"I always forget how big the operation is at Silverstone"
If Formula 1 is the home of motorsports, then Brackley, Northamptonshire, is the home of Formula 1. The sleepy town isn’t just a chocolate box dream, it’s also the headquarters of Mercedes-AMG Petronas – a well-oiled machine consisting of almost 1,000 employees functioning 24 hours a day. And, for prospective homebuyers and part time renters, there are few things more enticing than living somewhere that boasts such talented neighbours.
Thomas Honour (pictured below), director and principal advisor at Thomas Honour Mortgage Services, told Mortgage Introducer that the mix of eclectic neighbors and rural landscapes and has seen a rise in property interest.
“I always forget how big the operation is at Silverstone,” Honour said. “Rooms in Brackley go very quickly. A basic room, no ensuite, will easily go for £625 a month. It's just because it's close to Mercedes, basically, and they've got the F1 people here - rooms get snapped up a lot.”
‘We’ve done a lot of mortgages for people that work at Mercedes’
It’s not a bustling metropolis, but proximity to Mercedes and Silverstone creates a rental demand that keeps the market active. Honour added that many Formula 1 professionals rent rooms during the week and return to their family homes on weekends, adding a layer of complexity to local housing dynamics. Beyond rentals, the presence of high-earning professionals working for Formula 1 teams has ripple effects on the broader property market.
“We’ve done a lot of mortgages for people that work at Mercedes,” he told Mortgage Introducer. Their steady incomes and organisation make them ideal clients for brokers like Honour, whose services align well with their needs. “They're highly organized, they’re well paid professionals – so they're a good match for our services. Essentially, we know we like working with them guys – and it’s same with all the other F1 teams.
“In terms of the housing market, I think it definitely creates a high demand - particularly for people who will be renting out rooms, because a lot of people will come down just in the week and then go back to their family home on the weekend. It’s creating jobs, supporting higher house prices, and driving demand.”
However, these advantages come with quirks. During the Silverstone Grand Prix, Brackley becomes a hub of activity. The 2024 British Grand Prix at Silverstone had a weekend attendance of 480,000, matching the record-breaking attendance from 2023, with the average attendance for an F1 race sitting at 300,000 people.
“Locals either leave for the weekend or stay locked in because you can’t get anywhere,” Honour added. “People [can] let their homes out on Airbnb… £1,100 for the weekend isn’t uncommon.”
This motorsport influence complements a market already shaped by a variety of buyer types. First-time buyers, in particular, make up a significant share of Honour’s clientele, although affordability challenges loom large. After all, according to data from Property118, first-time buyers accounted for 33% of all property purchases in Great Britain, up from 29% in 2023.
“We’re in an area where house prices are above average compared to the rest of the UK,” he said. “The standard 10% deposit in our area now is £35k plus.”
Honour told Mortgage Introducer that disparity between income and house prices could present a challenge down the line. As he explained, there are certain innovative schemes that some lenders are offering, such as Nationwide and Halifax, which include enhanced income multipliers for first-time buyers at around five and a half times their income.
‘It’s about knowing exactly what’s coming out every single month’
Fixed-rate mortgages are also a popular choice for first-time buyers, providing stability in uncertain economic times.
“It’s about knowing exactly what’s coming out every single month,” Honour explained, emphasising how this predictability helps new buyers manage the financial leap into homeownership. However, with interest rates showing signs of potential decreases, he anticipates a gradual shift towards more flexible products. “If the base rate drops, I think we’ll see more people being amenable to tracker deals,” he said.
Economic shifts and regulatory changes have placed added emphasis on brokers’ roles as guides rather than mere rate-hunters. Honour stressed the importance of holistic support, which includes everything from liaising with solicitors to advising clients on dealing with estate agents.
“It’s a very exciting time for people buying homes, whether it's their first time or second or third time – but it's also very stressful and overwhelming. How we adapt our approach is [giving] the additional value and support - rather than just a means to get the best rate. I think it's about educating clients and maybe breaking down a few barriers, make it known that we are on their side all the way through.”
The quirks of Brackley also extend into self-build projects, another niche Honour knows well. His early career included financing builds that ended up on Grand Designs, a testament to the creativity and challenges of bespoke housing projects.
“It’s complex,” he told Mortgage Introducer. “You’ve got to know what you’re doing because the smallest detail, like the type of frame, can impact the availability of finance.”
And, despite its challenges, Honour finds satisfaction in helping clients achieve their housing goals.
Whether it’s arranging a mortgage for an F1 engineer or guiding a first-time buyer through the process, his approach remains consistent: “It’s about creating opportunities for people while making sure they feel supported every step of the way.”
