The ArgusHouse prices rise by 14% (From The Argus)

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House prices rise in Brighton and Hove by 14%

The Argus: House prices rise by 14% House prices rise by 14%

House prices in Brighton and Hove have risen at the third highest rate in the country.

According to a report from Nationwide, buying a house in the city is now 14% more expensive than the same time last year with the average price now £356,862.

Only Manchester and London saw house prices rise at a faster rate.

Estate agents put the rapid rise down to a lack of new homes becoming available and a dismal lack of new build projects with many listed houses now being chased by two or three buyers.

 


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Julie Healy, marketing director at Callways estate agents, said: “From my experience everything’s just gone ballistic recently.

“We think there’s a lot of demand and obviously there’s a lot more confidence in the general economy. People have been holding back on selling and now that’s started again.”

She added that agents were finding more demand coming from the capital with people unable to afford London prices and looking for somewhere close by with more affordable price tags.

According to Mike Jones, managing partner at Michael Jones Estate Agents, the lack of supply coupled with a return to economic growth was creating a widening gap between available homes and those looking to move onto the property ladder.

He said the changing landscape in the market had also had an effect on the profile of first time buyers.

He added: “It used to be they were 18,19 or in their early 20s, now they’re in their early 30s and they’ve saved up for a deposit, which isn’t a bad thing.”

With the 2008 recession having put house buying on hold for most people, the re-emergence of growth in the economy had brought them back out into the market.

Andy Lees, residential partner at Graves, Son and Pilcher, |added that nowadays when a property came on the market it wasn’t unusual to see a bidding war driving prices even higher.

He said: “It’s supply and demand and there are lots of people looking to buy and when something comes to the market in an area that’s popular you get a great demand.

“We’re seeing in some situations we’re getting two or three interested parties looking at a property.”

Comments (12)

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7:15am Fri 4 Apr 14

rogerthefish says...

Generally caused by "down from London" and shortage of property in exasperated by the amount of foreigners moving to UK "the ripple effect" problem is you sell up but you still need somewhere to live and only get 1% interest in bank or scrape the bottom of the barrel and move to somewhere like Newhaven.
Generally caused by "down from London" and shortage of property in exasperated by the amount of foreigners moving to UK "the ripple effect" problem is you sell up but you still need somewhere to live and only get 1% interest in bank or scrape the bottom of the barrel and move to somewhere like Newhaven. rogerthefish
  • Score: 3

7:19am Fri 4 Apr 14

rogerthefish says...

Generally caused by "down from London" and shortage of property which is exasperated by the amount of foreigners moving to UK "the ripple effect" The problem is you sell up but you still need somewhere to live and only get 1% interest in bank or scrape the bottom of the barrel and move to somewhere like Newhaven.
Generally caused by "down from London" and shortage of property which is exasperated by the amount of foreigners moving to UK "the ripple effect" The problem is you sell up but you still need somewhere to live and only get 1% interest in bank or scrape the bottom of the barrel and move to somewhere like Newhaven. rogerthefish
  • Score: -7

7:32am Fri 4 Apr 14

BURIRAM says...

House prices have fallen in Bulgaria, it's warmer there the beaches are clean, bus fares are aprox 40p, no cycle lanes, no traffic jams, no Green Party, cheap good quality beers. Think I'll move there.
House prices have fallen in Bulgaria, it's warmer there the beaches are clean, bus fares are aprox 40p, no cycle lanes, no traffic jams, no Green Party, cheap good quality beers. Think I'll move there. BURIRAM
  • Score: -2

7:41am Fri 4 Apr 14

rubberflipper says...

Stop immigration and only allow Britons to rent private and social housing.
Stop immigration and only allow Britons to rent private and social housing. rubberflipper
  • Score: -17

8:28am Fri 4 Apr 14

gheese77 says...

if you go out to work in the morning and by the time you get home your house price has increased by more than you have earned that day something has gone wrong.
You cannot run an economy like that.
if you go out to work in the morning and by the time you get home your house price has increased by more than you have earned that day something has gone wrong. You cannot run an economy like that. gheese77
  • Score: 4

9:24am Fri 4 Apr 14

whatone says...

2008 here we come.

The thing we learn about history is that we don't learn from history!
2008 here we come. The thing we learn about history is that we don't learn from history! whatone
  • Score: -6

12:08pm Fri 4 Apr 14

a person says...

The government will always do all they can to keep
house prices high. They make a fortune from the stamp
duty tax.
If you buy a £300,000 house , the government rip you off
£9000 , not a bad reward for the government doing nothing.

Their help to buy is also pushing up prices.
Also too many people coming into the country.

