Reading House Prices Continue to Rise.
By Charlie Higgs – Owner Village Properties
With the earlier signs of spring, the traditionally buoyant springtime market has already started with more homes being listed and increasing buyer demand. The local Reading market has been increasingly busy from the first few weeks of January and the progressively active market has gone from strength to strength.
With positive signs from the economy and the availability of more competitive mortgage rates, confidence is steadily returning to the Reading property market, particularly with local sellers that have previously been apprehensive of marketing their homes due to the economic uncertainty being tempted back to the market as stability returns.
Likewise, buyer activity has also seen a significant increase in March as stock levels increase, as well as the availability of more affordable mortgages and continued high rents seem to be driving buyer demand.
Average House Prices Increase
The property portal Rightmove, which promotes the property stock of just about every estate agent in the UK, produces a monthly ‘House Price Index’, the index is the property industry’s guide to the performance of the property market across the country as a whole. There will of course be regional variations but from a Big Data perspective, it provides an overview of how the property market across the UK is behaving.
The March index, published a few days ago makes interesting reading, here are the key metrics and observations –
Asking prices –
The index confirms that average asking prices have increased at their highest rate for 10 months during March, showing the average price of property coming to the market for sale rose by 1.5% or £5,279 in the month to £368,118.
The figure is higher than the historic average March increase of 1.0% and is up 0.8% annually. Whilst average asking prices are still £4,776 below the May 2023 peak.
Sales agreed –
Rightmove’s analysis shows that the number of sales being agreed is 13% higher than at this time last year, while buyer demand is 8% above last year, led by the less mortgage-rate-sensitive larger homes sector and London. Agreed sales in the less mortgage-rate-sensitive top-of-the-ladder sector are now 18% higher than last year.
It also confirms that it is this largest homes sector which is driving more people to get in touch with estate agents than at this time last year. In March so far, buyer demand for top-of-the-ladder properties is 12% higher than the same period last year, compared with 8% higher overall for all property types.
The Local Reading Market
In March, we have again seen significant numbers of both buyers and sellers coming to the local Reading market and with continued positive news about house price increases and improved mortgage deals, buyers and sellers have reason to feel optimistic as confidence returns to the local property market.
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 Sold in Reading – Guide Price £700,000
House Sold in Reading – Offers Over £475,000
House Sold in Reading – Guide Price £475,000
House Sold in Reading – Guide Price £400,000
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 Spring 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 I 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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