Brighton Uni flat

notatroll

Would like a few opinions on cash buying a flat in Brighton. (Mods - do not move please - the house buying board is full of unpleasant people)

Relative has to study there for the next 5 years plus most likely another year of practice (pharmacist)

Currently renting conversion flat with a garden at £575 + utilities.

Does not want to share - wants a good location with a parking space/garden.

Savings rates are poor as they are now, long term, relatively small risk in comparison with the banks defaulting. Can be sold or rented out in 6 years time.

Would rent savings be sufficient to cover devaluation(if at all)/buying costs/taxes.

What price range to look at? Last year’s average flat is £190k and dropped 12.8% (BBC)

Need your help with the numbers please.

Reaper

Tricky one (and I understand what you mean about the other boards)

Looking at current prices you would be better off buying, but the tricky part is falling prices.

Nationally town centre flats have been the worst affected due to recent builds, then terraced houses, then detached houses. However in Brighton there has been little recent new flat developments (I can only think of a couple).

Personally I feel there is further to fall in the housing market because it lags the stock market - sellers are resistant to the idea of accepting cuts in their asking prices and hold out. If it were me I would rent to start with (say for a year, plus or minus) then look to buy after that.

P.S. flats in Brighton tend not to have parking spaces, and only a small number have decent gardens

martinman3

I would agree with all that said previously. In general, converted flats in Hove are more desirable than those in Brighton. This is because the houses in Hove which were converted are larger and more likely to either still have a garden or off-street parking.
Not easy to find but here is one.
http://www.rightmove.co.uk/property-for-sale/property-21528757.html/svr/1005

SouthCoast

This is still my favourite story about renting in Brighton & Hove:

A nightmare tenant and her eight children turned a woman's £325,000 home into a wreck - while failing to pay rent for THREE years.
Evicted Leslie Cole left an incredible mound of rubbish and destruction in her wake, complete with two abandoned cars in the front garden.
When Helen Godfrey eventually got into the property she found two cats in the kitchen drawers, both ALIVE.
Despairing neighbours on one side of the property upped sticks while those on the other side tried and failed to sell their house.
Mrs Godfrey has now been left to foot the £10,000 clean-up bill and has already removed three skip loads of junk

http://www.theargus.co.uk/news/1985710.mum_trashes_325_000_home/

notatroll

So, below 175k?

martinman3

notatroll wrote: »

So, below 175k?

It would probably have to be one bedroom for that price but you would get a good one. This one in Kemp Town, Brighton has a roof terrace and a extra Study/Bedroom (I suppose it must be small otherwise it would be 2bed) and a share of freehold. Very convenient for Brighton University, probably smaller rooms and more lively than Hove.
http://www.rightmove.co.uk/property-for-sale/property-18795434.html/svr/1005

theGrinch

Let me throw it back to you.

Are you looking for a studio, 1 bed or 2 bed flat?

According to Findaproperty, last 3-month averages for Brighton were:

studio
sales £113,304
rent £576 pcm
rental yield 6.1%

1 bed flat £158,300
rent £693 pcm
rental yield 5.25%


2 bed flat £241,768
rent £978
rental yield 4.85%

The studio on average produces the best yield, then the 1 bed and finally the 2 bed.

At the moment the yield will beat savings rates, but what will happen to savings and rents as well as house prices over the next 60 months, is theorising.

notatroll

Thanks, it is theory i need.

I pretty much decided to go for it – cannot see Japan’s situation here as it would mean the same should have happened all the Europe/world. Even if it does happen - what good your cash would buy you then - £50 for 4 pints of milk? And do not tell me i should get a golden toilet instead.

Over 6 years 1/5th plus fees/taxes/etc would be returned through the rent savings whatever the maintenance (fully insured obviously). Now if I get a nice conversion suitable for better off students rent should be pretty much voids-free if i choose to leave it unsold. And i could afford a 4/5th sale after six years which is quite reasonable. Property below £175k is obviously a plus.

So, should i look for share of freehold properties/specific conversions/areas/etc – i cannot spend my time on the coast hassling estate agents - missus would never buy that kind of excuse.

theGrinch

brighton is a lovely place. If you were to go for it then it would not be unreasonable

good luck and keep us informed.

Reaper

notatroll wrote: »

So, should i look for share of freehold properties/specific conversions/areas/etc – i cannot spend my time on the coast hassling estate agents - missus would never buy that kind of excuse.

You can't really expect us to do all the legwork for you because your misses doesn't want you to visit Brighton! You need to look around and talk to agents to get a feel for where you want to buy.

Since the flat is for a relative while they study perhaps you should check with them if they want to be within walking/cycling/driving distance of college or the town centre.

Like all towns the popular areas are expensive (eg town centre, Dyke Road) and the cheap areas are cheap because they are a bit dodgy (eg Whitehawk, Moulescombe) or inconvenient (eg Hollingbury, Woodingdean).

Pick a place that works for you that is the best compromise of size, location and price.