They could also change the law so that all landlords have to
pay council tax, then maybe the student landlords would
be paying into the system.
The government will always do all they can to keep house prices high. They make a fortune from the stamp duty tax. If you buy a £300,000 house , the government rip you off £9000 , not a bad reward for the government doing nothing. Their help to buy is also pushing up prices. Also too many people coming into the country. They could also change the law so that all landlords have to pay council tax, then maybe the student landlords would be paying into the system. a person
  • Score: 4

12:18pm Fri 4 Apr 14

Stoney33 says...

In the business world, surging prices and activity like this leading to rapid gains is known as 'over trading', and is known to be unsustainable and to end in tears so is generally avoided

im not sure why such behaviour is deemed to be fine for houses though, when its essentially the same thing
In the business world, surging prices and activity like this leading to rapid gains is known as 'over trading', and is known to be unsustainable and to end in tears so is generally avoided im not sure why such behaviour is deemed to be fine for houses though, when its essentially the same thing Stoney33
  • Score: 7

2:44pm Fri 4 Apr 14

Ballroom Blitz says...

The housing market is unsustainable. When a large proportion of people in rented accommodation are having their rents topped up by the public purse, the solution is obvious. We need to have rents capped.
In essence the social security budget is being used to fund the greed of buy to let landlords.
If rent capping was introduced, and buy to let became unattractive, there would more properties on the market, and house prices would fall substantially.
Coupled with this measure, the government needs to stop offering mortgage underwritten by the taxpayer, and also to allow interest rates to rise, instead of keeping them artificially low.
Otherwise there is nothing but trouble ahead. The bubble will inevitably burst, and when interest rates rise, many buyers will be unable to make their mortgage payments.
A house should be a home, NOT an investment opportunity.
The housing market is unsustainable. When a large proportion of people in rented accommodation are having their rents topped up by the public purse, the solution is obvious. We need to have rents capped. In essence the social security budget is being used to fund the greed of buy to let landlords. If rent capping was introduced, and buy to let became unattractive, there would more properties on the market, and house prices would fall substantially. Coupled with this measure, the government needs to stop offering mortgage underwritten by the taxpayer, and also to allow interest rates to rise, instead of keeping them artificially low. Otherwise there is nothing but trouble ahead. The bubble will inevitably burst, and when interest rates rise, many buyers will be unable to make their mortgage payments. A house should be a home, NOT an investment opportunity. Ballroom Blitz
  • Score: 8

4:09pm Fri 4 Apr 14

whatone says...

@ Ballroom Blitz

"A house should be a home, NOT an investment opportunity."

Indeed.

The trouble is that in a country which produces very little, has dwindling resources and can't feed or power itself, the housing stock is the only 'asset' there is.

It is no coincidence that the virtual value based on housing is not far off the UK national debt.

A major fall in house prices would create a crash far worse than 6 years ago, hence the artificial means used at present.

But this house of cards will come crashing down sooner or later - it is inevitable!
@ Ballroom Blitz "A house should be a home, NOT an investment opportunity." Indeed. The trouble is that in a country which produces very little, has dwindling resources and can't feed or power itself, the housing stock is the only 'asset' there is. It is no coincidence that the virtual value based on housing is not far off the UK national debt. A major fall in house prices would create a crash far worse than 6 years ago, hence the artificial means used at present. But this house of cards will come crashing down sooner or later - it is inevitable! whatone
  • Score: 3

4:28pm Fri 4 Apr 14

her professional says...

BURIRAM wrote:
House prices have fallen in Bulgaria, it's warmer there the beaches are clean, bus fares are aprox 40p, no cycle lanes, no traffic jams, no Green Party, cheap good quality beers. Think I'll move there.
Bye
[quote][p][bold]BURIRAM[/bold] wrote: House prices have fallen in Bulgaria, it's warmer there the beaches are clean, bus fares are aprox 40p, no cycle lanes, no traffic jams, no Green Party, cheap good quality beers. Think I'll move there.[/p][/quote]Bye her professional
  • Score: 2

6:21pm Fri 4 Apr 14

ARMANA says...

BURIRAM wrote:
House prices have fallen in Bulgaria, it's warmer there the beaches are clean, bus fares are aprox 40p, no cycle lanes, no traffic jams, no Green Party, cheap good quality beers. Think I'll move there.
Would love to move, but I just havnt got the bottle for it, Romania is even cheaper, but thats were Vampires live, AAAAHHH, !!! na, Im staying here,
[quote][p][bold]BURIRAM[/bold] wrote: House prices have fallen in Bulgaria, it's warmer there the beaches are clean, bus fares are aprox 40p, no cycle lanes, no traffic jams, no Green Party, cheap good quality beers. Think I'll move there.[/p][/quote]Would love to move, but I just havnt got the bottle for it, Romania is even cheaper, but thats were Vampires live, AAAAHHH, !!! na, Im staying here, ARMANA
  • Score: 4

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