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BRACKNELL PROPERTY PRICE FORECAST 2024

With its prime London commuter belt location and an award-winning regeneration scheme reshaping the town centre, Bracknell has become one of the most popular commuter towns in the South East. We’re looking ahead in our Bracknell property price predictions to see what the next 12 months could hold for this popular, up-and-coming Berkshire town.

Driven, largely, by the quest for more property for your money outside the Capital alongside the increasing cost of living, property in the wider South East, including Bracknell, continues to provide an attractive alternative to the homebuyer market.

 

HIGH DEMAND FOR PROPERTY IN BRACKNELL AND THE SOUTH EAST

Things are looking positive for the UK property market with lenders offering reduced mortgage rates and many economic experts believing these will decrease further over the next 12 months.

This seems to have contributed to an increase in confidence amongst homebuyers, particularly in the South East. The latest Homebuyer Hotspots Demand Index by GetAgent.co.uk revealed that homebuyer demand for property across England increased by 2% between Q1 and Q2 – the largest quarterly increase seen since interest rates first started to increase in Q4 2021. Similarly, Zoopla’s June House Price Index recorded a 6% increase in demand and 8% increase in agreed sales when compared to the same time last year.

The South East has been leading the way in terms of demand for property in recent months with Zoopla recording a 19% upturn in demand for property in the region in the last quarter of 2023, higher than the 12% increase seen across the wider UK. Research from London estate agents, Benham and Reeves, indicated that Berkshire was one of the top four counties in England with a 9.2% increase in properties sold subject to contract over the course of last year.

This looks set to continue with the demand for property in Bracknell increasing as homebuyers are less constrained in their budgets and seek more value- and property – for their money.

One of the key drivers behind the demand for property in Bracknell is its strategic location. Situated just 25 miles west of the Capital, the once sleepy town is now a vibrant and thriving commuter hotspot with direct trains to London’s Waterloo in under an hour. Proximity to London, excellent transport links, and the presence of major tech corporations in the area – aptly nicknamed the UK’s “Silicon Valley” – have contributed to the town’s growing appeal from working professionals and those looking for more value for money that London can offer.

Current Performance

As lenders are beginning to offer 5-year fixed-rate deals below 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 a year-on-year increase in number of sales agreed (16%) as well as stock of property for sale (16%) which suggests a positive outlook for the year ahead.

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, Bracknell’s property prices were still an impressive 12% above when compared to the same month in 2019.  This reinforces that, outside of the abnormal trajectory the property market experienced in response to record high inflation rates, 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 £414,035, up 3.68% 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 40% less than the average sold price of London property which topped £692,964 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.

BRACKNELL PROPERTY MARKET FORECAST 2024

Bracknell’s prime position within the South East bodes well for property prices, with property experts forecasting growth across the region over the next five years.

With Rightmove data noting the majority of transactions in the South East region within the last year were for apartments for sale – driven largely by working professionals seeking affordable property within London’s commuter belt – long term forecasts for the region are optimistic.

Savills’ revised forecasts, estimates overall price increases of 1.5% for the South East for the remainder of this year as the market stabilises, but in the longer term, forecast year-on-year price increases between 3 and 4.5% for the South East between 2025-28 –18.2% accumulatively, up from 16.7% previously. The region is predicted to outperform London’s notoriously resilient market which is predicted a 14.2% accumulative increase in the same timeframe. JJL’s 2024 – 2028 forecasts have a similar outlook, with a slight increase of 1% for the South East, then subsequent year-on-year increases between 3% and 4% giving a cumulative increase of 16.5% to 2028 – up from 14% from their previous forecasts.

Overall price growth in the Bracknell property market continues to be higher than Greater London, highlighting the potential within the market. With most properties in the South East already much more affordable than London, these predictions demonstrate the strength that property for sale in Bracknell could have in 2024 as purchasers continue to look for property outside of major cities which offer more bang for their buck.

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