Serious and sensible buyers

Buyer preferences

Across our area we have a good mix of first-time buyers, home movers and downsizers actively seeking properties. Newly-launched properties are attracting interest leading to offers, with the majority of sales agreed within 5% of the initial sales price1. Location and access to amenities continue to rank highly in buyer decision making, although many are also looking at condition. Well-presented and energy-efficient properties are popular.

Nearly half (47%) of all properties sold in Brighton over the past year have been apartments. First-time buyers more often seek one-bedroom, or where budgets allow, two-bedroom apartments to provide the flexibility to work from home, accommodate guests or to future proof. In 2023 to date, 20% of applicants have stated a balcony is on their wish list and 14% a roof terrace, perhaps reflecting the desire for a coastal view 2

In Worthing 11.5% of all sales over the past year have been bungalows, a popular property choice for downsizers. Apartments/maisonettes are also sought after. Downsizers can often release equity as part of a property sale, with significant savings to be made dependent on location and the type of property. The proportion of cash sales in our area has risen in recent months; one in three sales to date in 2023 has been a cash purchase, up from 28% in 2019 2

Alternative options

The rental market in our area continues to be fast paced, an uptick in supply is failing to keep up with renter demand. In the main renters are accepting that they need to spend more or are widening their search area. For those with a specific budget, renters are considering better quality house shares as opposed to renting on their own, with couples renting smaller apartments than previously. Less than one in three (31%) of all new onebedroom apartment lets in the past year have been to a single occupant, down from over half (57%) three years ago 3. While we are seeing a slight reduction in the private sector investment market, interest in the holiday lets markets has grown, with developments such as Brighton Marina proving highly popular.

Brighton, Hove and Worthing

1-bed apartments

1 in 4 properties let in the past year, compared to 1 in 5 previous year

2,000

Build to Rent (both multifamily and single-family housing) units under Lomond Investment Management by the end of 2023.

Source: Lomond