Bracknell Forest house prices dropped slightly in May
House prices dropped slightly, by 0.1%, in Bracknell Forest in May, new figures show. But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 12.7% over the last year.
The average Bracknell Forest house price in May was £388,771, Land Registry figures show – a 0.1% decrease on April.
Over the month, the picture was different to that across the South East, where prices increased 1.4%, and Bracknell Forest was lower than the 1.2% rise for the UK as a whole.
Over the last year, the average sale price of property in Bracknell Forest rose by £44,000 – putting the area 30th among the South East’s 64 local authorities with price data for annual growth.
The highest annual growth in the region was in the Isle of Wight, where property prices increased on average by 18.1%, to £292,000.
At the other end of the scale, properties in Oxford gained 4.8% in value, giving an average price of £466,000.
An imbalance between supply and demand for properties has remained the primary reason behind climbing house prices across the UK throughout the pandemic.
But activity is starting to slow, with soaring inflation putting household budgets under pressure.
Sarah Coles, senior personal finance analyst at financial advice company Hargreaves Lansdown, said: “The average house price hit another record high in May, and rose faster than any time since the peak in June last year.
“However, we’re starting to see small changes in the market, which are likely to mean weaker growth in the coming months, especially if interest rates are hiked in August.”
First steps on the property ladder First-time buyers in Bracknell Forest spent an average of £315,000 on their property – £34,000 more than a year ago, and £33,000 more than in May 2017.
By comparison, former owner-occupiers paid £457,000 on average in May – 45.3% more than first-time buyers.
Property types Owners of flats saw the biggest fall in property prices Bracknell Forest in May – they dropped 0.8% in price, to £228,534 on average.
But over the last year, prices rose by 10.3%.
Among other types of property:
Detached: down 0.3% monthly; up 14.6% annually; £732,871 average
Semi-detached: down 0% monthly; up 14.7% annually; £438,862 average
Terraced: up 0.4% monthly; up 12.1% annually; £332,306 average
How do property prices in Bracknell Forest compare?
Buyers paid roughly the same as the average price in the South East (£389,000) in May for a property in Bracknell Forest.
Across the South East, property prices are roughly the same as those across the UK, where the average cost £283,000.
The most expensive properties in the South East were in Elmbridge – £719,000 on average, and 1.8 times as much as more than in Bracknell Forest.
Elmbridge properties cost three times as much as homes in Southampton (£239,000 average), at the other end of the scale.
The highest property prices across the UK were in Kensington and Chelsea.
Average property price in May
Bracknell Forest: £388,771
The South East: £388,531
Annual growth to May
Bracknell Forest: +12.7%
The South East: +13.5%
Highest and lowest annual growth in the South East
The Isle of Wight: +18.1%