The latest Nationwide House Index has reported good news for the housing economy. Recently there has been much speculation that house prices will drop, or “crash” but one of our recent blog posts has shown that we’re not feeling the effect here in the South East region. The market in Brighton and Hove and the surrounding areas is performing well and there is plenty of new development activity across a number of popular areas, including Lewes.
The additional good news in the latest Nationwide data shows that month-on-month, house prices rose by 1.1% in June versus May, putting the annual rate of growth up to 3.1%. Mortgage rates are very low at the moment, making moving home more affordable for anyone looking to upgrade or change location and the market more accessible for first-time-buyers. We also have several shared-ownership properties available, which allow eligible buyers to take a very affordable first step on to the housing ladder by purchasing a share of 25% or more of a property and paying rent on the remainder.
There is of course an on-going shortage of houses overall that is driving demand and Robert Gardner, Chief Economist at Nationwide believes that this will continue throughout the year because “the subdued level of building activity and the shortage of properties on the market are likely to provide support for prices" he commented to Sky News.
We’re confident July will show similar data, because summer is always an excellent time to list a property for sale. Potential buyers can enjoy viewing a property at its best when the sun is shining, trees are green and flowers in full bloom. Properties with balconies, gardens and roof terraces and plenty of natural light are always popular throughout the year and move extremely quickly in the sales and lettings market in the summer months. Likewise, any properties close to the beach have a very high number of enquiries whatever the weather.
We are finding that properties listed for sale in the Brighton and Hove areas receive offers within days of being advertised and are sold in a matter of weeks. We only recently held an open day at the 1825 Residence in central Brighton where 11 new luxury apartments are due to be finished this Autumn and already 30% have been reserved by deposit.
We are working with a number of prestigious developers creating New-build properties in Brighton and Hove, so do ensure you have registered your interest as a buyer to hear of any new developments as soon as the show home is ready to view and properties are available to purchase off-plan.
For a valuation on your home please contact our Residential Sales team. Or, if you are a Landlord currently letting a property in the local area and would benefit from a Rent Review to ensure you are receiving full market value, please contact our Professional Services team on 01273 688882.