few with their second homes and weekend flats who will keep prices up. Anyone near us who doesn't get price they wants when mummy/ daddy leave them a nice waterside pad just rents it out and there is an army base 18 mile away who pay almost any rental price for their soldiers but if they don't pick up the tab then workmen on long contracts at a largelocal company who have been brought in from other and of Uk. Pair up and rent. All of which keeps our rentals rates artificially up high

Share this post


Link to post
Share on other sites

The South East in on its way down, to be followed shortly afterwards by London.

Nope. London's no laggard here. It's been doing its bit with hefty asking price reductions as much as any other region :-)

I thought it would be more resilient actually, but it seems to be in the process of falling apart.

Share this post


Link to post
Share on other sites

I expect Brighton to be first to reach the bottom...

That had me laughing anyway! :lol::lol:

Keep up at the back!

Share this post


Link to post
Share on other sites

Most of the bungalows in Saltdean were originally built as little seaside getaways, they weren't meant to be lived in proper like!

Still, with the downs behind, beach within walking distance and (hopefully) the beautiful Lido it's not a bad place to bring up kids, despite the lack of a soul or any kind of center unless you call a beefeater-style pub worth visiting..

I grew up over the hill in Rottingdean & have many happy memories of the whole area.

Share this post


Link to post
Share on other sites

http://www.zoopla.co.uk/for-sale/details/13508753?search_identifier=9c1f4128dfb77f99c7653f23dc8fd3e2

Bevendean Avenue, Saltdean, Brighton

From £265,000 - 3 bedroom detached house for sale

http://www.rightmove.co.uk/property-for-sale/property-28386403.html?premiumA=true

3 bedroom detached house for sale £245,000Saltdean, East Sussex

DOWN £20,000.

I am tracking a number of properties in this general area and am seeing 10% drops coming in since the New Year (a few in December). I believe the market has just turned. Hope of a rebound has been lost and EAs are warning sellers to drop 'em because IR are already rising whether Merv remains vigilant or not.

The crash has begun, at least it has in East Sussex near Brighton.

:D

But that's only a paltry 6.5% reduction. I've been seeing 20% reductions on some houses sine early summer last year and even a couple of 30%+! but it's still slow goin for everyone else who only reducing by <10%

Edit: fixed it

Edited by Pent Up

Share this post


Link to post
Share on other sites

But that's only a paltry 6.5% reduction. I've been seeing 20% reductions on some houses sine early summer last year and even a couple of 30%+! but it's still slow goin for everyone else who only reducing by <10%

Edit: fixed it

The reason why the market has only dropped about 6% in East Sussex since the beginning of the year (Equivalent to a Haliwide drop of 0.2%) is due to the affluence in the SE--or the ability to borrow more--so "they" (the experts) say.

6% drop is a good start and I expect that sample house to drop to £225k by March which moves it well into double figure drop territory. And it is not just this house that is tanking--these kinds of drops are spreading accross the market. A friend of mine listed last September for £350k and not a single view--I suggested dropping to £299 to get someone through the door to look. The house would have gone for an easy £375k at the peak (5 bed--sea view, 2 full baths, conservatory etc).

Edited by Realistbear

Share this post


Link to post
Share on other sites

Most of the bungalows in Saltdean were originally built as little seaside getaways, they weren't meant to be lived in proper like!

Still, with the downs behind, beach within walking distance and (hopefully) the beautiful Lido it's not a bad place to bring up kids, despite the lack of a soul or any kind of center unless you call a beefeater-style pub worth visiting..

I grew up over the hill in Rottingdean & have many happy memories of the whole area.

I think quite a few were built for soldiers returning from WW1 - well at least that was the case for Peacehaven down the road ("homes fit for heroes" etc). I was told a while back that many of the bungalows still remain empty because a lot of the returning soldiers decided not to live there, but didn't bother selling them either.

