Reading Property Market Update: A 12-Month Analysis
When it comes to the Reading property market, there’s more to the story than the doom and gloom you might have heard. In this comprehensive update, we’ll delve into the last 12 months to provide you with a clear picture of what’s been happening.
Demand for Housing
Reading has weathered challenging market conditions and fluctuating interest rates, resulting in lower-than-average demand. However, as we head into Q4 2023, the supply of available properties appears limited. Nevertheless, buyer demand persists, especially for correctly priced properties.
Rental Market
The rental market in Reading is thriving. The town’s vibrant economy, driven by businesses and the University of Reading, has attracted a steady influx of students and professionals. Private landlords are seizing this opportunity, resulting in heightened competition and price increases of up to 18% in 2023.
Property Prices
Contrary to media reports, property prices in Reading have shown resilience. A scarcity of available homes, combined with motivated buyers in the market, has sparked fierce competition, driving up desirability. Over the past year, detached homes in Reading saw a 7% price increase, with semi-detached and terrace homes experiencing approximately 4% growth. Vendors are adapting to market conditions, adjusting prices from the high levels seen in 2022.
Transport Links
Reading boasts excellent transport links, including a major railway station with direct connections to London Paddington, making it a prime choice for commuters. With the Elizabeth Line (Crossrail) fully operational, connectivity and property values have received an additional boost.
Local Economy
Reading’s robust local economy centres around technology, finance, and professional services. Major corporations and business parks have fostered a stable job market, drawing in residents and investors alike. Significant developments in the town centre are anticipated to attract more companies, capitalising on Reading’s strong links to London and Heathrow.
Future Development
The momentum in Reading continues with several ongoing and upcoming development projects:
Station Hill Reading
Phase 1 of this development, set to deliver 1500 new homes and 625,000 sq.ft of office space, is well underway.
43 London Street Reading
Positioned centrally, this smaller development of 21 apartments has garnered increased interest, offering convenient access to central Reading, the University, and the Royal Berkshire Hospital.
Huntley Wharf Reading
This 765-unit development has been completed and is 100% sold out. On-site amenities include gyms, shops, and office spaces.