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MY VIEW BRIGHTON


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HI This is my first post although I read the site a lot and have been waiting for some kind of correction for years I work in property but not in buying and selling maintenance related and so that gives me an idea of what is going on. I have owned a flat before in the 90s but sold it to travel and then the way prices went and ill health meant I couldn't ever buy again. I am currently renting and still have a tiny bit of £ left from when I sold all those years ago but it is nowhere near the level of deposits people pay now. Recently though via work and a son's friend who works in an EA part time I have noticed a real change here and thought I'd post! There are lots of reductions around the 8 to 10% mark but more interesting to me is that nothing is selling and lots of things we send tradesmen to have been for sale since last summer and no takers. Also a large percentage of agents are coupling up it seems with others on sales and virtually all do letting now. I think the BTL thing last year made a massive difference we took on loads of new contracts after that and then around Sept it stopped dead. One of our big clients said around Xmas he thought it was because they had virtually no London buyers now because of the dreadful train service so it may be that but even so things have ground to a halt and about half of all new listings on Rightmove are reduced and even more are no chain as currently let. Thanks 

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Thanks for the update Monkey.

I had to travel down to Brighton a few times for work recently and my sixth sense was telling me Brighton is primed for a HPC.

Train problems, evident drug problems, and the fact Zoe Ball lives there all indicate it is an increasingly unattractive place to move to.

Brexit is the catalyst for the crash as Brighton is so reliant no London movers and commuters.

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I think you are right. Absolutely no one I know locally who doesn't already own has a chance of owning a house at current prices.

I don't think the bulk of them even consider it its just so far out of reach and rents make saving impossible

The train situation is a huge factor (cost and reliability) but also the BTL market has really stalled and it was massive up to about last Spring I hope it does crash here as young people have no chance 

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On 09/03/2017 at 3:16 PM, monkey100 said:

HI This is my first post although I read the site a lot and have been waiting for some kind of correction for years I work in property but not in buying and selling maintenance related and so that gives me an idea of what is going on. I have owned a flat before in the 90s but sold it to travel and then the way prices went and ill health meant I couldn't ever buy again. I am currently renting and still have a tiny bit of £ left from when I sold all those years ago but it is nowhere near the level of deposits people pay now. Recently though via work and a son's friend who works in an EA part time I have noticed a real change here and thought I'd post! There are lots of reductions around the 8 to 10% mark but more interesting to me is that nothing is selling and lots of things we send tradesmen to have been for sale since last summer and no takers. Also a large percentage of agents are coupling up it seems with others on sales and virtually all do letting now. I think the BTL thing last year made a massive difference we took on loads of new contracts after that and then around Sept it stopped dead. One of our big clients said around Xmas he thought it was because they had virtually no London buyers now because of the dreadful train service so it may be that but even so things have ground to a halt and about half of all new listings on Rightmove are reduced and even more are no chain as currently let. Thanks 

Welcome ... I'm along the coast in Worthing ... bit more sedate for my nearly-40 lifestyle :)

Brighton and most of Sussex is crazy ... pumped up by people leaving london, and those priced so have to commute into london.  

I wonder whether wee should arrange a worthing/brighton drinks session ... I'm happy to sit in the pub with some kind of sign .... but would need to be something cooler than HPC fan club!

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On 13/03/2017 at 10:10 PM, Kiwi_Muncher said:

I wonder whether wee should arrange a worthing/brighton drinks session ... I'm happy to sit in the pub with some kind of sign .... but would need to be something cooler than HPC fan club!

No signs will be necessary.

weirdalfoil_2322.jpg

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Well since my last post I have seen just more of the same really. Prices occasionally dropping by decent amounts but really the biggest thing here is nothing selling From a maintenance POV though we are madly busy literally back to back jobs and it is nearly all landlords getting ready to sell and it seems most are hoping to sell as an ongoing concern and are doing more decorative 'nice' bits to their places than the usual solely maintaining so we have been dealing with a lot more decorating and carpets than usual. Of course my bosses are delighted but I think this may be short lived if these places sell to owner occupiers as then the contracts will stop.  

