FINDING IT DIFFICULT TO TO SELL...TRY RENTING
With finance and mortgages becoming increasingly difficult to obtain, many young professionals simply cannot afford to buy a property. This has meant a sharp increase in the amount of people looking for properties to rent.
We are currently inundated with tenants looking for properties in Brighton & Hove. There is, however, a massive shortage of properties on the rental market. There are currently only 568 rental properties listed on Rightmove in Brighton & Hove. This shows a significant reduction from last year when there were over 1500 properties listed.
In the sales market, Nationwide reports that house prices fell by 0.7% in October with the average house price now being £164,381 down from £166,757 in September.
The market is proving difficult for people trying to sell their property with agents reporting that there is a lack of first time buyers and investors. This downward trend is set to continue late into 2011.