What has happened to House Prices in Reading in 2017?
When it comes to property prices, there always has to be context. The current price of properties is interesting but it only really takes shape when you compare it to the price in a difference area or the price in the same area but over a different time frame. This is why people are keen to see how prices move and at Patrick Williams, we are on hand to show you what has happened to house prices in Reading in 2017.
According to figures from Zoopla, the average price paid for property in Reading in the past 12 months is £397,888. For the past six months, the average price paid for Reading property is listed as £412,499 and in the past three months, the average price paid for property in Reading is £424,363.
When taking property figures from a very short period of time, it would be unwise to read too much into it, therefore the more important figure to bear in mind is the 12 month average. Seasonal fluctuations can influence prices in the short term and it should be remembered that the property market landscape has changed a lot in the past year. The buy to let market has seen a lot of landlords and buyers move away from looking for property, due to their own spiralling costs and pressures, and it would be unreasonable to assume that prices will continue to rise.
For the RG1 postcode area, seen as the heart of the town, the average price paid for property stands at £298,763. Looking at the figures for the past six months sees a slight fall to £292,762 but in the past three months, the average price paid stands at £299,766. This area provides a level of consistency in property prices, so you should be considering offers that are around or close to this point.
The suburbs of Reading offer different choices
In Woodley, as of November 2017, the average price paid for property over the past 12 months stands at £380,798, while over the past six months, the average price paid stands at £403,881. In the past three months, the average price paid stands at £385,800, which is obviously a dip on the six month average but a rise on the six month average. Again, this should be seen as a reminder of the variances you can get in the short term period of house prices.
For Earley, the average price paid for property over the past 12 months stands at £418,361. There was a slight dip for the average price paid for property in the past six months, at £409,460 but in the most recent three months, the average price paid for property in Earley stands at £439,879.
In the past 12 months, the average price paid for property in Caversham stands at £451,581 and in the past six months, the average price paid for Caversham property stands at £468,448. When looking at the past three months, the average price is £449,958.
Value for money can be found in Reading
When you look at the past 12 months in Tilehurst, the average price paid for property stands at £359,073. For the past six months, this figure rises to £360,014 and over the past three months, the average price paid for Tilehurst property stands at £360,763. This is a level of consistency that many people are happy to see in the property market.
Those who want to flip property are looking for large spikes in property prices but for the majority of people and property, this is unrealistic.
Given the overall state of the property market, and the economy, and politics in the country, it is easy to see why there is a need to be realistic about what is happening in the property market these days. Every home is unique and even the market values are only a guide, they aren’t truly reflective of what people should expect for their home. This is why it is always best to work closely with an experienced local estate agent and at Patrick Williams, we believe we will provide you with an honest assessment and advice that has your interest at heart.
There are sometimes tough decisions to be made in the property market but the most important thing is that you make the right decision. Which is why you should call on Patrick Williams.