Issue 47
Autumn 2016
Bigbelly bins make short work of extra rubbish
Britain's most successful female Paralympian
Car dealers offered the chance of high-profile sponsorship Page 2
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Market Trends by David Maslen
Brighton’s new social, cultural and economic quarter
Regenerating the Circus Street area THE CIRCUS STREET DEVELOPMENT The old Municipal Market located on Circus Street in Brighton has lain vacant and unloved for too long. The redevelopment will turn this site into a vibrant new quarter of the city, an economically and creatively productive neighbourhood where anything from seed swapping to roof-top urban farming and orchard picking sits alongside art, culture, modern living and hi-tech start up business.
The regeneration of Circus Street includes many benefits for Brighton & Hove including an estimated investment of over £200 million into Brighton & Hove over the next ten years and the creation of over 350 jobs. It will deliver two landmark public buildings: The Dance Space, a new home for South East Dance which will be a hub that connects world class artists to the local community and a library and teaching building for the University of Brighton which will also run
a programme of educational courses that will be open to attendance by the local community. There will be 142 much-needed sustainable new homes, managed accommodation for up to 450 students, to fuel the under supply of dedicated student accommodation in the city and free up much needed family homes in Brighton. The scheme will also deliver a modern office building including over 3,000 sqm of flexible office space to help growing creative and digital businesses remain and flourish in the city. New green spaces are an integral part of the site and intended for all to benefit from, including a new public square providing a central outdoor space for a range of creative and leisure activities. 78 new trees will be planted on the development as well as wall and roof gardens and allotments for food growing. U+I, Brighton & Hove City Council, The University of Brighton and South East Dance are entirely committed to ensuring that a new Circus Street is one that has a positive impact on every single person connected with it and pays particular attention to the locality and the benefits that can be brought to the local community.
The third quarter of 2016 slowed slightly due to summer holidays and a less secure post-Brexit market. As we head into Autumn however, the market is once again picking up. Post Brexit Following on from the Brexit result in June, there was a slight lull in the market as both buyers and sellers held off to see what the impact of the result would be. This caused property prices to dip slightly on the previous quarters. The market also quietened down over the summer months due to holiday season but towards the end of August we began to see activity pick back up again. We are seeing a steady increase of houses on the market and buyers are out viewing and offering. Alongside this, the number of high-quality, correctly priced properties for sale is dwindling, which will likely push property prices up again in the Brighton and Hove area. Interest rate cut The cut in interest rates announced by the Bank of England in early August means hundreds of thousands of British homeowners have seen their monthly mortgage rates reduced, providing an average monthly saving of £22. The mortgage rate cut, which was experienced by those on tracker mortgages, is also good news for many prospective buyers looking for mortgages as there are now better rates being offered by lenders. However, this does not mean getting a mortgage will be easier for first time buyers. Andrew Hagge of moneycomms.co.uk, a research firm, told The Telegraph: “While mortgages become more affordable and the cut will help those already in their own homes, it does little for those looking to take a first step on the housing ladder as a shortage of properties are putting home ownership beyond reach for a growing number of people.” Looking forward to Q4 It’s business as usual as we move forward into the last quarter of 2016. Due to Brighton and Hove’s geographical location - surrounded on both sides by the sea and the protected South Downs - and the city's proximity to London, demand continues to outweigh supply. Going forward, we predict property prices to remain steady with little fluctuation either way. If we see a continued shortage of properties for sale, however, prices will continue to rise.