Brighton & Hove House Prices-help needed

[T&T]

My wife and I are looking to move from a 1 bed flat in Hove to a 3 bed house Hove or Shoreham way, as we have our first baby on the way.

I am after any advice/feedback anyone (especially anyone in the trade) can give me in terms of what property is actually going for in these areas currently. Particularly any advice/experiences of how much to successfully offer in comparison to the asking price (without taking the mickey/being unrealistic) and how realistic current prices are. I religoulsy check Right Move on a daily basis, but prices still seem quite high considering the Credit Crunch and the rumours that the market could crash further etc

Any help/suggestions greatly appreciated, cheers.

 

[Uncle C]

http://www.northstandchat.com/showthread.php?t=152321

 

[beorhthelm]

cant see why rightmove is anything but near the mark, maybe you can shave 10% of an asking price but anything on the market right now is priced to sell.

 

[Gwylan]

One thing that does interest me about house prices is that the falls in price have not been consistent.

When I was looking to move back to B&H, there were two areas under consideration - Portslade/Southwick and Coldean - as they seemed to be about the right price (and I didn't want to move back to Moulsecoomb). At the time, we plumped for Coldean as you seemed to get more for your money but when I check property prices now, Portslade and Southwick seem much cheaper than Coldean. I've no idea why this is the case but if it's happened in this instance then I'm sure it's happened in other parts of the area.

So, there are probably pockets of B&H/Shoreham where there are some bargains to be had, you just need to look carefully.

 

[Gully]

I guess it is also down to supply and demand, also the type of property on offer. It is well known that it is harder for people to get the sort of mortgage that allows them onto the first rung of the property ladder, mainly those who need a high percentage to value, it is possible that this has led to a reduction in that type of property coming onto the market. There may be movement a little higher up as people use the downturn in the economy to upsize, based on reduced differentials in price...for example someone looking to go from a property in the 250k range to one in the 330k bracket, a difference of 80k...it is more likely now that the comparative prices would be something like 220k and 275k, a difference of 55k...it is a good time to move if you want to upsize for less.

 

[Del Boy]

Nice first post.... Is NSC the new Dear Dedrie?

 

[Uncle C]

There may be movement a little higher up as people use the downturn in the economy to upsize, based on reduced differentials in price...for example someone looking to go from a property in the 250k range to one in the 330k bracket, a difference of 80k...it is more likely now that the comparative prices would be something like 220k and 275k, a difference of 55k...it is a good time to move if you want to upsize for less.

In a falling market this upsizing to save money has been a bit of a falicy. You are buying a property that will then loose a bigger chunk of money than the one you had left.

 

[The French Mistress]

Try an estate agent, they are the experts in selling houses,you'll soon learn not to ask a serious question on here!

 

[Uncle Spielberg]

My wife and I are looking to move from a 1 bed flat in Hove to a 3 bed house Hove or Shoreham way, as we have our first baby on the way.

I am after any advice/feedback anyone (especially anyone in the trade) can give me in terms of what property is actually going for in these areas currently. Particularly any advice/experiences of how much to successfully offer in comparison to the asking price (without taking the mickey/being unrealistic) and how realistic current prices are. I religoulsy check Right Move on a daily basis, but prices still seem quite high considering the Credit Crunch and the rumours that the market could crash further etc

Any help/suggestions greatly appreciated, cheers.

You can get a decent 3 bed house in Southwick now for £ 160k. Thats down from about £ 220k at the peak in 2007. Estate agents are selling more houses now than last year but you have to look at from what low base it has come. Estate agents were selling on average 7 houses per 3 months and now its about 10. Mortgages are being approved at around 30000 a month across the whole of the UK que newspapers headlines " mortagge approvals go up 22% month on month " but 30000 is still over 50% down on a functioning housing market and were appoved 70000 - 100000 in the the last decade.

2 more major lenders went out of business this week. The Bank of Scotland and Intelligent Finance.

There are basically less than 10 mortgage lenders in the whole uk now and the market is monpolised and dictated to by the Lloyds Group , Abbey, Woolwich and the Nationwide. 2 years ago there were 200 active lenders competiting for business.

