May to June has seen a lot more activity in the Reading sales market, you can see from the graph below that there are far more properties listed as 'for sale' on the internet - however many of those may be marked as 'under offer' and we are finding that transactions across the board are taking a lot longer than they have done over the past 12 months.  There could be a number of reasons for this, many agencies do not have their own in-house sales progressors, which means that their transactions are at the mercy of the conveyancing process and may not be prioritised by the legal team as they are not being 'chivvied-up' on a regular basis.  You can read more about the benefits of using an agent with an in-house sales progression team on our blog HERE.

 

Reading Property Sales Market 2023 June 1 1Reading Property Sales Market 2023 June 4 1

Another factor that we are also coming across, is the number of foreign investors - especially from China and Hong Kong - who are buying in the Reading area.  You may have read in our last month report (click HERE to read) that Reading has become quite a 'hot spot' for buyers moving out of the London catchment.  Unfortunately, when dealing with overseas investors there is always more hesitancy on all factors, so we find that they tend to opt for the more thorough of surveys, and perhaps have less of an understanding as to the cost of remedial work or of explanations given for anything that shows up on the survey report.  This ultimately means a longer negotiation process, and perhaps, a higher ,'fall-through-rate' especially from agents who cannot offer specialist sales progression advice.

House Size Average Sold Price in June 2023 Change YoY
Flat £235,000 -7%
Terraced £375,000 +5%
Semi-detached £475,000 +3%
Detached £675,000 -7%
All Types £390,000 +20%

Here you can see that the most attractive type of property is a terraced or semi-detached house.  This would concur with all reports that families or those looking to start a family are heading to Reading.  Here are several reasons why purchasers are considering Reading housing:

  • Reading's property prices are more affordable than those in London. This means that a smaller deposit or mortgage is required to purchase a home in Reading.
  • Reading is well-connected via train, with direct services to London Paddington lasting approximately 30 minutes. This makes it a popular location for commuters who work in London but prefer to reside in the suburbs.
  • Reading is known for its vibrant arts and culture scene, which includes a variety of music venues, theatres, and festivals throughout the year. This means that there is always something to do and see in the town, which can be appealing to first-time purchasers seeking a thriving neighbourhood.
  • Reading's economy is robust and expanding, with a variety of industries, including technology, finance, and pharmaceuticals. This indicates that buyers who wish to reside and work in the area have ample employment opportunities available.
  • Reading is in close proximity to the gorgeous Berkshire countryside, which provides ample opportunities for outdoor activities such as hiking, cycling, and horseback riding. This can be a significant selling point for buyers with families or who are considering establishing a family. There is nothing more desirable than having nature and the great outdoors immediately accessible.
  • Additionally, proximity to schools may be an important factor when choosing a property in Reading. It's worth considering the catchment areas for desired schools and investigating transportation options if needed.

Reading is home to a variety of schools, including both state-funded and independent schools, providing options for families with children. Here is an overview of the types of schools you can find in Reading:

  1. State-funded primary and secondary schools: Reading has a range of state-funded primary and secondary schools, offering education for children from ages 4 to 18. These schools follow the national curriculum and are typically overseen by the local education authority. Some popular state-funded schools in Reading include Kendrick School, Reading School, and Maiden Erlegh School.

  2. Independent schools: Reading also has several independent schools, which are fee-paying schools that operate independently of the local education authority. These schools often have smaller class sizes, specialized programs, and a strong emphasis on academics and extracurricular activities. Some notable independent schools in Reading include Reading Blue Coat School and Abbey School.

  3. Specialised schools: Reading is home to a few specialised schools catering to specific educational needs. For example, there are schools that focus on special educational needs (SEN) or specific subjects such as science or technology.

It's important to note that school performance can vary, and it's advisable to research and compare different schools based on factors such as academic performance, facilities, extracurricular activities, and reputation. The Ofsted (Office for Standards in Education, Children's Services and Skills) inspection reports are a valuable resource for assessing the quality of schools in Reading.

Areas to consider in Reading:  We've compiled information on some Reading neighbourhoods to give you a sense of what they're like.

  • Earley is an affordable neighbourhood with 20th-century homes and outstanding elementary and secondary schools. 
  • Woodley is Reading's main suburb, located close to the city centre. It offers a thriving selection of stores, restaurants, and supermarkets on its own. 
  • Caversham is a popular destination for commuters and young professionals due to its proximity to London. In some areas, it exudes a Shoreditch atmosphere, with independent businesses and excellent eateries. It is also close to a river.
  • Sonning is located north-northwest of Reading's downtown and is home to a variety of architectural styles. Here you can find both enormous period homes and cottages from the 1750s. Keep in mind that prices are higher here, but the location is ideal if you desire quick access to the countryside.
  • Calcot is conveniently located near the M4 and is home to the Calcot Park Golf Course.
  • Cemetery Junction is a popular area for University of Reading students, as it is adjacent to Newtown and has a rich cultural diversity.
  • The Oxford Road area is a great place to be, particularly when it comes to food. However, it does not have the greatest reputation among locals.

If you would like any assistance with buying, selling or renting a property in the Reading area, please get in touch with us, you won't be disappointed!

☎️ 0118 334 7410. ? firstcontact@whiteknights.co.uk

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