Wokingham is home to the largest number of households that are set to be affected by last month’s increase in mortgage rates.
Government data from the Office of National Statistics shows there are currently 14,700 households in the Wokingham parliamentary constituency that could be facing average increases of as much as £4,800 per year due to the most recent announcement by the Bank of England.
The impact is already being seen in the local property market.
David Cliff told Wokingham Today he is already seeing changes across the board.
He said: “A big issue I am seeing is where first-time buyers have saved enough for a deposit, but they are not able to get a mortgage offer.
“In some cases that means they are eroding their deposit by paying rent.”
Mark Rath echoed David Cliff’s experiences, describing the market as being “dead”.
Tim Cole, director of Winkworth, said the Wokingham property market is certainly more quiet than that which was witnessed a few years ago, but other factors were also responsible for the downturn.
Oliver Hewitt, Area Manager at Sears Property, noted that some 38% of the property market countrywide involves first-time buyers.
“That’s something Wokingham doesn’t have a lot of,” he said, adding that his company has seen an ongoing decline over time in the market for properties priced at £750,000 and higher.
Property portal Zoopla confirmed is currently has listings for 545 homes for sale, and 52 homes for rent in the Wokingham area, but was unable to provide historical data.
Over the last 12 months, the average selling prices for properties in Wokingham, according to the portal, was £749,589 for detached properties, £404,600 for terraced homes, and £308,550 for flats.