Share this post


Link to post
Share on other sites

Yup, I've been noticing asking prices in Brighton slowly edge downwards for a few months now. Problem is that a drop of 10k on an asking price of 350k ain't that much really. Still it's a start.

Just re-checked property bee and now I'm seeing 10k drops on flats priced between 150k and 200k. So it's definitely on. All we need is an interest rate rise to break its back.

Share this post


Link to post
Share on other sites

Yup. New year price cuts are all the rage.

New instructions are still being put on with rediculous asking prices but they'll all come down sooner rather than later in this climate.

Share this post


Link to post
Share on other sites

Just re-checked property bee and now I'm seeing 10k drops on flats priced between 150k and 200k. So it's definitely on. All we need is an interest rate rise to break its back.

I am seeing a lot of formeerly £275-£290k range houses dopping to below £250 now. Magic cut in tax is forcing EAs to tell sellers to drop em fast to beat the other sellers to it.

Race to the bottom is on. Supply is BIG also--just went on RM and did a 1 mile radius search in an area I am looking and see 73 propeties in my £200-£250 range. That is really a lot as I recall seeing about 20 or so a year ago this time--very tight market.

Share this post


Link to post
Share on other sites

our landlady is still trying to sell our flat.

Been on the market since last July, originally £340k, now £320k and likely to take another haircut sooner rather than later. Thing is, she's not getting any further interest despite these price cuts. Classic case of chasing the market down - watching it progress is an abject lesson in the psychology of the average sheeple.

We viewed a flat last night. It was £265k. Only this morning it s had £15k slashed, and is now down to £250k. It's well within our budget, so it's tempting to stick an offer in, but the beauty is that there's no rush and I know more nice places will soon be competing with it.

Edited by Van

Share this post


Link to post
Share on other sites

http://www.zoopla.co...7653f23dc8fd3e2

Bevendean Avenue, Saltdean, Brighton

From £265,000 - 3 bedroom detached house for sale

http://www.rightmove...l?premiumA=true

3 bedroom detached house for sale £245,000Saltdean, East Sussex

DOWN £20,000.

I am tracking a number of properties in this general area and am seeing 10% drops coming in since the New Year (a few in December). I believe the market has just turned. Hope of a rebound has been lost and EAs are warning sellers to drop 'em because IR are already rising whether Merv remains vigilant or not.

The crash has begun, at least it has in East Sussex near Brighton.

:D

Same here in Essex! This morning, there are loads of properties that have dropped their prices by £10k and £15k ...all about the £250k mark.

Looks like the local Estate Agents are telling the truth for once! They said before christmas this would happen... properties are just not selling at the moment and the Estate Agents are beginning to feel the pain.

Share this post


Link to post
Share on other sites

Most of the bungalows in Saltdean were originally built as little seaside getaways, they weren't meant to be lived in proper like!

Still, with the downs behind, beach within walking distance and (hopefully) the beautiful Lido it's not a bad place to bring up kids, despite the lack of a soul or any kind of center unless you call a beefeater-style pub worth visiting..

I grew up over the hill in Rottingdean & have many happy memories of the whole area.

On Monday in the Singapore Straits Times, Lee Kwan Yew, former PM, when asked about the prospect if gay MPs replied saying he didn't mind them "provided they performed" :blink:

Share this post


Link to post
Share on other sites

Same here in Essex! This morning, there are loads of properties that have dropped their prices by £10k and £15k ...all about the £250k mark.

Looks like the local Estate Agents are telling the truth for once! They said before christmas this would happen... properties are just not selling at the moment and the Estate Agents are beginning to feel the pain.

TBH that's been happening in Essex throughout last year. Lots and lots of 10% or less drops and even some really big ones of above 30% that I saw. Then new listings come on at the same stupidly high price then go through the process of reducing. Although lately in some areas I'm seeing some much lower initial asking prices which is encouraging.

But this year so far looks to be different to last. Last year we started off with very low stock levels. This year we starting with an already near saturated Market, add the usual spring rush to sell and watch the fun :)

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 312 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%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.