IS Bracknell Forest too expensive for first-time buyers?

First-time buyers face needing to find nearly £12,000 more for a deposit than they would have done a year or so ago, analysis has found.

The typical deposit that a first-time buyer needs to put down has increased in every UK nation or region over the past year and now averages nearly £59,000, according to the research from Halifax.

Halifax compared average first-time buyer deposit sizes in the 12 months to February 2020 with the 12 months to February 2021.

READ MORE: Bracknell's dangerous streets according to WalkSafe app

House price increases as well as requirements to put down a bigger deposit as a percentage of the house price mean that first-time buyers have needed to stump up more cash.

Across the UK, the average first-time deposit is now £58,986 or around 23 per-cent of the house purchase price, Halifax found, marking an £11,677 increase compared with an average deposit of £47,309 or 20% of the house purchase price a year ago.

The average house price in Bracknell Forest currently stands at £367,131 according to Zoopla.

In the last five years, the average house price in the town has increased by more than 1.24 per-cent with an average value increase of £4,883.

This means that the average first-time buyer, currently stumping up 23 per-cent of the property price is paying around £84,440. 

ALSO READ: A year on since lockdown: everything that's happened in numbers

Many low-deposit mortgages disappeared from the market last year amid concerns about the impact of the coronavirus pandemic on the wider economy.

Lenders will be taking part in a new 5 per-cent deposit mortgage guarantee scheme later this spring, which should boost the availability of ultra-low-deposit deals.

However, would-be home buyers will still need to make sure they meet lenders’ criteria to qualify, which could be difficult for some as the pandemic takes its toll on the jobs market.

Here are some properties currently on the market in Bracknell Forest for the average price: 


Bracknell News: Chuff Corner, Bracknell RG42Chuff Corner, Bracknell RG42

This newly listed property on Zoopla is under the area average.

It's a two-bedroom semi detached house currently on the market for £350,000 - around £10,000 below the current average sale price in the town. 

First-time buyers in the current market, stumping up a 23 per-cent deposit would need to save £80,500.

The spacious property has good parking spaces and rear garden.

Find out more here 


Radcliffe Way, Bracknell​

Bracknell News:

Within walking distance to Martins Heron station, this three bedroom end of terrace property has a brand new kitchen and underfloor heating.

It has two allocated parking spaces and a new patio in the garden.

A 23 per-cent deposit would set the average first-time buyers back a whopping £74,750.

Click here for more information.