Heading into the Spring selling season, many of the homebuyers who shelved their moving plans amid last September’s market turmoil, are now cautiously beginning to dust off their visions for scaling the property ladder.
As one would expect in a climate of higher borrowing costs and inflation, however, the question of budget has been brought into much sharper focus, with many would-be-movers now more inclined than ever to ‘shop around’ in their pursuit of the most property for their money.
In Maidenhead specifically, this trend has resulted in nearby villages and towns such as Warfield and Bracknell frequently being used as a comparable - something that specialists in the hyperlocal market readily encourage for the purpose of an informed home-move decision… albeit with one very important caveat, as outlined below.
For demonstration purposes, these two properties both tick the most popular (and profitable) ‘semi-detached’ box, and are listed on the open market for £700k.
One is a semi-rural three/four Bedroom Semi-Detached Cottage in Bracknell, with potential to extend (top), and the other is a well presented and extended four bedroom, semi-detached property in Cox Green, with favourable school catchments and easy access to the M4 and Mainline Railway Line (below.)
In addition to the logistical and lifestyle considerations for and against both properties, the matter of house price growth rate is one that anybody weighing in on this Maidenhead vs Bracknell debate would be well placed to also consider, before commiting to any decision as monumental as a relocation.
Generally speaking, Windsor and Maidenhead tend to outperform many of their neighbouring towns and villages in terms of house price increases, and so while there is no denying the temptation of securing more property for your money, it is always worth weighing these space gains up against the potential for long-term return on your investment, coupled with the wider costs of commuting, for example.
Summary
Property market pessimism might be continuing to prevail in the media, but experts believe there are many circumstances where a home-move can and does still make good financial and personal sense.
For example, those with a mortgage that was fixed before last September, for at least the next 3-4 years, might find they can ‘port’ their existing product onto a new property, thus allowing them to scale the ladder without being thwarted by today’s high borrowing costs.
Currently, the outlook for mortgage rates may *may* improve with this month’s job’s report, and the monetary policy announcement, and together with the disparity between stock and demand lending all-important momentum to the property market, home-buyers have every reason to be cautiously confident in actioning their home move ambitions this year.