The property market in Reading, UK, is probably some of the most interesting in the country. Everybody knows that the property market in Reading is booming, and it is. The town has seen a lot of investment over the last few years, and this trend will continue as more people look to buy their own homes.
There is an increase in new homes, which will likely continue over the upcoming years. It is growing steadily and has become one of the most sought-after locations for investors and homeowners alike.
In this post, we are going to explore the trends that are shaping up to impact the great Readings property market. Here are five trends that you may want to watch out for when buying a property in Reading:
1. Buy Before You Sell
The first trend you need to be aware of is a strong demand for homes in Reading. Prices have risen rapidly over the last few months, and plenty of buyers are looking to get their hands on some real estate.
If you want to sell your home quickly and for the best price possible, you need to act now – not when it’s time for a sale! You could exploit this trend by looking at properties that are renting out well and would be a good investment if they were yours.
The best approach when you want to buy or sell is to use residential property solicitors in Reading. They have a thorough knowledge of the market and will assist you in landing the right deal.
2. The Rise of Shared Ownership
The government’s flagship scheme, shared ownership, has been popular with first-time buyers in recent years – but it can also be a valuable option for landlords who want to sell their properties.
Shared ownership allows you to buy a home with a 75% loan on equity from an approved lender and then pay rent on top of this.
As such, it means you don’t need huge deposits or high credit scores. It’s perfect for first-time buyers like your mum and dad and people looking to downsize after years in large family homes.
Shared ownership is available across all tiers of property types, including flats, houses, and even luxury apartments – so there’s something for everyone.
3. Increased House Prices
Several developments are happening in different parts of Reading that can bring more investment into the town. These include two new high-rise office blocks built near Reading train station and plans for new shops and restaurants at Henley Street and St Giles Street.
These developments will help boost house prices in Reading over the next few years.
The property market in Reading has much potential for growth as developers build more homes each year. It means that there will be more demand from people who want to live in the area and invest in property there.
However, it also means that developers need to compete with each other for land, which can lead to higher house prices.
4. Increased Demand
The recent rise in interest rates has made it difficult for many people who are struggling financially to find a loan with a good interest rate. Many people cannot buy homes or run businesses because they can’t afford them anymore.
To avoid this situation, you should consider buying a house that has been on the market for some time or renting your property out instead of selling it off immediately.
5. More New Build Homes
Newly built homes are becoming increasingly popular in Reading, with an average price of £235,000. The average price per square foot of a new build home in Reading is £174 per square mile, while detached houses have an average price per square foot of £176 per square mile.
As such, it means that if you want something bigger or more luxurious than what you can afford currently, then buying a new-build property might be the way to go!
In Summary
There are a few important things to remember about reading property market trends. They can never be 100% accurate because of underlying factors like government intervention.
However, they provide a general idea of where the reading housing market is going. They can also inspire by indicating certain trends you can use in your home search.
