Despite tougher economic conditions impacting the property market, latest data from property portals revealed that things may be looking up in terms of homebuyer confidence and demand for property across the UK.
Here, we take a look at what is contributing to this uptick in confidence and what areas on the UK are the most attractive for homebuyers.
Increasing Homebuyer Confidence
After two years of consecutive increases in interest rates to tackle rising inflation, The Bank of England recently froze interest rates at 5.25%, and this seems to have positively influenced homebuyer confidence in recent weeks with industry experts recording an uptick in enquiries made to estate agents.
This, and the more positive inflation news provides mortgage lenders with the incentive to begin lowering their rates which has supported a more optimistic outlook in the homebuyer market throughout September.
In fact, OnTheMarket’s Property Sentiment Index for September uncovered that 75% of active buyers across the UK were confident that they would purchase a property within the next three months – outperforming seller’s sentiment in August.
But which area has seen the most demand from the homebuyer market?
London and the South East Lead the Way
Whilst the property market begins to recover from a slowdown in activity over the summer and economic pressures begin to show signs of cooling, homebuyers are remaining cautious and are on the hunt for properties which offer value for money – paying particular attention to the South East and towns within London’s Commuter Belt.
Data from Zoopla’s September House Price Index revealed a 12% upturn in demand for property across all regions of the UK over the last few weeks, particularly in London which was up by 16% and the South East up by 19%, bringing buyer demand in line with pre-pandemic levels.
We identified the South East as one of the top property hotspots for first time buyers back in October 2022 as significant regeneration in the South East elevated the likes of Bracknell and Slough to the forefront for homebuyers looking for great value for money.
Proximity to central London and great local amenities continue to be a huge draw for the region, with Crossrail providing better and faster connections to the Capital. Slough, for example, is now essentially an extension to West London, with shortened journey times to key employment hubs such as London Paddington in as little as 13 minutes, Bond Street in just 31 minutes and Canary Wharf in just 46 minutes.
Other major regeneration works in the South East include a huge £770 million investment into Bracknell, including projects covering education, leisure, roads and transport amongst other things.
Recent OnTheMarket data revealed that 62% of active buyers in the South East were confident that they would purchase a property within the next three months, highlighting increased homebuyer confidence.
With value for money in mind, it is likely that popularity of apartments will remain strong as the market becomes more attractive to buyers who value the convenience of great local amenities and fast commutes, drawing more and more people back to town and city centres.
Property for Sale in Bracknell
The Grand Exchange presents a new standard of living for apartments in Bracknell. Situated just a two-minute walk from Bracknell’s main train station as well as The Lexicon Shopping Centre, providing considerable convenience for residents.
The property development itself includes an abundance of private, resident-only amenities including a collaborative co-working space, private dining / meeting room, a garden room and a gym.
Find out more about property for sale in Bracknell, here.