Read James’ latest article from the Hanover Directory
Why Hanover is set to hit half a million…
The past 18 months has seen a huge rise in property value in the Hanover district and this looks as if it will continue with some of the larger properties likely to achieve a value of £500,000 in the not too distant future.
Hanover has long been a cult destination in Brighton; an area where the artistic and the trendy could find a house for a reasonable budget and still be close to the city centre. Why this has boomed recently is down to a changing demographic of incoming buyers – largely, it is now a destination of choice for ‘London buyers’. The reason for this is clear; London buyers’ top priority is to be within a 20 minute walk of Brighton Station, be close to bars, cafes and restaurants, and be able to get to the seafront easily. Hanover clearly ticks every box.
The other aspect of this change is the age of the London buyers moving down. While in the past it has tended to be older buyers selling their London home and looking for a change of pace by the sea, today we are seeing first time buyers, priced out of the capital, and looking to get on the property ladder down here. The difference this creates is the size of property in demand. Traditional areas for families migrating to Brighton have included Preston Park and Seven Dials but first time buyers are often priced out of these areas. As a result Hanover is proving to be a destination of choice.
The final change and perhaps the most telling are the changes to London Road, The Open Market and The Level. Suddenly these areas have the feel of a sought-after location. Trendy bars, artisan cafes, and niche shops sit side-by-side with high street retailers. Every choice is catered for and they are all within a short stroll of Hanover. The café at The Level has become a real hub for families in a safe environment, and then there is Hanover itself – it still retains its charm and sense of community, and boasts some of the best pubs in the city.
So while some will bemoan London buyers moving in and others will celebrate the new value of their home, it’s worth remembering the transient nature of our city’s residents and how few are originally from Brighton. It’s time for Hanover to enjoy being so in demand.
To see the article in the Hanover Directory please visit: http://issuu.com/sussexmagazines/docs/hanover_directory_june_2015_issuu/20