Have been keeping a eye on the Brighton area in particular 3 bedroom houses in BN2 post code. I have been viewing these properties since January this year.

I had viewings on these two houses back in March.

This first was on for a asking price of £250,000.

http://www.rightmove.co.uk/viewdetails-149...=4&tr_t=buy

It was taken off the Market a month after I viewed it. The Ea said to me on the viewing that the vendor were a couple whos son was at university and that now he had left they were selling up and I presume the reason why they took it off a month later is that they must of had a offer on it.

It is now back on the Market for £237,950

The second was on the market for £260,000 which was a Kite flying price but was then taken off the market a month ago.

http://www.rightmove.co.uk/viewdetails-825...=6&tr_t=buy

its now back on for £250,000

I have noticed a increase of houses and a few that are back on the maket after being sold.

Has anyone else got their eye on the Brighton market?

That first one is well overpriced considering where it is. i.e.

I'm also watching the Brighton market. Seen prices of 2 bed houses go though the roof as normal folk are priced out by the knock-on effect of the relocate from London brigade. Coupled with the explosion of yuppy flats.

I hope it all implodes.....soon.

Brighton is the No1 BTL hotspot outside London.

I think that the silly prices are caused by the investor rather than people from London.

Investors have been buying more and more over the last couple of years. Have you noticed how many TO LET signs are aound!

Apparently Brighton has actually overtaken London as top BTL city (town!) in the whole of the UK when talking about BTL/population ratio. It was in the Argus recently where I read it. This was alongside the recent gem about needing a pilots salary to be able to afford a 1 bed flat in this crazy city. Disaster disaster disaster!

And also, has anyone been up in sunny Hollingdean recently? I had the honour earlier this week- its a very deprived part of town with lots of social problems so those 2 properties above are sheer madness.

Yeah, apparently one in three landlords in the UK has a BTL in Brighton. It's going to be quite the case of, 'Oh the humanity' when this market finally unravels.

I find it interesting that threads about Brighton seem to die a death far sooner than threads on other cities.

It's because the situation is just so broken and we've already discussed it to DEATH with our friends and we're tired of talking about it and are just waiting for the inevitable, right?

Not strictly Brighton related, but probably a knock on effect of the boom in Brighton.

From the Argus:

http://www.theargus.co.uk/news/localnews/d...say_experts.php

Do I detect the slight whiff of panicking estate agent?

Brighton Anecdotal:

After a purchase at certain up-market cosmetics / designer goods shops you'll be asked if you want to join their mailing list. Apparently the number one reason shoppers have been giving lately for not wanting to sign up is that they are moving house.

Cutting and running anyone?

Buy to let in Brighton

http://www.eigroup.co.uk/ImageLib/LotPhoto...6/Catalogue.pdf Lot 37

Rental income £118,7000p.a.

This lot was in last month's Barnardmarcus auction.

Guide price £2,300,000 and was unsold at £2,385,000

Back again this month guide price £2,150,000

Was someone a little greedy?

Rental income is at 5% yield. Than take the cost of voids, maintenance plus letting agent cost. You end up with 3.75%. Horible it can only go downwards.

House next door to My girlfriends parents has just gone on the market.

Its is a 2 Bedroom converted to 3 Bedroom terraced house in the Bear road area (hmmmmm )
It has been occupied by students ever since my girlfriends parents have moved in which was in 2000 so the landlord must be taking some good profits. Houses along the road have been making £240,000-£250,000

Will keep you posted on what happens

Board has turned to sold already. I have also noticed that other for sale signs have turned sold so the animal seems to be still alive around here

Just something to cheer us up.

Check out the number of properties sold in April this year compared with April last year.

http://www.home.co.uk/guides/house_prices_...&lastyear=1

Hmm I would hardly describe Bognor or Shoreham as 'pretty'.

The property in places like Litllehampton, St Leonards or Bognor is really only 'affordable' to outsiders. Most people employed llocally earn less than the national average wage. You have to commute to London to get a higher salary and that means a llong commute (probably standing most of the way on the return journey) and an expensive rail season ticket. I have started to keep an eye on the Rightmove properties for sale in Worthing over the pastmonth and I have noticed the inventory of unsold properties slowly increasing. There is certainly no sign of people rushing to buy.

I have viewed those house too and did consider offering on the bungalow but it needed so much work and the area was a bit dodgy so we changed our minds.I don't know where Brighton EAs get their figures from because having viewed about 50 houses in the last 6 months or so only about 3 or 4 were liveable and that is at 250k!!!!!!!!!!!!which is more than 10 times average local wages for a house that isn't even reasy to go???????????I have noticed though that many of those we did view are now back for sale although prices haven't changed yet.

