Hove Market Is Red Hot

[cjc]

Just looked at a large 3 bed in good but not great part of Hove on for £550k. Wife looked at it the day it went on market - Tuesday. Phoned agent to make offer and there are now 4 offers, in under a week of marketing and they are doing no more viewings and going to best and final offers. Agent said he has never been do busy.

I think prices are going to go up and up until something major happens - it seems gov action is ''working' well in Hove. ;0(

Edited May 11, 2013 by cjc

[inflating]

I shudder to think to think if we look back on your post in a few years and think that 550K was pretty good value, just as many do now and shudder at the (what seemed like) huge prices in 2002 and 2003, which have since gone up a heck of a lot since.

Thanks of course to Ponzi encouraging IRs and lax lending - which seems to be going on and on, hence the march of prices in many regions.

Caveat -- not all regions are up on 2003, but those that are, are stunningly up.

[Bloo Loo]

sales technique number 1.

Tell the prospect he cant have, doesnt qualify for, is too late for and you make him want it more.

[inflating]

sales technique number 1.

Tell the prospect he cant have, doesnt qualify for, is too late for and you make him want it more.

That's true, and some play a long game.

However, this is dragging on far longer than anyone expected (except Sibley )

[Bloo Loo]

That's true, and some play a long game.

However, this is dragging on far longer than anyone expected (except Sibley )

mind you that rule applies to any product at any stage of the market cycle.

Hove may well be a hotspot....big gay scene, easy commute to the Smoke, and a nice coastline.

[inflating]

mind you that rule applies to any product at any stage of the market cycle.

Hove may well be a hotspot....big gay scene, easy commute to the Smoke, and a nice coastline.

I know there's some rivalry between Hove & Brighton, with Hove-ites (if there's such a collective noun) perhaps considering themselves 'one up' on Brighton proper. But what the point is of a beach with more stones than sand I'll never know

[bearwithasorehead]

Hove has always been where the smart and old money in B+H lives. Lots of bankers there.

Might be better protected when the South coast finally gets killed.

However the smart money is starting to move out - indicators of imminent correction?

Some of it is more expenive than decent areas in London

[Giordano Bruno]

Hove has always been where the smart and old money in B+H lives. Lots of bankers there.

Might be better protected when the South coast finally gets killed.

However the smart money is starting to move out - indicators of imminent correction?

Some of it is more expenive than decent areas in London

The price quoted by OP seems silly to me, probably to a lot of people.

I've been at daft.ie looking at houses in NI and I reckon a house of similar description would be about £80k to £100k in NI.

[bearwithasorehead]

The price quoted by OP seems silly to me, probably to a lot of people.

I've been at daft.ie looking at houses in NI and I reckon a house of similar description would be about £80k to £100k in NI.

more specifically, my relative's inlaw sold for street record in Hove - something like 800k (bought for 500k) and moved to Devon.

Smart guy.

Ex JP Morgan.

Another example.

Ex-Amex (big employer still in the town) bought for 50k in the 1980s. Sold up for 700k - gave money to kids (hubby died), bought sheltered accomm for 200k

[plummet expert]

more specifically, my relative's inlaw sold for street record in Hove - something like 800k (bought for 500k) and moved to Devon.

Smart guy.

Ex JP Morgan.

Another example.

Ex-Amex (big employer still in the town) bought for 50k in the 1980s. Sold up for 700k - gave money to kids (hubby died), bought sheltered accomm for 200k

It's all unearnt asset wealth which will haunt us for a generation. Hove has been ludicrously expensive for over 15 yrs. 30 yrs ago you could not give the houses away.

[bearwithasorehead]

It's all unearnt asset wealth which will haunt us for a generation. Hove has been ludicrously expensive for over 15 yrs. 30 yrs ago you could not give the houses away.

quite - I couldn't afford the spittle off these people's shoes.

[cjc]

I shudder to think to think if we look back on your post in a few years and think that 550K was pretty good value, just as many do now and shudder at the (what seemed like) huge prices in 2002 and 2003, which have since gone up a heck of a lot since.

Thanks of course to Ponzi encouraging IRs and lax lending - which seems to be going on and on, hence the march of prices in many regions.

Caveat -- not all regions are up on 2003, but those that are, are stunningly up.

Sadly I agree - as crazy as the current prices are I think in a few years when a litre of petrol costs a tenner, £500 odd k for this house will seem like a steal.

[silver surfer]

B&H has a decent rail connection to London, so with stratospheric London prices there are plenty of people thinking "where else could I live and still work in London?".

It's always been that way, but what is different is that instead of the traditional long commute areas like St Albans or Guildford, today many people are looking for somewhere a bit different, so places B&H or Brockenhurst are now seen as more viable. And there does seem to be an increase in the number of jobs which allow one or two days a week working from home, so there's no shortage of people willing to consider a 1 1/2 to 2 hour commute. Wouldn't appeal to me, but there's lots think otherwise.

[worried1]

B&H has a decent rail connection to London, so with stratospheric London prices there are plenty of people thinking "where else could I live and still work in London?".

