Brighton - Fastest rising rents in the UK...

nicko31 · Jan 12, 2016

18% up in 12 months, think government needs to act...

http://www.telegraph.co.uk/finance/...ts-are-rising-fastest-and-its-not-London.html

It wouldn't happen in Germany

Hatman1234 · Jan 12, 2016

This is why I no longer live in Brighton, way too expensive.

5mins-from-amex · Jan 12, 2016

Good if you own property, shit if you don't. House prices and rent in the south east is out of control.

Lincoln Imp · Jan 12, 2016

5mins-from-amex said:
Good if you own property, shit if you don't. House prices and rent in the south east is out of control.

Let's just be clear that not all rents are out of control and not all private landlords are rapacious profiteers - I'd imagine that most own one or two properties and simply want to get a return on their savings that is a reasonable fraction of the return a public sector worker gets on his pension investment. It's worth noting that recent tax changes mean that any such landlords with mortgages will find their overheads increasing, giving them a choice between (a) getting a smaller return (b) increasing the rent (c) reducing the maintenance or (d) selling up.

Nibble · Jan 12, 2016

Lincoln Imp said:
Let's just be clear that not all rents are out of control and not all private landlords are rapacious profiteers - I'd imagine that most own one or two properties and simply want to get a return on their savings that is a reasonable fraction of the return a public sector worker gets on his pension investment. It's worth noting that recent tax changes mean that any such landlords with mortgages will find their overheads increasing, giving them a choice between (a) getting a smaller return (b) increasing the rent (c) reducing the maintenance or (d) selling up.

Scant consolation for people paying over a grand a month for a studio flat with no garden, no parking, no rent cap and all their spare cash tied up in deposits/holding deposits/admin fees. Jeez!

Hugo Rune · Jan 12, 2016

University halls accommodation is profoundly below the level required. Whilst private companies (including the Albion at one point with Bridge carpark) are planning and building a number of halls, both Universities seem to have got their acts together. Sussex Uni now has planning permission to start building a further 4000 rooms on it's campus: http://www.theargus.co.uk/news/1350...torate_overturns_planning_permission_refusal/

The University of Brighton has started work with it's partner, Cathedral group, on 486 rooms at the new Circus Street development off grand Parade http://www.theargus.co.uk/news/1073...ghton_s_ambitious___100m_Circus_Street_plans/
In addition, plans to build on the Preston barracks should be submitted in the summer with anther 2000+ student rooms being built.

Hopefully, this should lead to a fall in rent due to less demand.

beorhthelm · Jan 12, 2016

government acted, made a national park all around, so no more development. local council might find a plot or two for redevelopment, but land prices are going to be so high as to price any new property to the higher end.

unless people call for, campaign for, vote for policies to provocatively increase homes, involving building higher, on green field and in peoples back yards (literally and metaphorically), this isnt going to change.

sir albion · Jan 12, 2016

Goner be a complete disaster the way things are going and just had mine go up £50 a month grrrrrr.

deletebeepbeepbeep · Jan 12, 2016

beorhthelm said:
government acted, made a national park all around, so no more development. local council might find a plot or two for redevelopment, but land prices are going to be so high as to price any new property to the higher end.

unless people call for, campaign for, vote for policies to provocatively increase homes, involving building higher, on green field and in peoples back yards (literally and metaphorically), this isnt going to change.

Except our economy is propped up on the property industry (as well as unsecured consumer credit) and if you flooded the market with new homes and devalued houses the whole economy would be catastrophically ****ed. The government and housing industry have a vested interest in building up land banks and trickling out houses.

The latest affordable housing proposals, that will allow developers to provide affordable housing capped at 250k rather than provide social rent is seriously watering down the term affordable as well. Any affordable house bought under this initiative can be sold at market rate after 5 years so seriously favours wealthy investors buying up every affordable home, renting them and selling for 500k + in 5 years time.

The whole system is screwed.

Simster · Jan 12, 2016

beorhthelm said:
government acted, made a national park all around, so no more development. local council might find a plot or two for redevelopment, but land prices are going to be so high as to price any new property to the higher end.

unless people call for, campaign for, vote for policies to provocatively increase homes, involving building higher, on green field and in peoples back yards (literally and metaphorically), this isnt going to change.

Spot on. Brighton is boxed in by the South Downs and the coast. All the while people migrate to the south east to find work, rents and property prices are only going to go one way.

Triggaaar · Jan 12, 2016

nicko31 said:
18% up in 12 months, think government needs to act...

http://www.telegraph.co.uk/finance/...ts-are-rising-fastest-and-its-not-London.html

Great news, thanks for the update. Best I put those rents up.