One thing I noticed when I moved to this area back in the early 1990s was that many properties on the market on the South Coast were in a poor state of repair. People in the area seem to think that they have a divine right to receive huge sums of money for houses that are barely habitable. I know HPI is a countrywide phenomenon but I have never found another area that matches the South Coast for the amount of crud on the market. This region got hit very hard in the HPC of the early 1990s and I expect it is going to be in for another pasting this time.

http://www.barnardmarcusauctions.co.uk/
Lot 37 unsold at £2,175,000

Going down, anyone?

I Would say that prices have stagnated with a few "new prices" being advertised but there are not enough houses being sold at reduced prices to say house prices are falling............yet

I think we are in a period of stagnation here. I hope that we will see another Interest hike in the August which will give vendors another slap in the face to realise that a new game is starting.

Speaking to a well know Brighton and Hove player yesterday in a pub it is clear that the message has still not got through. I must admit that said player is not savvy but he is probably as savvy as the common man and he is still looking to invest a large sum of money in bricks and mortar in the current enviroment.

Update on Brighton and Hove area.

Plenty of supply coming to Market but few houses selling. Quite a few are coming back to market after being sold. I have also seen some prices readjusted lower but with no takers.I have seen in th last few days lots of lower end houses coming to market in the £230,000 area. Hopefully this could BTL's strting to jump ship

LR figures for July which lag 2-3 months show monthly increase of 0.0 HPI and Yearly figures at 15%

Stuff still moving in East Brighton - THIS DUMP is on Whitehawk Broadway (!) and is surrounded by chavs every weekend night.



Yes, but with whom, exactly?

Wait for the "To Let" sign to go up and remain up for a few months before a "For Sale" sign replaces it.

A lot of student properties remain empty. Letting agents still advertising student lets when years back they would make the students rent them from July 1st. Rents are going down too from £80.00 per week to £65.00. University even selling some of its portfolio. Hopefully it's the beginning of the long goodbye to the amateur BTL'S.

Hope threads about Brighton dont die a death. I've just joined site and am finding it very interesting. Is Hove included as well? Have been collecting Latest Homes for a while now, so I can cross reference what is really reduced or what was reduced six months ago and still advertising as just reduced. Best one so far in Woodingdean price £599950.00 stamp duty paid, now it's reduced to £575000.00 plus stamp duty. Some reduction some price and still on the market six months on

This is interesting... The same flat advertised (in different sections) of a well known Brighton EA. It is for sale.....

http://www.4salehome.co.uk/windsorlodge4.html

AND for rent.....

http://www.4salehome.co.uk/Lettings%20PDF/...gh%20Street.pdf

For sale at £200,000 and you can rent it for £600 a month!! I admit that they are letting it for only 3 months and that the rental price is slightly below normal rental value but even so, a £200,000 mortage at 6.5% would be £1,350 pm and interest only would be £1,100pm! (then you have to add maintenance, fees etc)

This demonstates how completely out of line house prices are in Brighton... Time for a big time correction methinks!!!

(Plus they are probably in trouble and desparate to get some income in while the flat remains on the market.. Otherwise why go to the trouble, expense and worry of letting it out for such a short time!?)

Hahaha!!! I walked down there the other day on my way to Lidl - long walk but good exercise - and wondered who the feck could have bought that place and how much it went for. With a big block of council flats literally next door (you can see them in the pic) and a mere petrol bomb's throw from the Whitehawk estate it's hardly what you'd call a des res. The whole street on that side is a sea of sold signs. Could only be BTL.

Jesus Christ though, when I walked down there there were the usual mentalists, chavs and rough as a badger's arrse women all shouting at each other and as usual the poor blokes at the bus depot were quietly surveying the sorry scene. Feckin awful area. Not quite Whitehawk prime but still definitely not the kind of place to wander after dark. Or buy a house.

Sounds like desperation.

I am sure that in the latest jump in BTL mortgages will reflect quite a few more new landlords looking for students in Brighton.Could also account for the silly price inflation Brighton has seen in the last year but with yeilds so low maybe the investors have now suddenly evaporated?

With the land registry reflecting 0% price inflation in Brighton and Hove for July maybe soon we might be seeing some negatives coming through soon. I am sure that that there will be a great many landlords wanting to sell once they see that they are subsidising a loss or want to protect their gains. I must admit I am keeping a eye on the three bedroom type house in the bn2 area. There has been quite a few more added in the last couple of weeks especially at the lower price end and there is alot of stock hanging about which 6 months ago would of gone in a blink of a eye.

Yes Hove is include. I have not seen latest homes for a while but a couple of months ago some of the agent started using "new price" sticker on their adverts.

I am sure there are a few EA's worrying about the sales volume impacting on their own looming fixed mortgage reset. There is alot of them chasing alot fewer sales and having to actually sale a house rather then take orders.

Looked at transactions for Brighton June 2007 compared with June 2007 and there was 50% drop in the amount of sales. Puts pressure on EA's to succesfully talk down a vendors price expectations to a buyers expectations.

