The Current State of the Reading Property Market

The property market in Reading has been dynamic, with fluctuations that reflect both the strength and vulnerabilities of the region. This report aims to provide a comprehensive view of the current state of the market, covering both sales and rentals.

Sales Market Overview Key Statistics

• Total Properties for Sale: 1,479
• New Instructions: 203 in the last 14 days
• Average Price: £451,466 (a minor increase from £451,073 last month)
• Average Time on Market (ToM): 145 days

Rightmove reports that it takes approximately 150 days (21.5 weeks) on average to move house (from offer accepted to completion day) in 2022, which means that half of all purchases take even longer than 150 days.  Let's take a look at our current WhiteKnight statistics, which probably shows why so many of our vendors appreciate the marketing effort we put into getting sale agreed status:-

WhiteKnights Key Statistics

• Property Sales Timeline Instruction to Sale Agreed: 57 days (approx. 8 weeks)
• Sale to Exchange: 80 days (approx. 11.5 weeks)
• Total Time from Instruction to Exchange: 137 days (approx. 19.5 weeks)

Rental Market Overview Key Statistics

• Total Rental Homes in Reading + 4 miles: 599
• New Instructions: 126 in the last 14 days
• Average Rent: £2,052 per month

National Context: Who Are England's Landlords?

• Primary Landlords: Private individuals make up 93.7% of landlords.
• Corporate Landlords: Companies comprise only 4.7%.
• Mix of Both: A mixture of private and companies forms 1.0%.

Property Ownership Among Landlords

• 43% own just one property.
• 39.3% own between two and four properties.
• Less than a fifth own five or more properties.

Demographics

• Most landlords are aged 55 and above (62.8%).
• A small fraction falls within the 18-34 age bracket (2.3%).

Financials

• 75.1% funded their first rental property purchase with a mortgage.
• 57% have a buy-to-let mortgage, while 38.3% have no debt or borrowing.

The Bigger Picture

• The buy-to-let mortgage market value stands at £41.3 billion.
• 15.29% of homes in England are privately rented.

Analysis

The rental market is still very active, with 126 new instructions in the past two weeks. The average rent stands at a substantial £2,052, which could be indicative of the area’s increasing desirability or possibly a lack of supply driving up prices.  With most landlords being private individuals who are aged 55 and above, it's important for agents to consider the demographics when tailoring their services.

If you are thinking of buying, selling or letting a property in Reading, we're ready to help!

0118 334 7410

firstcontact@whiteknights.co.uk