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  • 3 weeks later...

As I predicted some of the bigger student houses are 'under offer' well 3 of our ones and so unless more student landlords thats 3 less for us to look after. Still nothing really selling here I rent in a nice part of town and even here where schools are good there are things not moving and I would say more than half have been reduced and still nothing 

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On 4/3/2017 at 6:56 PM, monkey100 said:

As I predicted some of the bigger student houses are 'under offer' well 3 of our ones and so unless more student landlords thats 3 less for us to look after. Still nothing really selling here I rent in a nice part of town and even here where schools are good there are things not moving and I would say more than half have been reduced and still nothing 

Thanks. Keep posting, even if it's only to say the market is moribund.

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  • 4 weeks later...

Sorry haven;t been here in a while Back at work and tbh I am really surprised that it has't really been on the news as there is absolutely nothing selling and 

lots of the BTL landlords for our student houses aren't able to sell either. My boss thinks these houses which are mainly ex council bar a couple were valued in relation to what

rent could be achieved room by room so basically a bog standard 3 bed could be 5 beds at 400 a room so 2k a month so were valued accordingly Now that no landlords are buying they are way too expensive for a local family or couple to buy. We are still ok for work atm but I can foresee hours being cut in the office as although we have a fair bit of quick repaints the steady maintenance is drying up. One of our LLs is even thinking of getting rid of his last house and its only been let one term! 

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  • 2 months later...

Things are speeding up here We have very little new university LL work and think we will be seeking to spread wings into different sectors now like Holiday homes etc 

Prices still falling here Last 24hrs rightmove 72 listings with 43 of those reductions of at least 25k 

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17 hours ago, monkey100 said:

Things are speeding up here We have very little new university LL work and think we will be seeking to spread wings into different sectors now like Holiday homes etc 

Prices still falling here Last 24hrs rightmove 72 listings with 43 of those reductions of at least 25k 

Are you seeing this all over Brighton or do you cover/follow particular areas?

The number of listings for flats in Hove has increased from less than 400 late last year to about 460 now, but I don't think there are as many reductions.

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  • 2 months later...
On ‎09‎/‎03‎/‎2017 at 3:16 PM, monkey100 said:

Recently though via work and a son's friend who works in an EA part time I have noticed a real change here and thought I'd post! There are lots of reductions around the 8 to 10% mark but more interesting to me is that nothing is selling and lots of things we send tradesmen to have been for sale since last summer and no takers.

How are these places doing? Further reductions, sales, withdrawn from the market...?

In Hove supply is still gradually increasing (almost 500 flats on RM, up from about 400 a year ago).

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  • 3 months later...

Just wanted to quickly pop on here to say we have had a sudden influx of landlords sprucing up BTL houses (mostly student) and then putting them for sale. Lots of reductions locally too and today an unprecedented 102 new properties on RM with more than half reduced by biggish chunks. A lot of places at 300 or close too presumably because of the stamp duty and a real variation in them in terms of size style location and what they would have been marketed at a year ago. This really feels like it is it here nothing selling and agents being oddly NICE 

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On 31/01/2018 at 6:02 PM, monkey100 said:

Just wanted to quickly pop on here to say we have had a sudden influx of landlords sprucing up BTL houses (mostly student) and then putting them for sale. Lots of reductions locally too and today an unprecedented 102 new properties on RM with more than half reduced by biggish chunks. A lot of places at 300 or close too presumably because of the stamp duty and a real variation in them in terms of size style location and what they would have been marketed at a year ago. This really feels like it is it here nothing selling and agents being oddly NICE 

Thank you for the update, and glad to hear you are still getting business, even as the ship goes down. What's the issue with the agents, though? Are these letting agents, in which case it would make sense for them to be very nice to prospective tenants, if business were drying up (in contrast to being contemptuous when business is brisk), but I would expect them to treat you decently in either of those scenarios.

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