Lots of empty flats / maisonettes down my street too these last couple of months. Noticable at night as many houses have no lights on, and some have the blinds permanently drawn. Most noticable too as you're actually guaranteed a parking space lately, normally if you get back after 6:30pm you're totally out of luck.

And yeah equitystasher it was nice to see B&H HPI frozen in July. The young couple currently in the process of moving in to the basement flat downstairs could have made a quite catastrophic financial error. Not had a chance to talk to them yet! I detect the distinct whiff of bank of mum and dad about them though.

I had a wander round my area (Kemptown) at the weekend and was surprised at the amount of For Sale signs up- half of Rock Street seems to be on the market, and there were two adjacent places off Marine Parade up for auction.

I was chatting to a decorator the other day who had to be off on a new job at 7.30 Monday morning, for some rich landlord who told him "he could charge what he wanted" to get his place ready for sale ASAP.

Reading the Argus today "An area covering all of Whitehawk and stretching to Bristol Gardens, in Kemp Town, no longer receives deliveries from Asda because the supermarket is worried about its drivers safety"
Hope it is in the National press by the end of the week might do something to the prices around there

I have been following the BTL market in Brighton for years.

Interestingly the number of flats for sale in Brighton between £60k and £250k has gone up form around 300 to 830 in the last 6 months.

Although a huge flood of property, the estate agents are finding july and august well below normal.

The yields do not stack up anymore on properties and seem to be being bought by first time BTL brigade, who do not understand economics.

Aha, I saw that headline on a board outside a newsagent yesterday. Of course the board left out the offending estate as a hook. I said to my companion, 'bet it's Whitehawk'.

Here's the story online, with the reporter apparently taking a pro-scum line:
Supermarket snubs community

Just had to add this comment left by an argus reader:

They're even including OUR area (Wilson Ave, Marlow Rd, Reading Rd, Peel Rd) which most assuredly is not Whitehawk!





= I pop over the hill to Sainsbury's, anyway.

Hello yellercat was there much fear and loathing to be had in Brighton and Hove tonight?
Did you happen to mention NR or the latest Rightmove survey? 3.3% down in the south east.

Lovely news Crown. Off to do my bit now and spread the fear and loathing in Brighton and Hove

The atmosphere in our pub was diabolical on Friday night - City lawyer type seriously worried about the economy. Could've been down to the rugby though!

Try taking Wednesday's Argus in next time and in a loud voice "Oh my word look at all these reavailables whatever can that mean" or maybe "There's over 200 flats in this rag with vacant possession anyone know what that means?" Better not though in this property developer, investor, estate agent, letting agent btl riddled town you might be lynched

Sounds a very nice increase in supply at the bottom of the pyramid. Please try and keep track and post any increases.

My search on Rightmove of Bn2 which is quite a small area has recently jumped from 7 to nearly 9 pages. Will keep a eye out and post any updates.

As far as prices the majority still seem determined to hold out for their asking price.

I nearly bought this 6 months ago

http://www.rydon.co.uk/rydonhomes/assets/h...ework_home.html

It was originally advertised at 345,000

I was going to pay 330,000

I did complete as I knew it was to much

They tried to sell 325,000 but I think some else managed to get them down too 315,000

But its still reserved which means the buyer is probably pulling out.

So I guess we we see it for 300,000 soon still with no buyers

I have heard alot of adverts on the radio for Rydon developments. Not the odd one now and again but one almost every advert break. Must be eager to shift these

I know of at least 30 student properties still lying empty, so it makes me wonder how many there really are. How many I wonder belong to new BTL'S. They want on average £1700pcm for some sh****le in Moulsecombe. How many will go to the wall in the next couple of months, because if they are not filled now the LL's must be bricking it.

They have 2 units reserved, but they have been reserved for ever...

I wish, but at 300K for a 1000 sqft shoe box, that isn't cheap..

I think we will see a 20% reduction in price in the next 2 years

I think possibly more. I would not want to live in a flat near West Street.That is hen and stag central. Plenty of shouting of vomit till the early hours every weekend.

- asks everyone's favourite local rag, The Argus.

Why not leave your comments, too? Million Pound Homes Soar

Done I bet you are Rasputin.

Come on everyone else get those comments in

I am RAS Putin indeed and you must be Milo!

Hey-ho off down the pub!

Mow up to 870 for sale including this repo

http://www.rightmove.co.uk/viewdetails-158...=1&tr_t=buy

That is very good news about flats. That is a BIG increase!


My search for 3 bedroom houses has now ticked up to 10 pages on rightmove.Nothing seems to be selling. Seeing a few starting to drop their asking price a few thousand. Also interestingly I have also seen some properties that were sold about three months back coming back onto the market. There are alot more goin to auction. I expect to see this increase over the next 3 months.

Anyone spoke to any EA's recently?