Reading Property Market Update – February 2024

Village Properties Twyford Office


By Charlie Higgs – Owner Village Properties

Local Reading market continues strong start to year as house prices increase.  

Following the strong start to the property market in January, the local Reading market strengthens further in February. And with continued positive media coverage confirming higher average house prices, we are experiencing increased buyer confidence and activity across all price ranges.  

With positive signals from the economy with interest rates and inflation holding steady, competition within the mortgage markets also offers buyers more choice and better fixed-rate mortgage deals.

The upbeat media messaging continued in February with the House Price Index’s from both the Halifax Bank and the property portal Rightmove confirming increases in average house prices.

Halifax House Price Index (January 2024)

In their recent House Price Index, The Halifax reported the fourth consecutive month of house price increases.

The report confirms that house prices have risen for the fourth month in a row, Halifax recorded a 1.3% increase in January as lower mortgage rates ease pressure on buyers.

With January’s rise, the average price of a house in the UK now stands at £291,029, up from £287,105 in December, according to Halifax. It means that despite repeated fears of a correction, prices are 2.5 per cent higher than they were a year ago and only £2,000 or so below their peaks in the autumn of 2022.

Key Points:

Kim Kinnaird, director, of Halifax Mortgages, said: ‘This is the fourth consecutive month that house prices have risen and, as a result, the pace of annual growth is now 2.5%, the highest rate since January last year. The recent reduction of mortgage rates from lenders as competition picks up, alongside fading inflationary pressures and a still-resilient labour market, has contributed to increased confidence among buyers and sellers. This has resulted in a positive start to 2024’s housing market.’

Rightmove House Price Index (February 2024)

Whilst the Halifax makes for interesting reading and does represent a significant data set, it is limited to Halifax clients.

Rightmoves House Price Index draws on a much larger data set, although the data is focused on asking prices and not the sale price on which the Halifax Index is based.

Key points:

Looking a the statistics of the country as a whole is interesting, but without any local perspective, trying to navigate the local property market can be daunting. Village Properties have been selling property in the Reading area for over 40 years, and have been trusted by local people to help with buying and selling their homes. So if you are thinking of a move this Spring, please don’t hesitate to give us a call.

The Local Reading Market

We have seen significant numbers of both buyers and sellers coming to the local Reading market throughout February and with positive news about house price increases, buyers and sellers have reason to feel optimistic as confidence returns to the local property market.

Interestingly, we also see homeowners who had been uncertain about putting their property on the market earlier, are now increasingly taking advantage of the upturn in buyer activity as more homes are being listed.

Recently Listed Homes by Village Properties

Here are just a few of the properties recently listed for sale from our Tilehurst and Twyford Offices –

House for sale in Reading – Guide Price £365,000 

House for sale in Reading – Guide Price £159,950

House for sale in Reading – Guide Price £365,000

House sold in Reading – Guide Price £425,000

House sold in Reading – Guide Price £325,000 

House for sale in Reading – Guide Price £325,000

To see the very latest homes coming to the market, click ‘New to market homes, this lists all of the very latest homes as they come to the market.

Or see more ‘Recently Sold Properties’.

Considering a move?

If you are thinking of buying or selling a home in Tilehurst, Twyford or the surrounding areas of Reading, please feel free to call me for an informal chat, I’ll be pleased to help you if iI can.

You can also book a Face to Face Valuation, or use our Instant Online Valuation tool.

Thank you for reading

Charlie Higgs – Village Properties Tilehurst & Twyford   

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