Tue, 09 Aug 2022 | Reading market update
In many areas, the property market quietens down at this time of year due to the summer holidays. However, with so many young professionals and commuters looking to take advantage of Reading’s excellent transport links, bars, restaurants and shops, the Reading property market never sleeps, and properties are continuing to sell for excellent prices. Find out what happened on the Reading property market in July.
Apartments in high demand
It’s been a big month for the apartment market in Reading, with almost 40% of properties sold being apartments ranging from studios to three bedroom properties. They’re selling for great prices too, with Reading manager Ross reporting that many apartment sellers are ‘shocked’ at the amount they achieve for their property on the current market place. This is perhaps due to the arrival of the Elizabeth Line back in May, which generated a buzz around young professionals looking for London living without the London prices!
Prospect open houses
When it comes to houses, we are seeing huge demand in the area, which our Reading team is managing with highly successful open houses. In fact, one two bedroom property on Landrake Crescent received six offers from a Prospect open house and sold at 104% of asking price, making it the highest selling two bedroom property on record within two miles! Other properties, including a four bedroom property on Skylark Way and a two bedroom property on Ducketts Mead, also sold over asking price and with multiple offers thanks to our open houses, which build interest and increase competition for our properties. Book a valuation today to find out how much you could achieve with our effective open houses.
A touch of luxury
In July, the most expensive property to sell in Reading was a five bedroom detached home on Kendrick Road priced at £1,150,000. Sold by our luxury branch Prospect Homes of Distinction, the property boasted an Inglenook fireplace, triple aspect garden room and luxury bathrooms. If you missed out on this property and are looking for a luxury home in village location on the outskirts of Reading, we also listed a £1,100,000 property on The Pippins, Swallowfield last month – act quickly to be in with a chance of securing this beautifully presented, five bedroom home.
Prospect New Homes
Speaking of luxury homes in Swallowfield, Prospect New Homes have an upcoming new development in the village. Comprising of four five bedroom homes priced at £1,250,000 and above, Balcombe Retreat will be launching soon, so be sure to register with us for exclusive information about the development and to book your private tour!
To be the first to find out about new homes developments near you, register with Prospect New Homes today.
A hub for investment
Reading has always been a hub for investment properties, and this has only been enhanced since the arrival of Crossrail in the area. 76 applicants registered with us in the last month alone, driving up rental prices as tenants compete for properties in the area. Isn’t it time you capitalised on this huge demand?
The cheapest property to sell last month was a £135,000 studio apartment on Hamilton Road, which would have made an excellent investment property due to its sought-after location. If you’re looking for properties of a similar price, there are currently over 130 properties priced at under £200,000 on the market in Reading right now which could make a fantastic addition to your portfolio.
Additionally, there are a wide range of HMOs available in prime location near the university, as well as a number of larger portfolios available to purchase like the eight bedroom block of flats on Northumberland road priced at £1,250,000. To discuss these investment opportunities further, contact your local experts at Prospect Reading.
Competition is fierce for properties in Reading right now, and if you’re looking to get the best price for your home, we are the agents for the job. Book a valuation today to find out how much we could achieve for your property on the current market place using our highly successful open houses.
If you don’t need help selling your property, be sure to register with us today to be the first to find out about properties in the area that you’ll love.
To discuss the Reading market further with a property expert, be sure to contact us on 0118 997 6008.