What’s happening next with the Brighton property market

Landlords - Thinking of Letting Property in Brighton ?

28th January 2010 published by Gordon White

January started with immediate market activity on both the sales and lettings of property.

Professional tenants have been very active seeking out 1 and 2 bedroom properties throughout Brighton & Hove. This is causing the supply to be snapped up within 1-2 weeks of coming onto the market.

A lot more of this tenant type is now noticeably seeking property for lets of 1 year or more and will pass by some of the properties that will only be available for 6 months, suggesting they are planning ahead and not wanting to be on the move again after 6 months.

Groups of 3 & 4 sharers are in greater numbers, suggesting more people are seeing this as an economic way of living.

Students are starting to register now for their next academic years property with great demand again being seen for Central/Lewes Road locations. Budgets for rental appear to be rising also.

Local Housing Allowance ( formerly Housing Benefit ) tenant numbers registering have dramatically increased, indicating that again the local council & Housing Associations can not supply enough homes for those in need.

This tenant type will often provide a landlord with a long term commitment to renting their property and other factors such as personal guarantors can make letting to this type of tenancy attractive if a landlord doesn’t want a continual turnover of tenants.

On the sale of property, there remains a shortage of stock coming to the market. This is putting hugh pressure on the setting of asking prices. It is now becoming more normal to be seeing asking prices set at or even higher than those of 2007.

This suggests that prices have risen 15% in the last 13 months.

This is good news for vendors who have brought over the last 2 years.

When these properties start going under offer it will be interesting to see if mortgage company surveyors will accept the increases in values and allow the sales to complete at the higher prices or down value the sale price, adding not needed pressure to all involved in the moving process.

If you wish to discuss buying, selling, renting or letting in the Brighton & Hove area, I would be delighted to hear from you.

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