It's always been that way, but what is different is that instead of the traditional long commute areas like St Albans or Guildford, today many people are looking for somewhere a bit different, so places B&H or Brockenhurst are now seen as more viable. And there does seem to be an increase in the number of jobs which allow one or two days a week working from home, so there's no shortage of people willing to consider a 1 1/2 to 2 hour commute. Wouldn't appeal to me, but there's lots think otherwise.

It wouldn't suit me either, and then there is the cost. A season ticket must be immense from Brighton, and it would probably be no cheaper to buy daily tickets if you were only working 3-4 days a week.

I'd be prepared to commute from St Albans, but not Guildford as it just takes too long for the price you pay.

[Scary]

I know there's some rivalry between Hove & Brighton, with Hove-ites (if there's such a collective noun) perhaps considering themselves 'one up' on Brighton proper.

That's how it got its full name of "Hove, actually"

[flyingsaucer]

It wouldn't suit me either, and then there is the cost. A season ticket must be immense from Brighton, and it would probably be no cheaper to buy daily tickets if you were only working 3-4 days a week.

I'd be prepared to commute from St Albans, but not Guildford as it just takes too long for the price you pay.

£3700 it costs me - but when you consider that a season ticket from an anonymous, over-priced zone 6 suburb costs two grand, that seems like decent value ( at least in the context of our shameful privatised rail system). Well worth the extra money to live in a fantastic city by the sea.

[worried1]

£3700 it costs me - but when you consider that a season ticket from an anonymous, over-priced zone 6 suburb costs two grand, that seems like decent value ( at least in the context of our shameful privatised rail system). Well worth the extra money to live in a fantastic city by the sea.

Yep, you pay your money you take your choice.

For me, the extra money wouldn't be as much of a problem as the extra time spent commuting. I live in zone 6 and the commute takes under 20 minutes most of the time but can take upto 2 hours when everything goes wrong.

Brighton seems like an hour to start with, so it could be really bad if there are problems, and the train is only into Victoria which is going to mean an additional tube ride for most people. At least you don't suffer with South West Trains, although I bet the other companies aren't that much better.

[gruffydd]

Prices have gone up strongly last few months in Brighton too, I notice. Just noticed a horrible semi for £310,000 in Patcham. What the hell!

[qejunkie]

B&H has a decent rail connection to London, so with stratospheric London prices there are plenty of people thinking "where else could I live and still work in London?".

It's always been that way, but what is different is that instead of the traditional long commute areas like St Albans or Guildford, today many people are looking for somewhere a bit different, so places B&H or Brockenhurst are now seen as more viable. And there does seem to be an increase in the number of jobs which allow one or two days a week working from home, so there's no shortage of people willing to consider a 1 1/2 to 2 hour commute. Wouldn't appeal to me, but there's lots think otherwise.

St Albans is 23 mins to kings cross, not sure that is a long commute! For sure longer than from Angel but house prices are 75% cheaper....

[worried1]

St Albans is 23 mins to kings cross, not sure that is a long commute! For sure longer than from Angel but house prices are 75% cheaper....

St Albans has got a great commute, but the problem is what happens when that one train line is not running? Even worse from somewhere like Brighton & Hove.

The areas on the Tube are a lot more expensive, but at least you have a network of alternative train/tube/bus routes and even the option of getting a cab if there are problems on your primary route..

As you say, though, you are paying a LOT extra to get a better commute on the odd day that the trains are playing up. I commuted into my office in the City from Highgate the other day instead of my normal route from Surbiton. How did it compare? House prices in Highgate seem broadly double but the door-to-door commute is only 5 minutes shorter! If SWT are not running it could take a lot longer to get in from Surbiton, though.

[lastlaugh]

Deleted - wrong thread

Edited November 9, 2013 by lastlaugh

[Will!]

On 12/05/2013 at 11:38 AM, silver surfer said:

B&H has a decent rail connection to London, so with stratospheric London prices there are plenty of people thinking "where else could I live and still work in London?".

Not anymore, thanks to Southern Rail!  Perhaps that will put a damper on house prices in Hove compared to Brighton as there's no Thameslink alternative.

[Will!]

There seem to be a lot of poky ex-BTL flats for sale in Hove this autumn.  The section 24 tax bill draws near, but the asking prices are still ridiculous!

https://www.rightmove.co.uk/property-for-sale/property-57471126.html

https://www.rightmove.co.uk/property-for-sale/property-57179643.html

https://www.rightmove.co.uk/property-for-sale/property-75899225.html

https://www.rightmove.co.uk/property-for-sale/property-76615835.html

https://www.rightmove.co.uk/property-for-sale/property-56586147.html

https://www.rightmove.co.uk/property-for-sale/property-67395241.html

https://www.rightmove.co.uk/property-for-sale/property-74013839.html

https://www.rightmove.co.uk/property-for-sale/property-55480341.html

[christhpc]

Wow. Staggeringly overpriced. Big LOL at the one on Portland Road. Above a shop on a corner plot and next to a social club. Bijou living indeed at < 30m/2.

[Flopsy]

Lovely - picked one of the Brighton flats at random and it needs damp treatment work