Bracknell Property Market 2021
With 2021 in full swing, the momentum in the market generated over the last 12 months seems to be supporting further long-term growth – despite a slower start to 2021. Rightmove saw the busiest start to a year on record while a number of agents have reported an average 11% increase in enquiries for properties to purchase.
While the record-breaking activity at the end of 2020 – and indeed the impressive growth forecasted for the South East – has largely been driven by initiatives such as the stamp duty holiday, it’s anticipated that the rise of the South East is here to stay, especially as London’s recovery continues to stall compared to nearby alternatives.
Price rises of 17.5% and rental price rises of 8% are forecasted for the entire region but how will Bracknell – a key part of the London Commuter Belt – fare specifically? See how the local market is expected to perform in our 2021 Bracknell property forecast.
Bracknell Property Performance
According to Zoopla statistics, Bracknell’s average property value currently sits at around £397,000 following price rises of 10% over the last five years.
This means – despite some above-average price growth – Bracknell is much more affordable than its surrounding areas across the South, including London (£644,000), Reading (£425,000) and Guildford (£615,000). With price rises of 249% over the last 20 years, Bracknell has seen incredible growth for two decades and continues to represent a valuable proposition with plenty of potential yet to come.
According to JLL’s revised forecasts, property prices across the South East are expected to rise by 17.5% and rental prices by 8%, highlighting the potential growth that Bracknell could experience. This kind of growth will likely be supported by Bracknell’s continued wide-spread regeneration as part of the Bracknell Vision 2032 plan.
As UK tech continues to surge ahead in global rankings, the Bracknell property price forecast for 2021 suggests that this will only benefit the property market, attracting new businesses, new tenants and new investment into an area that is already filled with potential.
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Want to know more about UK property investment in the year ahead? Get the full UK property forecast and much more with our 2021 UK Investment Guide.
Bracknell Supply and Demand
A major contributor to Bracknell’s recent success – much like the wider UK market – is the disparity between supply and demand in the area. The population of this new town is rising quickly, with local government forecasts anticipating it hitting 141,000 by 2039. This would represent a 14% increase, one of the highest rises in the country.
On the other hand, while the population is steadily growing, housing supply isn’t rising to meet it. With around 600 properties a year being built, competition in the market is growing, directly impacting both prices and rents.
As with many other London Commuter Belt locations, a large proportion of this rising demand is coming from those leaving London, as the market continues to price out many different buyers and renters. With around 12,500 leaving London for Berkshire in 2019, these numbers have risen as tenant priorities change to favour more affordable, larger properties.
With Berkshire in easy commuting distance of central London, the higher number of people working remotely has meant areas such as Bracknell and Slough are growing in popularity – providing affordable pricing and desirable access to the capital without the need to be in the office everyday.
At the same time, as the Bracknell 2032 Vision plan comes to fruition, the amenities are being built to meet the needs of new residents. From the retail hub of The Lexicon and Princess Square to the progressive mixed-use developments on the horizon, there’s plenty to be excited about.
Bracknell Economic Forecast
Bracknell’s economic and employment forecast is largely governed by the £770 million regeneration occurring throughout the town centre. As an established hotspot for the UK technology sector, this regeneration is turning Bracknell into a more exciting destination across the board, attracting new business and an ambitious workforce.
According to FSP Retail Business Consultants, Bracknell town centre is now the retail destination of choice for 66% of residents, up from the original figure of 17% we saw around the time The Lexicon opened.
Similarly, as improvements to infrastructure for the wider town come into effect, the Berkshire Thames Valley LEP Delivery Plan is expected to create 9,050 jobs by March 2021. Within the ‘business environment’, 1,096 jobs have been created or safeguarded by the LEP Delivery Plan since 2019.
So what does this mean in terms of the economy and the Bracknell property price forecast in 2021? With one of the highest employment rates in the country, Bracknell remains a buoyant economy driven by a number of forward-thinking digital businesses. Fortunately, many of these digital businesses have adapted to national lockdown well, which bodes well for Bracknell as a whole.
As of last year, Bracknell had over 5,400 businesses across the landscape, including global brands such as HP, Dell and 3M. While it’s expected that any economic growth in 2021 will not make up for dips in 2020, it’s expected to accelerate by 2022. With the UK tech economy already growing at double the rate of the wider UK economy prior to Coronavirus, it’s safe to assume the impact of lockdown will be less prominent across Bracknell’s largest sector.
Key Projects Driving Growth in Bracknell
While demand is always a great indicator of future growth, Bracknell also has plenty of developments on the horizon to meet a growing population.
With the Bracknell 2032 Vision currently working towards building a new future for Bracknell – including significant changes to the infrastructure and layout of the town – there’s plenty of investment occurring across the Bracknell skyline that is resulting in new amenities.
We’ve broken down the majority of the most exciting developments here, in our new content piece: New developments in Bracknell and Reading for 2021.