Reading Property Market Update – March 2023
By Charlie Higgs – Owner Village Properties
Local property market continues recovery with Spring market
With Spring almost upon us, the local Reading property market looks to be returning to the normal seasonal trends missing in recent years. The Spring market has traditionally been a busy time in the property business and 2023 looks to be on track to see this return.
From early March we have seen a steady increase in the number of first-time buyers looking to get a foot on the property ladder, this trend is mirrored in this month’s House Price Index from property portal Rightmove which confirms that the market is continuing its recovery.
A key metric of the index is how property prices are holding up, the report confirms that the average asking price of property coming to the market is up by 0.8% on the previous month. Whilst this is only a small increase, it does show that despite the doom and gloom predictions of the media, the property market, as well as the economy as a whole, is a good deal more resilient than we are often led to believe.
First-time buyers leading the way
The Index confirms our own experience within the Reading area, with first-time buyer properties showing the strongest recovery in the run-up to the spring market. Rightmove’s stats show the average asking price of first-time buyer properties are only £500 lower than last year’s record high.
The first-time buyer market underpins the market as a whole, and as sales agreed in the first-time buyer sector recover faster than expected, this will, over the coming weeks, have a knock-on effect on the rest of the market.
Confidence is key
Buyer and seller confidence is a key component and the foundation of a strong property market, none more so than the stability within the mortgage market. With average mortgage rates having fallen back from their peak last year, with the average rates for a 15% deposit five-year fixed mortgage now 4.65%, down from last month’s 4.75%, and October’s 5.89%, this continues to build confidence for would-be home movers.
Springtime has historically been one of the busiest times for the property market calendar and as confidence and stability return from the turbulence of late 2022, it is encouraging to see a sense of normality and a more balanced approach from both buyers and sellers.
A return to normality
The incredibly fast-paced market of the previous couple of years was unsustainable, and as with all booms, they are inevitably followed by a period of market correction. During these previous times, many would-be home movers were unable to move as they simply couldn’t compete with the frenetic bidding wars of the often urban buyers from the city who outpriced local movers.
Today’s market moves at a much more normal pace compared to those times, allowing local buyers more time to look around and plan their next move without the fear of losing out.
Here is a selection of first-time buyer homes currently available –
Thirlmere Avenue, Tilehurst, Reading – Guide Price £300,000
The Chase, Calcot, Reading – Guide Price £265,000
Willow Tree Glade, Calcot, Reading – Guide Price £400,000
London Road, Twyford, Reading – Offers Over £425,000
Stour Close, Tilehurst, Reading – Offers Over £275,000
Considering a move this Spring?
If you are thinking of selling your home in Tilehurst, Twyford or the surrounding areas of Reading, please call me to arrange an informal conversation about how we might help you with this.
Charlie Higgs – Village Properties Tilehurst & Twyford
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