The last house price boom really was something. It created property millionaires, TV celebrities, accidental landlords, an explosion of PropTech companies and one or two red-faces in its aftermath.
In 2007, it’s hottest year, the price of the average UK home rose by £15,900. Wokingham felt the effect as well, by prices rising by 9.3 per cent or £30,400 in that year alone.
We all know things came to a sudden halt in 2008 with the credit crunch, when the availability of mortgage finance evaporated seemingly overnight. Since then the national market has made something of a come back with prices rising more steadily and sales volumes sitting broadly half way between their highest and lowest point in the period 2000 to 2007.
The suggestion that we might be on the verge of another house price boom is enough to evoke a sarcastic belly laugh from many market commentators.
However, lets look at what the data tells us. First and foremost there is nothing ‘wrong’ with the housing market. Sure sales volumes have been a bit slow, as they always are at this point of the housing market cycle, but quieter periods always precede booms. Mortgage lending remains buoyant, the housing stock is stable i.e. we’re not facing a glut of new homes which could put a ceiling on house price growth.
More importantly however, is the growing appeal of Wokingham. It seems every month we’re seeing more and more people from different areas, backgrounds and lifecycle stages looking for their perfect new home. With demand growing, and showing no signs of stopping, it looks to us like the next market cycle, which is just getting started, could be something really quite special for those who make their move now.
If you’d like to know more about buying or selling in Wokingham, please contact Nick or Teresa on 0118 466 0292 or at firstname.lastname@example.org - we\'d be pleased to help.