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I am currently selling a 2 bedroom flat in large town in the south. There are currently 667 two bedroom flats for sale and another 200 are under offer within one mile of the city centre.

Within the small area I am selling in there are 52 two bedroom flats for sale and 12 are under offer. They range in price from £280K to £140K but they are all two bedroom flats!

Of the 12 flats that are under offer only 3 are priced above £150K. Under 150K 9 are under offer 3 are for sale.

My flat is under offer though nothing is sold until exchange has taken place. It took 8 weeks to get an offer I priced it competitively decorated it throughout (magnolia of course) and put new carpets in for a total cost of £1100.

It was bought 4 years ago at the peak of the market and the offer is £143K this around 8% less that the price we paid but my daughter has lived there for 41/2 years comfortably and it was her home not a money making exercise. We have done nothing to the flat since buying it except redecorate to sell.

I write this only because it directly indicates the need to price very competitively and study the market as to what is selling and what price it will sell at. I was given to understand the market had fallen 20 - 30% this does to seem to be so. Now we hold our breath to get to exchange!

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I'll be interested to see if that goes through. As you point out Brighton is a awash with 2 bed flats (a lot of which I imagine were also bought by parents of students) and the reducing level of students combined with the huge amount of BTL has got to eventually bring prices back to a level inkeeping with the lower than national average wage!

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I'll be interested to see if that goes through. As you point out Brighton is a awash with 2 bed flats (a lot of which I imagine were also bought by parents of students) and the reducing level of students combined with the huge amount of BTL has got to eventually bring prices back to a level inkeeping with the lower than national average wage!

I immediately discounted Brighton as the location as I thought the example prices too low.

Now having checked, ISTM that at the lower end of the market prices in Brighton are perfectly reasonable, it's the propensity for a small number of streets to be priced at stratospheric values that's wrong.

There are quite a few, less nice places, further commutes from London, with a worse train service, where the base price for a 2 bed is over 150K.

tim

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I believe that the same thing is happening in many university towns. Some parents able to get rid at near what they paid, some taking a hit but by far the majority, as one I heard yesterday, unable to off load and waiting it out. Spending more money now to be able to let to cover mortgages.

Doesn't help me - waiting for family home in nice area and prices staying put.

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  • 285 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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