Now that the June edition of Absolute magazine is out on the streets we can publish the article that Danny Norris, Director wrote last Friday (13/05/2016) voicing his opinions on Brighton & Hove’s short term property outlook.
If you would like to see the online version here is the link to the Absolute Magazine June edition, The article is on page 65 Click Here…
Here is the copy of the Article:
I am writing this article the day before Brighton & Hove Albion’s final match of the season and I can only think of reasons to compare the current market with the situation BHAFC find themselves in before the big decider. They have had a superb season but the uncertainty of the outcome of the match will mean a considerably different future for the club and its city in the coming years.
The Brexit match is still a month away but in full swing and I can only hope that the arguments both sides believe in do not affect the last few years we have had of economic stability and security that has made them special. With Brighton & Hove having experienced a amazing growth over this time, it is clear that the referendum is one of a number of factors contributing to a slowdown of a London property market on which we so depend.
A recent Zoopla report suggested a dampening outlook on the overall pattern of the national property market, stating that vendors are accepting large discounts to help jump start the interest in their homes. Londoners, who would normally move their properties very quickly are finding it is taking a little more time and a little more negotiation to agree a sale. Whilst this hasn’t dulled enthusiasm for moving to our beautiful city, the reality is that this years buyers, particularly after taking into account the stamp duty and taxation changes around housing, are a little more cautious. The “panic buying” of 2015 has gone, and with it so should some of the unrealistic asking asking prices set by over over excited estate agents to their enthusiatic clients.
At Mishon Welton we have had a great few months even excluding the figures from the ‘Buy to Let’ rush that caused a flurry of activity at the end of March. The market has since stabilised and I consider it a good moment for the more experienced investor to invest as the panic is now over. With an increased standard of property perfect for this market it is now much more focused on the quality/value equation even though the stamp duty change is now firmly in place.
With this comes more letting properties on the market so the cost of rent has seen a slight reduction but there is still a big demand for landlords with 2/3 bedroom garden flats and mid-sized family homes. Couple this with the Brighton & Hove micro business environment with a lot of small tech and creative firms flourishing, we are experiencing strong demand for nice mid-range properties for professional people tempted to dip their toes into life by the sea.
Life is good in Brighton & Hove whatever the state of the market. I really hope that you have had a glass of champagne to celebrate the promotion of Brighton & Hove Albion to the top tier of football. We are definitely lucky enough to live in a top tier city with no chance in going down a division.
I hope we are now lucky enough to have hindsight plus one.
Director – Mishon Welton