The local property market is set to remain stable in 2013, with a potential rise in house prices, albeit slight. This is a continuation of the market stability we saw in 2012, despite some fluctuations and uncertainty in the economy as a whole. This resilience is testament to Brighton & Hove’s appeal as a city and a reminder that people will always need to move.
The number of transactions in 2012 was comparable to those the year before. Although prices did dip a little in the last quarter, overall prices went up during the course of the year. House prices in 2013 look set to continue on the same path, with some upward growth possible. A more stable market is expected to be the norm over the coming years, with steady growth and price increases rather than the rapidly increasing prices we have seen in the past.
This is particularly likely to be the case in Brighton & Hove. The limit on housing stock due to our geographical location between the downs and the sea, plus the popularity of the city means demand is kept high. Meanwhile, salaries aren’t keeping pace with inflation, impacting on people’s financial situations. First time buyers in particular are struggling to find the necessary deposits and looking to the bank of mum and dad. These two conflicting pressures will keep prices in check over the coming year.
The local market is a competitive one and the key to a sale is always sensible pricing. When putting your property on the market it might be tempting to go with the estate agent that gives the highest price they say they can get for your property. This can be a risky business. Ensure a solid understanding of the local market and specific knowledge on prices of comparable properties in your area. People won’t pay over the market value, resulting in properties becoming stale, putting potential buyers off even further. The longer your property sits on the market the more likely buyers will suspect there is something wrong with it and look elsewhere. This can result in pressure to lower the price and the final sale price may even drop below its actual market value.
It is also well worth taking the time to make sure your property is as well presented as possible. Keeping your home clean and tidy and finishing off any DIY projects or repairs could make all the difference during viewings. Talk to your estate agent for honest feedback on what would increase the appeal of your home and also avoid spending money on things that may not pay off, due to the level of investment required or the likelihood of a new owner changing it due to personal taste.
In terms of developments in the city this year, The Level redevelopment is well underway. This £4.4 million project encompasses a full revitalisation of the popular park and changes to the Lewes Road bus corridor. There will be a dedicated bus route from Vogue Gyratory up to the university sites at Falmer, reducing the dual carriageway to only one lane for cars. After a hiatus there is also talk of the i360 project again and on a more local level the residents of Woodingdean are getting a new library, with work started in the New Year.
Ashington Gardens, Peacehaven, BN10 8UE
Wolseley Road, Brighton, BN1 9ET
Tavistock Down, Brighton, BN1 7FN
Bevendean Crescent, Brighton, BN2 4RA