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7:11am Monday 9th July 2007
First-time buyers have been advised to invest in a Sussex seafront property before prices escalate and the last remaining bargains disappear.
Despite the rising house prices, first-time buyers can still find an affordable home in a number of Sussex's seaside resorts.
Seafront properties are still available in many of the county's towns for £150,000, less than the national average house price of £209,000.
The last remaining bargain hot spots include Worthing, Littlehampton, Shoreham, Horsham, Bognor, Hastings, St Leonards and Eastbourne.
Council leaders and estate agents have advised people to invest in Sussex's seaside towns at the earliest opportunity before prices escalate.
Melanie Bien, of the mortgage broker Savills Private Finance, said: "Pretty seaside towns can act as a premium to house prices.
"The attraction of UK seaside resorts is growing as regeneration of towns and the clean-up of beaches make them more attractive to nostalgic holiday makers and home purchasers alike."
And Martin Ellis, chief economist at the Halifax, said: "There are still some bargains to be had for first time buyers and home movers."
A study of house price inflation around Britain's favourite seaside towns has revealed property prices have soared 223 per cent since 2000, compared with a national increase of 195 per cent.
Worthing Borough Council leader Keith Mercer said: "Sussex is one of the most sought after locations in the country to live.
"We have noticed a lot of young people and families moving to Worthing because of the difference in property value compared to other towns.
"We are pleased because part of our council policy is to encourage young families to move to Worthing.
"Worthing is excellent value for money with good shops and schools which makes it an attractive place to live.
"But how long it continues is another matter because eventually we are going to run out of property."
The regeneration of Hastings and St Leonards has increased property prices but homes in the towns remain amongst the cheapest in Sussex.
Hastings Borough Council leader Peter Pragnell said: "Hastings is a wonderful place to live and it is only going to get better.
"People have been buying in Hastings for five or six years since the regeneration started and it has become a more attractive place to live and work."
Bognor is another investment hot spot because a £500 million regeneration project is in the pipeline.
There will be new cafes, restaurants, shops, hotels, offices, housing, entertainment venues, open spaces and a public health centre. About £100 million will be spent on the seafront.
Arun District Councillor Sandra Daniells, who represents Pevensey in Bognor, said: "Bognor is seen as the poor relation but that is exactly why we want to regenerate it.
"It is a good place to invest now while the prices are relatively low because after the regeneration they will rise."
Eastbourne has long been touted as a boom town but the latest Halifax figures show the housing market has increased by 14 per cent over the past three years, which is one of the smallest rises in the country.
A report by agents Knight Frank, called Surging South, predicts a hike in property prices because people are moving to the town from London.
The number of homeowners commuting to London has increased by 82 per cent in a decade.
Eastbourne Borough Council leader David Tutt hopes property prices do not rocket because people are already priced out of the market.
He said: "We might have some property prices which are lower than other resorts, particularly Brighton, but I wouldn't call them bargains.
"We have an awful lot of young people trying to get on the property ladder but it is impossible.
"When people talk about bargains it is applicable for those people on high wages who move down from London and not for the people living here."
Have you moved to one of the towns mentioned to take advantage of the lower property prices? Tell us about it below.
Alan, Brighton says...
8:14am Mon 9 Jul 07
george, hove says...
8:21am Mon 9 Jul 07
Alan wrote:Right on! lets ban anyone who makes a profit from others, like shops, garages and business in general!
The government needs to ban buy-to-let or at least not make it worthwhile financially. Otherwise there will be a whole new generation of an underclass.
Sue, Hove says...
8:23am Mon 9 Jul 07
Louise Evans, Brighton says...
8:27am Mon 9 Jul 07
sc, Brighton says...
8:49am Mon 9 Jul 07
Brad, Brighton says...
8:49am Mon 9 Jul 07
Stu, Brighton says...
10:43am Mon 9 Jul 07
Jon, Brighton says...
11:12am Mon 9 Jul 07
Pam, Brighton says...
11:29am Mon 9 Jul 07
Stu, Brighton says...
11:46am Mon 9 Jul 07
Arnold Tempest, Preston Park says...
12:08pm Mon 9 Jul 07
Eddy, Hove says...
12:08pm Mon 9 Jul 07
Martin, Brighton says...
12:35pm Mon 9 Jul 07
Rob, BN2 says...
12:41pm Mon 9 Jul 07
paul, brighton says...
12:58pm Mon 9 Jul 07
quote
Brad, Brighton says...
1:09pm Mon 9 Jul 07
gary, hove says...
1:34pm Mon 9 Jul 07
JG, Hove says...
