Last week The Argus published an interesting article discussing the increased house prices in East Sussex. Nicole Baddeley talks about how in the last 5 years house prices in the area have increased by 35% and since the 90s have increased by 372%. Pulled from the property portal, Rightmove it is said there are 3 property hotspots in East Sussex;
In 2015 the average asking price was £205,105 but in 2020 this increased to £267,059. Over a 30% increase in property value in 5 years.
In 2015 the average asking price was £205,095 but in 2020 this increased to £263,404. Prices have risen in the town by 28.4% since 2015.
In 2015 the average asking price was £273,953 but in 2020 this increased to £351,798, a 28.4% increase on the 2015 average.
The article discusses the draw and benefits each area offers to potential buyers. Furthermore, Tim Bannister, Rightmove’s Director of Property Data said: “Needing more space has always been the most popular reason for moving house, but now there’s a new urgency for extra space to be able to work from home, which means that there are different sets of buyers competing for the same type of property.”
House Prices in East Sussex have been impacted by the urgency to be able to work from home.
Vendors will be able to take advantage of the increase in prices and more activity will benefit those in the property industry (Estate Agents, Solicitors, Removal Firms, Mortgage Advisors etc). However, for first time buyers this will bring challenges. It will be interesting to see if prices remain stable next year, particularly after the Stamp Duty Holiday ends in March.
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