L O C A L FO C U S Brighton
self-employed, offering flexibility for individuals who have transitioned from paid employment to running their own businesses.
Self-employed demand Brighton’s housing market has seen a significant rise in self-employed, freelance, and limited company borrowers in recent years. Carter notes that many of his clients fall into this category, as compared to other UK cities, Brighton boasts higher
concentration of self-employed individuals. He explains: “We typically deal with all the larger high street banks; however, specifically in our local area, we have a larger amount of selfemployed people. Therefore, we tend to take them to other lenders that may look at net profit of business – and this presents them potentially with a bigger budget.” Oakley has seen more people transitioning from traditional
employment to freelance or setting up their own businesses. She adds: “New lenders such as Generation Home Loans have gained traction as well, offering more flexible criteria for clients with unique financial circumstances, particularly self-employed individuals and contractors.” In addition, the demand for homes with adaptable spaces, such as home offices and gardens, has surged, as more buyers seek properties that
A city of opportunity CHARLOTTE OAKLEY director and adviser at Your Mortgage Room
T
he housing market in Brighton continues to demonstrate resilience despite national economic challenges. The market remains competitive, especially in sought-after areas for example ‘The Golden Triangle’ and Kemptown, where period homes and proximity to the coast drive demand. Properties in family-friendly areas such as Hove and Patcham also continue to attract strong interest, particularly from London buyers looking to relocate. Several trends have emerged over recent months. First, the demand for energy-efficient homes has increased, driven by the rising cost of utilities and a greater focus on sustainability. Buyers are placing more emphasis on properties that have modern insulation, energy-saving features, or even the potential for eco-friendly upgrades. Additionally, there’s been a surge in interest for properties that allow more flexible living spaces, with many buyers looking for homes that accommodate working from home. Larger homes with gardens, home offices, or adaptable spaces have become highly sought after, reflecting the shift in work-life patterns post-pandemic. There’s also a growing demand for remortgaging, with many existing homeowners looking to secure long-term fixed rates as uncertainty surrounding interest rates and inflation continues. Remortgage clients are also looking to extend their homes rather than spend the money on the costs involved to move. A significant portion of our clients are young professionals relocating from London, drawn by Brighton’s vibrant lifestyle, excellent transport links to the capital, and the allure of a coastal living environment. These individuals are often seeking more space, a better work-life balance, and the creative, community-driven culture that Brighton is known for. We’ve also seen a growing number of self-employed
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The Intermediary | October 2024
clients, reflecting a broader shift in the workforce as more people move from traditional employment to set up their own businesses or work as freelancers. These trends reflect the evolving nature of our client base, with more people seeking creative ways to borrow and meet their property goals in a market that continues to be both vibrant and competitive. Brighton has long been a forward-thinking city, with several exciting developments already transforming the landscape. One is the regeneration of the Brighton seafront, including the redevelopment of the Black Rock site. This revitalised area has already attracted various businesses to its newly created shopfronts, enhancing the city’s leisure, housing, and commercial offerings. Brighton has also seen significant investment in transport infrastructure. Ongoing improvements to Brighton Station, along with enhanced cycle lanes and pedestrian routes, have made the city even more appealing to buyers who prioritise sustainability and easy access. BTL in Brighton has experienced mixed fortunes. While rising interest rates have squeezed landlords’ profitability, the city’s strong rental demand has continued to attract investors. Brighton remains a university town with a high student population, and with a significant number of young professionals and commuters, the rental market remains buoyant. However, regulatory changes has caused some landlords to rethink their portfolios. New landlords are increasingly cautious, opting for properties that meet or exceed energy efficiency standards to avoid costly upgrades in the future. Despite these challenges, we’re still seeing a steady stream of experienced investors taking advantage of the high rental yields that Brighton offers, particularly in central locations and popular areas like Hove and Seven Dials.