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30th August 2016
The fabled ability to pick out and invest in an up-and-coming area can seem the stuff of legend. Some property investors refer to ‘property bingo’, believing that investing in a soon-to-be-trendy area is simply a case of being in the right place at the right time. However, those who have benefited from the rise of ‘trendy’ new areas believe that there’s more to it than luck.
Particularly in areas such as Brighton and Hove, where demand continually outweighs supply, the potential for house price growth and increased rental can be hard to pinpoint. Estate agents analyse housing stock and interest rates keenly in order to spot rising trends - but that doesn’t mean that buyers and sellers can’t spot up-and-coming areas with a bit of local knowledge and a penchant for culture.
Indeed, for many buyers and sellers the thrill of investing in a truly up-and-coming area goes beyond the rapidly increasing value of their property - it also speaks of a certain quality of life.
A home purchased in an up-and-coming area of Brighton and Hove such as Poet’s Corner a few years ago will have seen houses, shops and pubs transform from run-down to trend-setting, with creative local businesses and workshops filling up previously downtrodden streets.
Getting ahead of the up-and-coming curve means living in a desirable, culturally rich area while paying a fraction of the price that your future neighbours will. We’ve put together some tips for scoping out key locations yourself - as well as some rumours on Brighton spots that are set to get hot!
1. Take note of changes to surroundings
One of the tell-tale signs that you’re in an up-and-coming area is the sudden appearance of “trendy” cafes. In Brighton and Hove they are hard to miss, with blackboards bearing small-batch menus and quirky quips.
This sort of small independent retailer reflects a young, creative demographic, and paves the way for businesses such as delicatessens, craft ale pubs and art galleries - all of which will attract culture-keen homebuyers with an eye for community spirit.
On the other hand, many property investors claim that too many chain coffee shops in an area can be a red flag. If chain cafes and restaurants have already clued into an area’s potential for growth, there’s a good chance that it’s nearly reached full growth potential.
2. Spot the millennials
The current generation of twenty-to-thirty-somethings are rather hard done by when it comes to jumping on the property ladder, with home owning at its lowest since 1987. As these young professionals are often priced out of established areas, they tend to move en mass into less-expensive outskirts - and where young people gather, bars, restaurants and community space is sure to follow!
Brighton’s Lewes Road and Elm Grove are currently popular with students, self-employed creatives and first-time buyers - as the area improves to accommodate this demographic, we’re sure to see a shift in housing prices!
3. Check out the buskers
You’d be surprised by quite how influential art and music can be on the desirability of an area. However, the story of Bohemian artistic types moving to a less desirable area and making it “trendy” is as old as time. Just think of Montmartre in Paris or Soho in London. If you’re walking through a run-down area that’s nonetheless packed with urban art, open mic nights and talented street performers, it will be a homebuyer’s haven of all things hip in a few years’ time.
4. Think regeneration
It pays to keep an eye on the city council’s website if you’re looking for up-and-coming property in Brighton and Hove. Here you will be the first to know about upcoming regeneration projects. If the council and associated organisations are keen to put money into an area, chances are they’re onto something.
Brighton’s London and Lewes Road area may look a little tired, but planned improvements to the Open Market, The Level, and the City College buildings will see the area’s ambiance improve drastically over the next few years - and prices will rise to match it!
5. Check in with your estate agent
Nobody knows the local area like an experienced real estate agent. They have seen trends rise and fall over a number of years, and will be able to pinpoint an area that will not only increase in value, but suit your specific needs. In particular, the areas on the outskirts of an estate agent’s current branches tend to be those that have yet-untapped potential.
The Woodingdean area just outside of Brighton, for example, offers first-time buyers a relatively affordable house and garden, giving more space for your money, and is therefore becoming popular with a younger demographic. With its quiet yet accessible location, this area is sure to see improvements and increases in price over the years to come!
If you’re on the lookout for an up-and-coming area in Brighton and Hove, your best bet is to spend some time walking around the city, stopping for a drink in a local cafe, or pausing to listen to the guitarists in local parks. Not only will you learn to sense a certain ‘it factor’ - you’ll also find yourself having a wonderful day out!
Of course, if you want a little assistance along the way, we’re happy to help you find the perfect neighbourhood, that will grow and thrive as you do.