I was having a lazy Saturday morning, reading through the newspapers at my favourite Blueberries coffee shop in Bexhill. I find the most interesting bits are their commentaries on the British Housing Market. Some talk about property prices, whilst others discuss the younger generation grappling to get a foot-hold on the property ladder with difficulties of saving up for the deposit. Others feature articles about the severe lack of new homes being built (which is especially true in Bexhill!). A group of people that don’t often get any column inches however are those existing homeowners who can’t move! Continue reading “23.4% Drop in Bexhill People Moving Home in the Last 10 Years”
My thoughts to the landlords and homeowners of Bexhill…
The tightrope of being a Bexhill buy-to-let landlord is a balancing act many do well at. Talking to several Bexhill landlords, they are very conscious of their tenants’ capacity and ability to pay the rent and their own need to raise rents on their rental properties (as Government figure shows ‘real pay’ has dropped 1% in the last six months). Evidence does however suggest many landlords feel more assured than they were in the spring about pursuing higher rents on their Bexhill buy-to-let properties. Continue reading “Slowing Bexhill Property Market? Yes and No!”
As the dust starts to settle on the various unread General Election party manifestos, with their ‘bran-bucket’ made up numbers, life goes back to normal as political rhetoric on social media is replaced with pictures of cats and people’s lunch. Joking aside though, all the political parties promised so much on the housing front in their manifestos, should they be elected at the General Election. In hindsight, irrespective of which party, they seldom deliver on those promises. Continue reading “Bexhill Property Market and Mysterious Politics of the General Election”
Well it’s now been 7 weeks since the Referendum vote and we have had a chance to reflect on the momentous decision that the British public took. Many of you read the article I wrote on the morning of the results. I had gone to bed the night before with a draft of my Remain article nicely all but finished, to be presented, at just after 5am, with the declaration by the BBC saying we were leaving the EU.
I don’t think any of us were expecting that.
If you want to read a copy of that original Post Brexit blog post, please visit my blog www.bexhillpropertyblog.com and scroll back to late June to find it. In this article I would like to take my thoughts on from that initial article as we now start to see the clearer picture as the dust settles on the UK, but more importantly, the Bexhill Property Market.
It is 5.50am, and as I start to type this article, David Dimbleby has just announced that the UK will be leaving the EU as the final votes are counted and verified. As most of the polls suggested a Remain winning outcome, it came as a surprise to most people, including the analysts in the City. Sterling Pound has dropped 6% this morning after the City got their predictions wrong and MP’s from the Remain camp are now starting to use words like “challenging times ahead”.
So, now the vote has been made and the people of our country have spoken, what is next for the 14,498 Bexhill homeowners especially the 5,124 of those Bexhill homeowners with a mortgage?
I do enjoy eating out at Picasso Express in Devonshire Road in Bexhill-On-Sea. Whilst in there, a suited gentleman approached me and asked if I was the person who wrote the newsletters about the Bexhill property market. We ended up having an interesting chat about the local property market, as he was concerned his daughter would never be able to buy her own property, a place in Bexhill that she herself can call home.
My latest analysis, using the Land Registry and Office of National Statistics, shows that overall, month on month, Bexhill property values increased by 0.7%. The year-on-year figures showed the value of residential property in Bexhill has increased by 9.5% in the year to the end of February 2016, taking the average value of a property in the council area to £215,600.
It gets even more interesting when we look at the last few months’ figures and see the patterns that seem to be emerging.
- January 2016 – a rise of 0.6%
- December 2015 – a rise of 0.8%
- November 2015 – a rise of 1.0%
If you read all the newspapers, the Brexit debate seems to be focused solely on central London. Many commentators have said Brexit would mean central London would have a lower standing in the world, meaning less people would be employed in Central London, with the implication of lower wages, fewer jobs etc. in Central London, but we are in Bexhill, not Marylebone, Mayfair or any part of Zone 1 London.
Now on the run up to the vote on the 23rd of June, I predict the ‘in’ camp will start to scare homeowners with forecasts of negative equity, and the ‘out’ camp will appeal the 20 somethings, who have been priced out of the property market with the prospect of a new era of inexpensive housing, should the fears of central London estate agents and developers, who believe the bottom will fall out of the market if we do leave, become real. The only reason the Mayfair’s, Knightsbridge’s, and Kensington’s of central London are attractive to foreign buyers are political and economic steadiness, an open and honest legal system and a lively cultural life. None of that is threatened by Brexit.