ESTATE AGENTS IN BRIGHTON AND HOVE
THE BRIGHTON AND HOVE PROPERTY MARKETS NEWS INFORMATION UPDATE
Keeping you up to date with the property markets in Brighton and Hove.
In recent weeks the property market in Brighton and Hove has seen what we estate agents like to call a correction in the property market of about 10%. Or in plain English a fall in house prices of 10% in real terms.
Why have Brighton and Hove property prices fallen?
Christmas is traditionally a quiet time for estate agents and coupled with a continued strong demand for property in Brighton and Hove that saw prices continue to rise over an extended period, I have not been surprised by this relatively small correction. However, since returning to work after the New Year and Christmas break, I have seen a marked interest in enquiries from potential buyers.
Having been an estate agent in Brighton for the past twenty years, I have seen the Brighton property market rise and fall like this a dozen times. People read things in the press, scare mongering, prophets of doom and gloom, down turns in the economy, the stock markets and the price of bread but property has always risen in value over any medium term period.
The press and media tend to talk prices down and when they get bored with that old chestnut they start to talk them up again.
Are property prices in Brighton and Hove likely to continue falling?
I can't put my hand on my heart and say no and it would be a brave man who would give any iron cast guarantee that property prices won't fall back further. However, lets look and analyse the evidence.
Interest rates remain very low and have done for some time despite a few increases this year. Talk is that there is likely to be a reduction in interest rates by the Bank of England at the next review. Property in Brighton and particularly Kemp Town is always in short supply and where demand outstrips supply, the property market is always price driven.
Our estate agents office benefits from powerful Internet marketing, so we always have a higher demand for property in Kemp Town than most of our competitors, so my personal opinion is that property prices are likely to remain fairly constant for the time being.
Is now the right time to buy a property in Brighton and Hove?
I think so yes. Property prices in Brighton have fallen back and some owners are prepared to negotiate. If you wait and hope that prices fall back further, you are likely to find yourself in a property market where prices are increasing and as the old saying goes - "If you can see a band wagon, you have already missed it". I would suggest getting the ball moving now.
As I mentioned earlier, we benefit from a very strong Internet presence and we are seeing plenty of interest from buyers outside of the Brighton area who are interested in moving to and buying property in Brighton and Hove. Demand drives prices up and whilst our estate agents office does not control the Brighton property market on its own, there will be a knock on effect.
Should I be putting my property in Brighton or Hove up for sale at the moment?
Undoubtedly. If you are also selling a property, you now have the opportunity to buy a property at a lower price than three months ago. Most people will be moving up and therefore saving more on the property they are buying than the small reduction they will have to make on the property they are selling. If you wait, you may make slightly more on the sale of your current property but this will undoubtedly be offset by the increase in the property you are buying.
Ian Huzinga
THE BRIGHTON AND HOVE PROPERTY MARKETS NEWS INFORMATION UPDATE
Keeping you up to date with the property markets in Brighton and Hove.
In recent weeks the property market in Brighton and Hove has seen what we estate agents like to call a correction in the property market of about 10%. Or in plain English a fall in house prices of 10% in real terms.
Why have Brighton and Hove property prices fallen?
Christmas is traditionally a quiet time for estate agents and coupled with a continued strong demand for property in Brighton and Hove that saw prices continue to rise over an extended period, I have not been surprised by this relatively small correction. However, since returning to work after the New Year and Christmas break, I have seen a marked interest in enquiries from potential buyers.
Having been an estate agent in Brighton for the past twenty years, I have seen the Brighton property market rise and fall like this a dozen times. People read things in the press, scare mongering, prophets of doom and gloom, down turns in the economy, the stock markets and the price of bread but property has always risen in value over any medium term period.
The press and media tend to talk prices down and when they get bored with that old chestnut they start to talk them up again.
Are property prices in Brighton and Hove likely to continue falling?
I can't put my hand on my heart and say no and it would be a brave man who would give any iron cast guarantee that property prices won't fall back further. However, lets look and analyse the evidence.
Interest rates remain very low and have done for some time despite a few increases this year. Talk is that there is likely to be a reduction in interest rates by the Bank of England at the next review. Property in Brighton and particularly Kemp Town is always in short supply and where demand outstrips supply, the property market is always price driven.
Our estate agents office benefits from powerful Internet marketing, so we always have a higher demand for property in Kemp Town than most of our competitors, so my personal opinion is that property prices are likely to remain fairly constant for the time being.
Is now the right time to buy a property in Brighton and Hove?
I think so yes. Property prices in Brighton have fallen back and some owners are prepared to negotiate. If you wait and hope that prices fall back further, you are likely to find yourself in a property market where prices are increasing and as the old saying goes - "If you can see a band wagon, you have already missed it". I would suggest getting the ball moving now.
As I mentioned earlier, we benefit from a very strong Internet presence and we are seeing plenty of interest from buyers outside of the Brighton area who are interested in moving to and buying property in Brighton and Hove. Demand drives prices up and whilst our estate agents office does not control the Brighton property market on its own, there will be a knock on effect.
Should I be putting my property in Brighton or Hove up for sale at the moment?
Undoubtedly. If you are also selling a property, you now have the opportunity to buy a property at a lower price than three months ago. Most people will be moving up and therefore saving more on the property they are buying than the small reduction they will have to make on the property they are selling. If you wait, you may make slightly more on the sale of your current property but this will undoubtedly be offset by the increase in the property you are buying.
Ian Huzinga
