18
PROPERTY
november 2023
www.mywokingham.co.uk
MyWokingham
Property market analysis: Wokingham and Bracknell trends Housing dynamics in Berkshire’s Wokingham and Bracknell BY NICK MARR
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roperty market analyses from Rightmove and Zoopla have shed light on the fluctuating housing trends in the Berkshire locales of Wokingham and Bracknell over the past year. Wokingham’s market in focus In Wokingham, an overall average property price of £519,773 was recorded. Detached homes dominated the sales, achieving an average of £730,982, while semi-detached and flat sales averaged £507,575 and £277,741, respectively. Despite a 3% dip compared to the preceding year, Wokingham’s property prices have surged 12% above the 2017 peak. Zoopla’s data paints a similar picture with the average sold price for a property in Wokingham reaching £553,874 in the last year, with detached properties commanding the highest average price of £756,351. Bracknell’s property landscape Shifting focus to nearby Bracknell, the overall average price of properties was £422,273, with terraced homes being the most common sale at an
Further influencing these local markets is the wider UK property forecast by Savills. The estate agency suggests that the national housing market downturn is leveling off, with potential for recovery by next summer. They predict a 3% decrease in the average UK house price for 2024 following this year’s 4% decline, with a cumulative drop of 7% since last autumn. Savills anticipates a positive shift in the coming years, expecting the Bank of England to reduce interest rates to 4.75% by the end of 2024, and further to 1.75% by 2027. This could signal a welcome relief for mortgage payers and stimulate the housing market. average price of £379,645. Flats and detached properties fetched £246,307 and £694,651, respectively. Compared to the previous year, Bracknell saw a slight price decline of 2% but a 5% increase from the 2020 peak. The average sold price over the last 12 months stood at £445,822, with detached houses averaging £707,756, which shows a strong market for larger
properties in the area. Comparative insights and future projections The data indicates that while Wokingham’s market has seen a notable increase in value over the last five years, Bracknell has experienced steadier growth, suggesting a more gradual market movement.
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A regional reflection of national economics The property markets in Wokingham and Bracknell are mirroring national economic influences, with localized trends highlighting the unique aspects of each area. With predictions of interest rate reductions and a leveling market, residents and investors in these Berkshire towns may have cause for cautious optimism in the property sector.
