House prices in Bracknell slowest increase in any new townBy Hugh Fort
August 01, 2012
Out of all the new towns in England and Wales, property prices in Bracknell have risen the least over the last 10 years.
A survey from Lloyds TSB shows homes in the borough have risen in value by 50 per cent since 2002, compared to Newtown in Wales, where property prices have risen by 104 per cent, and and Corby in Northamptonshire, where prices have risen by 96 per cent.
However, the survey also shows that despite the lowest rise in value, Bracknell is also one of the least affordable areas due to houses still being more expensive than other new town areas in the country.
The bank’s survey shows the average price paid for a ‘new town’ house is £182,354, whereas in Bracknell as of March it was £249,115.
The homes in Bracknell are 6.7 times the average earnings of people living there.
Bargain hunters can head to Peterlee in County Durham where they can pick up a house for just £86,427, the cheapest new town in the country.
Wales is the place to be for increasing house value, with two out of the three biggest price gains in Newtown and Cwbran in Gwent.
Corby was the English town with the biggest increase in house prices.
Suren Thiru, housing economist at Lloyds TSB, said: “Many new towns are within easy commuting distance of major commercial centres, where housing is typically more expensive.
“For new towns in the South East, the average property price is close to half, on average, of that in London.
“Strong earnings growth and lower- priced property, together with good accessibility to the capital, has helped to support prices in many new towns in the South East during the economic downturn.”