Business news: BHEAA

Jason Brand & Chris Sawyer report from the Brighton & Hove Estate Agents Association (BHEAA)

Chris Sawyer reports on a positive year in property and looks forward to 2014.
2013: The year that saw confidence come flooding back in the property market. In a few short months talk changed from signs of a steady recovery to fears of a new price bubble emerging.

“Levels of transactions are up by 8% in Brighton and Hove”

Levels of transactions are up by 8% in Brighton and Hove. Prices are growing too, although that growth is very patchy and localised. Some prime areas have seen an annual rise of 10% taking them above their previous peak in 2007.

Nationally, Halifax reported annual price increase of 6.9%, Nationwide 5.8%.

Despite fairly static rents, buy to let was strong again in 2013 and that looks to continue. We are still seeing first time investors keen to put their http://thelatest.co.uk/wp-admin/media-upload.php?post_id=56057&TB_iframe=1&width=640&height=693money in property.

Agents have been short of stock all through the year and it’s very clear to see that demand continues to outstrip supply. That doesn’t look like changing as we head into 2014.

Our city is still one of the most sought after areas to live in the South East. Recently it was reported that more buyers move from London to live in Brighton & Hove than any other area of the South East.  

Positive news on the economy, increased confidence, low interest rates and the government’s Help to Buy scheme are all reasons why we can also expect demand to remain high. Further growth in 2014 would seem likely.

However market conditions of 10 years ago will not be resumed any time soon. The structure of the market has changed since the financial crisis. First time buyers are, on average in their late 30s. Wages have stagnated and property affordability is now being stretched further. Banks lending criteria can also make it prohibitive for people to move. On the whole though we can be broadly positive about the market in 2014.
Chris Sawyer is a director of Sawyer & Co, brightonestateagents.com

BHEAA cordially invites you…
Jason Brand extends a warm invitation to estate agents and industry professionals to a fantastic evening at The Grand Hotel, Brighton
I have pleasure as the incoming President of the Brighton & Hove Estate Agents Association in inviting readers of Latest Homes to the 2014 BHEAA Dinner to be held at The Grand Hotel, Brighton, on Friday 7th February 2014.
The Association has done a great deal in recent years supporting worthwhile charities and my aim is to make the evening enjoyable and memorable for everyone.

The event is not restricted to BHEAA members and we welcome everyone involved in property throughout Sussex, estate agents, solicitors, developers and surveyors.

We have had an amazing property market in 2013 so treat your staff and clients to Brighton’s biggest property event of the year.

Contact Jason Brand on 01273 683111, jb@brandvaughan.co.uk or Dinner Secretary Andy Garth on 01273 570 242