The Sussex Housing Market - What's going on?
Looking at the housing market has always been really interesting to me. Not only do I absolutely love looking at all the different homes, but the first thing I always do is look at the price to see if I could a) afford to live there if I fell in love with it or b) need to buy a lottery ticket to even entertain the idea. As a home owner I’m looking at my investment - have I made money on my home based on what similar houses in the area are doing? And as a home stylist I’m always looking at how people decorate and style their homes and what they do with their space - I can’t help myself!
But at the moment so much seems to be up in the air. Is the market going to crash? Has it reached an all time high never to return again? Is now a good time to invest in my home? So many questions and so much uncertainty.
This week I ran into Ben Frankling from Osbourn Frankling Estate Agents in Steyning. He’s been a local estate agent around these parts for years and sold our last house for us. He’s a great one to ask all these questions as he’s living and breathing the Sussex housing market on a daily basis. So I quizzed him and then thought it was useful and I’d share it on here, for anyone who had the same questions as I did. So here we go - a quick cuppa with Ben Frankling…
What trends are you seeing in the current housing market?
The beginning of Autumn saw a definite upturn in the number of houses being listed after a slow summer where everybody seemed to take the opportunity to go away. However, the recent issues with the mini budget statement and the chaos that ensued with the markets has I think had an effect. There is a feeling that those who perhaps don’t need to move are waiting to see what happens. The more global issues around the increase in energy costs, petrol, and the cost of food and essentials were already feeding into confidence, but now the increases in interest rates are also biting, making a lot of mortgages much less affordable than they were.
But it’s not all doom and gloom. We are advising those who are listing to realistically price their properties and in the housing market generally there is still a lot of demand particularly for family homes in Sussex.
Is Sussex performing the same way as the rest of the country?
Sussex along with all of the Southeast in general always performs well in comparison to the rest of the country. Ultimately it is a desirable place to live so that definitely feeds into demand for properties in West Sussex which is where we sell properties. Since Covid there has been a definite East to West migration (particularly from Brighton westwards) and South from London and the surrounding areas.
What are you hearing about mortgages?
Mortgage affordability in general has increased significantly due to increased interest rates and inflationary pressures. If you have a mortgage offer in principal that was obtained before the recent mini budget then you need to go back to your provider to check that it is still valid and if not renegotiate to see what new deals are now available.
What advice would you give people hoping to sell?
Realistically price your property. Listen to the advice of your agent who has an overview of things generally. Be aware some agents are over valuing to gain instruction ahead of the competition.
What advice would you give people hoping to buy (first time / buying additional home)?
Check mortgage affordability before beginning to look for a property, be aware of the stamp duty changes made in the recent mini budget which will help enormously, particularly first time buyers where the first £425,000 will not be subject to stamp duty.
Who is the market good for at the moment?
It is still good for realistic sellers as demand continues to outstrip supply, and also for cash buyers with no chain.
Who is the market hindering right now?
Anyone who needs a mortgage to buy a property for the reasons stated above. It’s a good idea to speak to an independent advisor who has a good overall view of the market and can find you the very best mortgage available.
Hope this was useful. The next cuppa we’ll be having with a builder to talk about the joys of price increases on pretty much everything from timber to concrete and tips for making your budget stretch.
In the meantime if you have any questions about the housing market in Sussex, add them to your comments below and Ben will answer them for you.
