In times of uncertainty, one common question arises: is it the right time to sell your house? It’s not solely about the current state of the housing market, but also about considering your personal circumstances and what selling entails for you. While you might be inclined to wait for more favourable conditions, it’s essential to recognise that if you’re selling to purchase another property, the market conditions for both transactions are aligned. So, even if your home sells for less than anticipated, there’s potential to save on your subsequent purchase.
Based on the current information regarding the Reading property market in 2024, it seems like there are some key considerations to keep in mind if you are thinking about selling a house in Reading:
- The number of properties sold and listed in February 2024 indicates a dynamic market with fluctuations compared to previous years.
- Houses in different postcodes in Reading have varying average days on the market, with RG1 taking the longest at 158 days.
- The best month to sell your Reading home can vary, but traditionally Spring or early Autumn are popular times for house sales.
Considering these factors, if you are contemplating selling your house in Reading, it may be beneficial to assess the specific market conditions in your area, the average time properties take to sell, and whether your personal circumstances align with the current trends in the housing market.
If you want to know more about the specific market conditions in your area, feel free to contact us at Walmsley for a no-obligation chat.
What are the current trends in the reading property market
The current trends in the Reading property market indicate a mix of challenges and opportunities, influenced by various factors:
- The property market in Reading has experienced fluctuations, reflecting both strengths and vulnerabilities in the region. The sales market has seen ups and downs, while the lettings market faced significant regulatory shifts, such as the Renters Reform Bill and reductions in capital gains tax allowances.
- The emergence of attractive mortgage deals in recent months suggests a more positive outlook for 2024, especially for those with substantial down payments.
- Traditionally, the first four months of the year are busy for house sales in Reading, with fluctuations in the number of properties sold and listed.
- Reading is emerging as a Buy-to-Let hotspot with affordable property prices, competitive rents, and continued growth forecasted for the region by 2025.
- The town offers a competitive rental market. The average rental yield in Reading, Berkshire in 2024 varies across different areas. In RG1, the average rental yield is 6.66%. However, property letting yields in the Reading area typically range from 4.6% to 4.9% according to Liveyield. These figures reflect the diverse rental market in Reading, with specific areas offering varying rental yields to potential investors.
- Reading’s economic forecast shows significant job opportunities in creative and tech industries, contributing to the local economy, although there is room for improvement compared to neighbouring towns like Bracknell.
- On average, properties in Reading sell for £528,282, with detached houses fetching an average of £ 608,000 and flats £221,432. Asking prices have reduced by -1.9% on average over the past 6 months.
- Rightmove reports that it takes approximately 150 days on average to move house in Reading, indicating a potentially lengthy process for property transactions.
- The rental market remains active, with an average rent of £2,052, suggesting increasing desirability or a possible lack of supply driving up prices.
- Most landlords in Reading are private individuals aged 55 and above.
These trends suggest a dynamic property market in Reading with opportunities for both buyers and sellers, influenced by regulatory changes, market fluctuations, and attractive mortgage deals.
Citations:
[1] https://sevencapital.com/reading-property-price-forecast/
[2] https://www.home.co.uk/guides/house_prices_report.htm?all=1&location=reading
[3] https://www.getagent.co.uk/area/reading
[4] https://moneyweek.com/personal-finance/605746/good-time-to-sell-house
[5] https://hoa.org.uk/advice/guides-for-homeowners/i-am-selling/should-i-sell-house-now/
[6] https://www.readysteadysell.co.uk/is-now-a-good-time-to-sell-my-house/
[7] https://www.mortgageadvicebureau.com/buying-a-property/what-are-the-benefits-of-selling-a-house/
[8] https://goodmove.co.uk/blog/should-i-sell-my-house-now-or-wait-till-2024/
[9] https://www.trackcapital.co.uk/news-articles/uk-buy-to-let-yield-map/
[10] https://propertydata.co.uk/cities/reading
[11] https://www.rw-invest.com/buy-to-let-property/reading-buy-to-let-guide/
[12] https://www.propertyinvestmentsuk.co.uk/reading-buy-to-let/
What is the average house price in reading
The average house price in Reading varies slightly depending on the data source:
- According to OnTheMarket, the average price paid for properties in Reading was £432,000 as of March 6, 2024, representing a fall of 7.9% over the last 12 months.
- Plumplot indicates that the average property price in the Reading postcode area is £463,000, with a median price of £395,000. The average price declined by £5.8k (-1%) over the last twelve months.
- GetAgent reports that properties in Reading sell for an average of £529,570, with detached houses fetching around £608,000 and flats averaging £221,432. Asking prices have decreased by -1.9% on average in the past 6 months.
- Rightmove states that properties in Reading had an overall average price of £426,186 over the last year.
Considering these sources, the average house price in Reading ranges from around £426,000 to £529,570, with slight variations based on different data providers and timeframes.
How has the average house price in reading changed over the past 5 years
Over the past five years, the average house price in Reading has undergone a series of fluctuations, reflecting the dynamic nature of the local real estate market. These changes not only provide insight into the evolving trends within the housing sector but also offer valuable information for both buyers and sellers navigating the property landscape in Reading. By examining the shifts in average house prices over this timeframe, we can gain a comprehensive understanding of the market’s trajectory and identify key factors influencing property values in the region.
- Data from 2015 to 2020 indicates that house prices in Reading increased by 19%, reaching an average of £296,092 in 2020.
- More recently, in the past 6 months, properties in Reading have sold for an average of £531,316, with detached houses averaging £608,000 and flats around £221,432. Asking prices have decreased by -1.9% on average during this period.
These figures illustrate a varied trend in the average house prices in Reading over the past 5 years, with both increases and decreases observed within different time frames.
Citations:
[1] https://www.propertymarketintel.com/evaluate/house-prices/RG-Reading
[2] https://www.rightmove.co.uk/house-prices/reading.html
[3] https://www.getreading.co.uk/news/reading-berkshire-news/reading-house-prices-grown-five-18113160
[4] https://www.getagent.co.uk/area/reading
[5] https://www.home.co.uk/guides/house_prices_report.htm?all=1&location=reading
So, should you be thinking about selling your house in Reading?
Putting your house on the market for sale now can offer several benefits, including financial gain, cost and time-saving advantages, lifestyle changes, and emotional benefits. Financially, selling your house can allow you to profit from property value appreciation, invest in a new property, pay off debts, or secure your financial future.
Additionally, downsizing can lead to cost savings on utility bills and maintenance costs, providing extra cash for savings or retirement. Lifestyle changes such as moving for work or family commitments can lead to new opportunities and experiences, enhancing your overall quality of life.
As for whether it is a good time to sell your house now, the decision depends on various factors such as your individual circumstances, market conditions, and personal goals. Factors like high property values following strong price growth and low mortgage rates can make it advantageous to sell sooner rather than later.
Analysing the current market trends, economic stability projections for 2024, and indicators like interest rates and inflation can help you determine the optimal timing for selling your house. Ultimately, considering your financial strength, location of your property, rising home prices, personal circumstances, and the state of the market will guide you in deciding whether now is the right time to sell your house.
