Brighton and Hove are seemingly more popular than ever in recent months with an influx of people looking to live in our seaside town. Who can blame them with the wide range of amenities from Brighton beach to the well-known South Downs not including all that is in between from a host of independent cafes, bars, restaurants, boutiques, and shops you are hard pressed to find someone who isn’t slightly in love with our city in this article we have complied some useful information from advice to buyers in the current market.
Over the last few months, we have seen a huge rise in popularity in areas like Hanover and Elm Grove with most of our recently listed properties going to best and final. On average we have been achieving 4.54% over the asking price for our vendors.
Below we have compiled a few tips that we think are beneficial for potential buyers.
Advice for buyers
- Get Organised – The first trick is to get into view the property early so get you Rightmove alerts set up now and register with the local agents around your desired area. When something comes up that you want to look at book in straight away for as early as possible. Once you’ve seen a property in person, you stand a good chance of being in the mix when it comes to offers. Most vendors will not consider an offer at a best and final stage from a buyer who hasn’t been able to get through the door. Make sure you have your mortgage agreement in principle ready and why not line up a good solicitor for good measure?
- Act decisively – If you think it’s the one for you, why not ask the agent what the owner will take to secure the property and have it taken off the market. If you don’t ask you don’t get and there’s no telling whether a quick sale may be beneficial to the owner as well as you. If they don’t give you that guidance then go in with a strong offer. Sellers are more likely to choose someone who is clearly keen on a property, against someone who they feel is buying with their head rather than their heart.
- Offering in a Best and Final situation – In this situation you have to consider what the property is worth to you. There is little point is trying to gauge the market value as in a rising market new values are being reached with almost every sale. If you love the property then go to your top end. Make sure it is a price that if you secure the property you won’t feel like you’ve overpaid or can’t really afford it and if you miss out then you didn’t leave anything back. You won’t get a second bite at the cherry, so give yourself the best chance of securing the property. Any professional agent will need you to provide evidence of your ability to borrow, your deposit and cash in the bank if you’re lucky enough to be a cash buyer.
- Congratulations! You’ve secured your dream home –In this busy market the people who work in the industry have an increased work load so make sure you select a reputable solicitor who most importantly has the time to deal with your purchase. If you are looking to take advantage of the stamp duty holiday then actively encourage your solicitor to start with your searches.
Average Asking Prices By Type in BN2 (£000’s)
Month moving averages by property type in BN2
| Jan 2021 | May 2021 | Change | ||
| Detached | £732,988 | £780,804 | +7% | |
| Semi | £446,432 | £481,516 | +8% | |
| Terraced | £591,031 | £643,862 | +9% | |
| Flat | £351,229 | £346,347 | -1% |