Lomond Insights: Sussex property market Q2 review

As we reached the midway point of the year, the Sussex property market looks different to the end of its first quarter. Price and inflation changes have knock-on effects in the selling and buying market, while the private rental sector continues to grow.

SALES MARKET

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 view².

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 2019².

LETTINGS MARKET

The rental market in our area continues to be fast-paced, and the uptick in supply is still 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 one-bedroom apartment lets in the past year have been to a single occupant, down from over half (57%) three years ago³.

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.

HOW WE PERFORMED IN Q2

Despite fluctuations in the current markets, our property experts continue to deliver brilliant service to our thousands of customers.

While we continue our efforts to grow the company even further, our teams produced the following numbers in Q2:

SALES (per branch)

• 63 new instructions
• 259 applicants
• 27 contract exchanges
• 4 applicants per property

LETTINGS (per branch)

• 10 new instructions
• 477 applicants
• 47 applicants per property
• 51 new tenancies agreed

Paul Broomham, Chief Executive Officer, summarised: “Buyers in the market are keen and serious to take the next step on their property journey. They have sought financial advice and properties priced sensibly continue to sell well.”

You can read the full summary of the Sussex property market below, or click here to learn how Lomond is transforming the UK property market, notably in the investment sector.

¹Lomond, ²Land Registry, ³Dataloft Rental Market Analytics