Welcome to our monthly update on the thriving Reading property market! As we delve into the latest trends and developments, we aim to provide you with valuable insights into the current state of the sales market in this vibrant town. Whether you're a prospective homebuyer, seller, or investor, our comprehensive analysis will equip you with the knowledge necessary to navigate the ever-evolving Reading property market. Join us as we explore the key factors influencing housing prices, examine market fluctuations, and shed light on the opportunities and challenges awaiting both buyers and sellers in Reading this month. Let's dive in!

According to the findings of a recent survey conducted by CompareMyMove, residents of London are relocating to other cities, with Reading coming in first place. In recent years, residents of London have left the city for a variety of reasons, including the increasing cost of housing, restrictions on working from home, and lockdowns.

Compare My Move analysed moving data in order to find out where exactly Londoners are moving to after leaving the city, as well as the average property price and the amount of time it takes to commute into London. Here is what they discovered:

  • In 2022, the South East was the most desired place for relocation of this kind, as evidenced by the fact that it accounted for 35 percent of all exits from London.
  • Reading was the town that attracted the most visitors. Reading, which is routinely ranked as one of the best commuter towns for London, has been awarded the title of South East region with the most users of the comparison website Compare My Move.
  • According to Trainline, Reading is only a 23-minute commute away from London. Considering that it also costs a fraction of what the typical home does, it is simple to understand why Reading is so well-liked.
  • Rightmove reports that the average price of a home in Reading is £449,731, which is 14% less than the average price of a home in London, which is £725,715.  Take a look at the average sold prices for property in Reading during May 2023, according to LandRegistry:
House Size Average Sold Price in May 2023
1 Bedroom £255,063
2 Bedrooms £330,568
3 Bedrooms £486,573
4 Bedrooms £768,496
5 Bedrooms £1,370,728

For those who are looking to relocate here, stock levels are 46% higher than for May 2022, so you have better choices across all types of property, however, the time on the market is actually down for all types except semi-detached homes, so you still need to get in quick if you don't want to miss out.  

Reading Property Sales Market Latest News and Market Insights 1

Reading Property Sales Market Latest News and Market Insights

 

 

 

 

 

 

 

 

 

Here are 3 of our favourite properties to go under offer over the past week (12th May - 19th May).  We are definitely seeing demand for detached family homes increasing, which is understandable for those who want to utilise the Summer months for a home move and ensure that they are settled by the time the new school year starts in September.READING WHITEKNIGHTS UNDER OFFER 13 20 MAY 2023 2

Once a sales offer is accepted, it usually takes 8 to 12 weeks to complete the transaction, but it's crucial to remember that this time frame is only an estimate and that the real length may vary based on a number of factors, such as:

  • Chain: If there is a chain involved, which means you are buying a property from someone who is simultaneously buying another property, the chain's length and intricacy may have an impact on how quickly the transaction closes. The entire process may be impacted by delays in any link in the chain.
  • Mortgage and Financing: If you need a mortgage, the speed with which the transaction is completed may be influenced by your mortgage lender. The valuation and underwriting phases of the mortgage application and approval procedure might extend the overall schedule.
  • Legal Procedure: The conveyancing procedure, which deals with the legal ramifications of the transaction, can be drawn out. The management of searches, contracts, and other legal needs will be handled by your lawyer or conveyancer. The completion schedule may be impacted by delays in gathering relevant paperwork, handling legal matters, or answering questions.
  • Inspections and Surveys: If you decide to undertake property inspections or surveys, the time it takes to set them up and get the results may extend the entire timeline. Any problems found during the surveys might need further discussion or research.
  • Cooperation between the buyer and the seller: The readiness and effectiveness of both the buyer and the seller to supply relevant information, react to enquiries immediately, and carry out important activities can have an impact on how quickly the process moves.

If you would like to register for property or are thinking of selling your Reading home, we'd love to hear from you.  Contact us: 

0118 334 7410

firstcontact@whiteknights.co.uk