Current Bracknell Property Performance
As lenders are beginning to offer 5-year fixed-rate deals closer to 4% compared to last year’s average of 6.11%, property experts are reporting some promising buyer and seller activity in the UK property market which is impacting property prices.
Latest market data from Zoopla revealed increases in buyer demand (12%), number of sales agreed (13%) as well as stock of property for sale (22%) which suggests a positive outlook for the year ahead.
Similarly, Rightmove data highlighted the number of potential buyers contacting estate agents about property for sale in the first week of 2024 was 5% higher than in the same period last year. Similarly, the number of properties coming to market is 15% higher than at the start of last year, following a record number of sellers launching on Rightmove on Boxing Day.
So, what does Bracknell’s property market have to offer the expanding homebuyer market?
Analysis of Land Registry’s latest data revealed that despite a slight drop in property prices felt across the UK in November 2023, Bracknell’s property prices were still an impressive 14% above when compared to the same month in 2019. This reinforces that, outside of the abnormal trajectory the property market experienced since the pandemic hit, property in Bracknell presents a worthy investment for homebuyers with a long-term view.
Zoopla data confirms this, revealing the average sold price of property in Bracknell in the last 12 months is £424,302, up 8% from the £392,729 figure reported in our 2023 Bracknell property market analysis, rising in conjunction with current market demand and an increase on pre-pandemic figures. The long-term performance over the last five years has been optimistic in the face of economic turbulence and market activity seems to be recovering which will stimulate property price growth further.
It should also be noted that the Bracknell property market remains a favourable, affordable alternative to the surrounding areas. Despite impressive long-term growth, property prices in Bracknell are almost 43% less than the average sold price of London property which topped £734,248 in the last 12 months. This has proved attractive to homebuyers returning to the property market having held back during a difficult economic climate in recent years.