1:40pm Mon 9 Jul 07
Brad wrote:Well lets all go with Brad's 'gut feeling'
Rob, I think you are one of the few that makes less in rent than mortgage repayments. Stu - legislation against rent rises can be quite easy. Type in rent control on Wikipedia. The pro\'s outway the cons of this scheme. This has got to be the way forward. I think it will be. I don\'t buy to let will be around for much longer. Based on my gut feeling anyway.
Stu, Brighton says...
2:18pm Mon 9 Jul 07
Stu, Brighton says...
2:19pm Mon 9 Jul 07
Brad, Brighton says...
2:23pm Mon 9 Jul 07
Tim, from a far says...
2:31pm Mon 9 Jul 07
Brian, Brighton says...
2:37pm Mon 9 Jul 07
Brad wrote:Landowners and serfs!
It is a bit more complex than that George. Everyone needs a home and the security ownership can give. Do you really want a return to the landowners and serfs? Why is their so much greed in this country nowadays? It is not necessary. There are lots of ways of provision for retirement without exploiting others. Multiple property owners wouldn\'t like it if they were in the same position.
One thing though, sooner or later the government will realise that this is an untouched cash cow and tax the death out of the buy to let brigade. Sooner that happens, the better (oh and I am a homeowner, not sure of a few bob, before I am attacked and told I\'m jealous).
Stu, Brighton says...
3:09pm Mon 9 Jul 07
ComradeK, Brighton says...
4:01pm Mon 9 Jul 07
Belther, Hove says...
4:38pm Mon 9 Jul 07
Stu, Brighton says...
4:52pm Mon 9 Jul 07
ComradeK wrote:Rich v. Poor? What about those wanting to just provide for theirs/their kids future in a responsible, hard working way? Should we all hand it over to you? Generating money to pay for your list above (plus taxes) all by yourself isn't a hate crime like your diatribe suggests. I do agree a home IS a need, but actually owning it isn't - rich or poor. Owning it is how you chose to spend you're money.
There is no choice in a free market economy. Unless you have money. I want to buy a home, but I can't. Where's the choice and fairness in that? A home isn't a luxury... it's a necessity! Capitalism is based soley on making money. But when basic needs such as shelter, warmth, water and food are turned into profit making commodities the poorest lose out. They are denied CHOICE and in the end more and more taxpayers' money is used to subsidies the rich property owners through the benefit system. There is no point tinkering with capitalism because you will never have EQUALITY under it. Unfairness is one of the principles of capitalism and people have just got to realise that we need to get rid of it if ANY of our problems are to be solved.
ComradeK, Brighton says...
5:24pm Mon 9 Jul 07
Tom, Worthing says...
5:25pm Mon 9 Jul 07
Jeff, Brighton says...
5:27pm Mon 9 Jul 07
ComradeK, Brighton says...
5:36pm Mon 9 Jul 07
Barry, Brighton says...
5:42pm Mon 9 Jul 07
Cpt Sensible, Brighton says...
5:44pm Mon 9 Jul 07
Barry wrote:Its not. Thats why this simplistic idea would never happen without a bloody revolution.
Comradek, I can't see that going down too well. I worked very hard at school and college to get my job. I saved for many and sacrificed holidays, cars, going out for years to be able to afford a nice detached house with a garden. Now, you saying I should lose this so someone who may not have worked a day in their life can move in, in my place. How is that fair?
Norman Tebbit, says...
5:52pm Mon 9 Jul 07
ComradeK wrote:Work harder
Answer for Jeff: Allocation based on need. If you're on your own and need to get to work, in Amex for example, you'd probably get a one bed flat in Kemp Town or Hanover. A two parent family with five children will get a big house, one bedroom per child, etc... At the moment we have individuals owning seven or eight five bed mansions and working class families in bedsits. Socialism is about providing enough for everyone. It is simply common sense.
ETOPS773 - HPC, Worthing says...
7:05pm Mon 9 Jul 07
Eddy, Hove says...
7:37pm Mon 9 Jul 07
Roman AbramoRICH, says...
7:56pm Mon 9 Jul 07
www.SquatNow.com, Luton, UK says...
9:33pm Mon 9 Jul 07
Nobby, Brighton says...
9:54pm Mon 9 Jul 07
Valerie Paynter, Hove says...
11:08pm Mon 9 Jul 07
Kevin, Hove says...
11:52pm Mon 9 Jul 07
Largely, Brighton says...
12:04am Tue 10 Jul 07
andy, Lewes says...
7:54am Tue 10 Jul 07
jayne, hove says...
7:57pm Tue 10 Jul 07
Eddy, Hove says...
8:32pm Tue 10 Jul 07
Gene, Hove says...
2:06pm Wed 11 Jul 07
emanuelle pride - ridout, surrey says...
11:16pm Sat 11 Aug 07
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Alan, Brighton says...
8:13am Mon 9 Jul 07