Now then, where's that fancy watch thread...

StonehamPark · Jan 12, 2016

Nibble said:
Scant consolation for people paying over a grand a month for a studio flat with no garden, no parking, no rent cap and all their spare cash tied up in deposits/holding deposits/admin fees. Jeez!

That's me.
:shrug:

TSB · Jan 12, 2016

Nibble said:
Scant consolation for people paying over a grand a month for a studio flat with no garden, no parking, no rent cap and all their spare cash tied up in deposits/holding deposits/admin fees. Jeez!

£850 a month for a one-bed maisonette on Hove seafront, with parking and capped for a year.
Not cheap, but manageable. If it were to go up, however, I'd be fooked.

HantsSeagull · Jan 12, 2016

Nibble said:
Scant consolation for people paying over a grand a month for a studio flat with no garden, no parking, no rent cap and all their spare cash tied up in deposits/holding deposits/admin fees. Jeez!

StonehamPark said:
That's me.

At the risk of being flamed, I am going to own up to being a landlord. I also work in property (not an estate agent). I am amazed anyone is paying that for a studio flat. I have a studio flat in a listed square on the seafront recently refurbished = £700. Last year it was £600, so I don't deny rents are on the increase. But £1000 a month should easily get you a decent one bed flat.
Are these very large studios?

deletebeepbeepbeep · Jan 12, 2016

You can get 1 bed flats in Brighton for £750 but they tend to be on the scraggy end and you are looking at £800+ for anything decent. You will get somewhere fairly modern in Haywards Heath for £750 but then you would be living in Haywards Heath.

Its recommended that you don't pay more than 1/3 or your wage on rent so in order to make renting a single bed place in Brighton comfortable you would need to be earning at least £40k (40% above the national average wage).

mikeyjh · Jan 12, 2016

HantsSeagull said:
At the risk of being flamed, I am going to own up to being a landlord. I also work in property (not an estate agent). I am amazed anyone is paying that for a studio flat. I have a studio flat in a listed square on the seafront recently refurbished = £700. Last year it was £600, so I don't deny rents are on the increase. But £1000 a month should easily get you a decent one bed flat.
Are these very large studios?

Not meaning to have a pop but while you say 'rents are on the increase', would it not be more accurate to say 'I put the rent up'?

StonehamPark · Jan 12, 2016

HantsSeagull said:
At the risk of being flamed, I am going to own up to being a landlord. I also work in property (not an estate agent). I am amazed anyone is paying that for a studio flat. I have a studio flat in a listed square on the seafront recently refurbished = £700. Last year it was £600, so I don't deny rents are on the increase. But £1000 a month should easily get you a decent one bed flat.
Are these very large studios?

Mine's a little under £800, for a bedroom with shared bathroom and shared tiny kitchen (between 10 people!).
But I guess I pay a premium for it being a fairly large bedroom and in a good location.

deletebeepbeepbeep said:
You can get 1 bed flats in Brighton for £750 but they tend to be on the scraggy end and you are looking at £800+ for anything decent. You will get somewhere fairly modern in Haywards Heath for £750 but then you would be living in Haywards Heath.

That's it, I can't really afford to go any higher than what I'm already paying, and not prepared to move 15+ miles outside of my hometown and workplace.

Current plan is to stay where I am, keep stashing money away for a deposit and HOPE that I can get on the property ladder soon, if not win the lottery. Whichever comes first.

Soulman · Jan 12, 2016

StonehamPark said:
Mine's a little under £800, for a bedroom with shared bathroom and shared tiny kitchen (between 10 people!).
But I guess I pay a premium for it being a fairly large bedroom and in a good location.

That's it, I can't really afford to go any higher than what I'm already paying, and not prepared to move 15+ miles outside of my hometown and workplace.

Current plan is to stay where I am, keep stashing money away for a deposit and HOPE that I can get on the property ladder soon, if not win the lottery. Whichever comes first.

Good luck to you. Trouble is it is hard to save when so much money is going out on rent.

StonehamPark · Jan 12, 2016

Soulman said:
Good luck to you. Trouble is it is hard to save when so much money is going out on rent.

Thanks.

Think I'm going to have to suck it up and look at properties in Bognor or Seaford at this rate.
:shootself

HantsSeagull · Jan 12, 2016

mikeyjh said:
Not meaning to have a pop but while you say 'rents are on the increase', would it not be more accurate to say 'I put the rent up'?

yes. that would be more accurate having taken advice on the market value.

I don't want to get into a row but I doubt there are many people who would rent out property (if they had the chance) for less than the market value. would anyone sell their house for less than it was worth to aid the buyer market?

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