So its a very slow improvement.

The people buying are cash buyers or people with a 25% deposit.

We are at the bottom and I am sure prices will be more by Xmas than they are now. People with the capability of buying now and holding on are being pure greedy to be honest. Is a 25% fall not enough for you ?.

The market will stabalise and move forward slowly for a few years.

 

[Deleted User X18H]

You wait until Piggy Flu kicks in around October and paralyses the country and the economy for a few weeks you will be able to get a decent property for around 50 OR 60 grand in the new year and I am talking Brighton and Hove!! Its natures way of sorting out the housing boom!!

 

[Uncle Spielberg]

Utter Cobblers Tim.

 

[Deleted User X18H]

Utter Cobblers Tim.[/QUOT Yep it will happen in Northampton as well you mark my words!!

 

[Uncle C]

People with the capability of buying now and holding on are being pure greedy to be honest. Is a 25% fall not enough for you ?

There is a basic problem with the way the property market has evolved over the last couple of decades. Many owners now see themselves as mini property tycoons with the main topic of conversation at most gatherings about how much they have made on their 'investments'.

The vultures are circling waiting to pick up the bargain of a lifetime and then to ride out the crest of the next property boom. Well unfortunately property prices do not respond like the stock market. In all of history there has never been a V shaped recovery after a housing fall.

There may one day be an abrupt halt to the falls, but the days of making rapid gains on property are over for at least 5 years.

 

[Uncle Spielberg]

The real driving force behind the price slump is not lack of interest, not people wanting to buy, not people want to buy at today's prices, not over supply it is LACK OF MORTGAGE FINANCE. Until the lenders ( if there are any left in a years time ) start lending again and I mean lending properly not we want a 40% deposit to offer you a good rate and we want a 25% deposit to offer an average rate and yes we will considr giving you a 90% mortgage but it will be at 28% fixed for 20 years the market will only continue to wither and die.

 

[Beach Hut]

The real driving force behind the price slump is not lack of interest, not people wanting to buy, not people want to buy at today's prices, not over supply it is LACK OF MORTGAGE FINANCE. Until the lenders ( if there are any left in a years time ) start lending again and I mean lending properly not we want a 40% deposit to offer you a good rate and we want a 25% deposit to offer an average rate and yes we will considr giving you a 90% mortgage but it will be at 28% fixed for 20 years the market will only continue to wither and die.

So what we are saying here is whether you are a sound financially or not to qualify for a mortgage equity is king at present ?

 

[Uncle Spielberg]

Where did I say that ?. Lender still apply very strict criteria now to 75% mortgages. Income multiples are muich reduced and afforability is key as it should be. The pendulum has swung the other way now. They may be have too lax in the past, they are far to strict now.

Unless you are an A1 cast iron certainty and I mean not even having 1 missed payment on a credit card for the last 3 years you will not get a mortgage.

They few lenders left are cherry picking the best clients.

They could apply the same criteria to 90% mortgage and offer sensible rates and that would get the market going.

 

[WATFORD zero]

I suspect the lenders are going to be cautious for a while yet US as i think they, along with everyone else, is wary as to what happens when the interest rates start going up as a result of the quantative easing.

I suspect that there could be more misery ahead - (and what really depresses me is that i am partly agreeing with Timmy)

 

[Deleted User X18H]

I suspect that there could be more misery ahead - (and what really depresses me is that i am partly agreeing with Timmy)

You know (that eventually) it makes sense!!

Keep your powder dry and your cash in the bank, bargains will be coming our way!!!

 

[WATFORD zero]

You know (that eventually) it makes sense!!

Keep your powder dry and your cash in the bank, bargains will be coming our way!!!

So you managed to shift your property portfolio at the height 12 months ago Tim ? (Your bedsit in St Aubyns)

Because you would look fairly foolish if you had held onto that through the slump and still hadn't shifted it

 

[Deleted User X18H]

So you managed to shift your property portfolio at the height 12 months ago Tim ? (Your bedsit in St Aubyns)

Because you would look fairly foolish if you had held onto that through the slump and still hadn't shifted it

Ohhh a stalker!!!

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