Desperate need for three bedroom homes in Wokingham

Tue, 09 Aug 2022 | Wokingham market update

July was a hot one in Wokingham, with temperatures reaching 40 degrees in the town. How did the local property market perform under such scorching temperatures? Read on to find out…

Supply vs demand

Unfortunately, the number of new listings in Wokingham last month was notably lower than the huge injection of properties we saw come to market in June. However, the number of sales in July were the same as in June, showing that demand remains high even as supply levels dwindle. So, though temperatures may be cooling after last month’s heatwave, the competition is certainly heating up in Wokingham.

More sales than listings for three bedroom properties

Last month, 26 three bedroom properties were listed in Wokingham – a third less than last month.  However, a whopping 43 properties of this size sold, showing just how much demand is outweighing supply for this particular property type. The number of properties coming to market is just not cutting it, and yet buyers appear undeterred by the lack of properties being listed – in fact, buyers for three bedroom properties continue to register with us in the highest numbers month on month.

If you have a three bedroom property to sell in Wokingham, act now to take advantage of this huge level of competition which is driving up prices in the area. With over 90 buyers registered with us and still waiting for properties this size to come to market, you can expect a speedy sale!

More choice for buyers of four bedroom properties

It is, however, better news for those searching for four bedroom properties in the area. More properties of this size came to the market in July compared with June, providing more choice for those looking for a family home in the area.

Yet this doesn’t mean that the market has slowed for four bedroom properties – far from it, in fact! 38% of the properties listed in July sold before the month was up, showing that buyers should not delay when they see a house they love. If you’re looking for a four bedroom property and haven’t put your current property on the market yet, we would recommend doing so as soon as possible to stand a chance of securing a new home in this fast-moving market. It’s the perfect time to upsize from a three bedroom property to benefit from a speedy sale and become a proceedable buyer for your onward purchase!

A touch of luxury

Frequently voted as one of the best places to live in the UK, it’s no surprise that Wokingham has a thriving luxury market. Six properties priced at over £1,000,000 were sold last month, the most expensive being a £2,000,000 six bedroom residence on Wick Hill Lane with its own private Tennis Court, large gardens, and countryside location. Over half of the properties of this calibre which sold last month came under offer in a matter of weeks, showing that even at the high end of the market, properties are selling quickly in Wokingham.

School application deadline is looming

Wokingham is home to a number of OFSTED outstanding schools such as The Holt, Evendons Primary School, and St Paul’s CofE Junior School, so naturally school catchments come as top priority for family buyers in the area. Though the January deadline for school applications may feel like ages away, time is swiftly running out for families relying on a relocation to get into their school of choice – especially with the industry-wide conveyancing lock-jam which means that the average completion time is 150 days!

With this in mind, if school catchments are your top priority, now is the time to make a move to be in with a chance of being in your new home before the January deadline. Book a valuation today to put yourself in a great position to beat the competition and secure your dream home (and dream school!).

A hub for investment

Given its excellent transport links and selection of both independent and high street restaurants, bars, shops, and cafes, Wokingham makes a fantastic area to invest in a buy to let property. 113 tenants registered with us in the last month alone for a rental property in Wokingham – could you help satisfy demand by renting out a Wokingham property?

Excluding shared ownership and retirement properties, the least expensive property to sell last month was a £155,000 one bedroom maisonette on Budges Road. Located close to the town centre and with its own balcony, this property would have made an excellent investment property and was sold by Prospect within just three days. If you’re looking to add to your portfolio with a property of this size in Wokingham, there’s currently 24 properties under £200,000 that would make fantastic buy to lets; contact your local experts at Prospect Wokingham today to find out more about investment opportunities in the area.

Ready to make a move in Wokingham? Book a valuation today to capitalise on the high competition in the area and to be in with a chance of being in your new home before Christmas.

If you don’t need help with your property sale, be sure to register with us to be the first to find out about properties you’ll love in the local area.

Want to discuss the Wokingham property market further? Contact your local experts at Prospect Wokingham today on 0118 997 6028.