The Booming Reading Property Market: Trends and Insights

The start of the new year is usually a pretty blank canvas for estate agents, as most of the property pipeline from the end of the previous year goes through to completion in time for Christmas or during the first few weeks of January.

Of course, there are always some exceptions, such as newly built properties or buy-to-let investments, where the timings are less obvious than “we need to move by Christmas," but usually we can take stock in February on how the year will likely pan out.

This year is no exception, and, as you can see from the image below, we’ve got off to a great start.

20 properties already under offer, exchanged or completed from the start of the year, and an increase, not only in the number of new instructions coming to the market, but in the boost of ready-buyers applying for a property. It’s not quite a ‘frenzy’ but activity is certainly higher than the norm for this time of the year.

The Halifax has recently announced the January house price statistics for the UK; house prices rose by 1.3% in January, the fourth monthly rise in a row. Annual growth was at +2.5% and the price of a typical UK home now costs £291,029, over £3,900 more than last month. Here is how the market stands today in Reading, Berkshire (Feb 2024): Average house price is now £463,583, up 1.01% from the end of December, so pretty much in line with Halifax’s report.

It’s easy to see why Reading is such a popular place to live; we have some amazing businesses located or relocating here, and our transport links to Central London, Heathrow Airport, and other major UK towns via car or rail, are exceptional. Let’s take a look:

2023 was a fabulous year for Reading's economy, but hold onto your hats because 2024 is shaping up to bring even bigger things. Picture this: a slice of Hollywood right here in our backyard with the opening of Shinfield Studios, set to put Reading on the map in the international film scene. We're talking about the UK's most significant new development in film and TV studio space, barreling into its final construction phase. With 13 soundstages already up and running, we're on the brink of seeing all 18 stages come to life. This is a game-changer, not just for the local hospitality and business sectors eyeing the film production pie but also for folks in Reading looking for new career paths and training opportunities.

And let's not forget about the academic heartbeat of our community; the University of Reading. With 17,000 students from all corners of the globe, it's a melting pot of ideas and innovation. The University isn't just a place to hit the books; it's a sprawling campus ecosystem, boasting the expansive Whiteknights campus, a stone's throw from the town centre, enveloped in 321 acres of breathtaking woodlands and meadows. But it doesn't stop there. The historic London Road campus has recently seen a £30 million makeover, transforming it into a state-of-the-art educational space. And then there's the Greenlands Campus, nestled on the Thames, which is nothing short of an academic powerhouse, home to one of Europe's elite business schools, complete with top-tier fitness, business, and conference facilities.

Reading's evolution appears to be unstoppable, from becoming a burgeoning hub in the film industry to cementing its status as an educational powerhouse. It's an exciting time to be part of this community, and we can't wait to see what the future holds.

If you are looking to sell your home in Reading this year, why not give us a call for a no-obligation chat or market valuation.  We'd love to help!

0118 334 7410

firstcontact@whiteknights.co.uk