(Recently Listed Flat For Sale – Park Lane, Tilehurst, Reading – Priced at Offers Over £285,000)
By Charlie Higgs – Owner Village Properties
What’s really happening to the property market in Reading?
The local Reading property market is of course not immune to the current slowdown, but I am continually frustrated by the seemingly endless gloomy speculation by the media about the current state of the property market. It’s relentless.
This continually recycled narrative is in no small part fuelled by the Great British obsession with all things property and the media’s belief that only the most negative headline-grabbing news attracts readers…
It would be wrong not to declare an interest in presenting a more positive outlook of the current Reading market, but the picture most frequently painted by the media bears little resemblance to the reality we see on a daily basis.
Whilst the market has cooled from the craziness of 2022, market fluctuations are nothing new, historically the property market has always had its ups, followed closely by a period of correction. Those of us with a long enough memory will remember or maybe even have experienced the same in the late 1980s, and for those with a very long memory, the 1970s before that.
History does have the habit of repeating itself, but time and again we get caught up in the economic cycle, not considering its ups and inevitable downs. Although, in another 5 or 10 years, we will all look back and wonder what all the fuss was about, as the truth is, property remains the best investment the vast majority of us will ever make over the long term.
Hindsight is a wonderful thing. It was unrealistic to expect the increasing property values of the 2022 market to be never-ending, as sooner or later the bubble bursts, and first-time buyers, who are the foundation of the market, are priced out, as their incomes simply can’t stretch to meet mortgage requirements.
The trouble is, we all have short or perhaps selective memories, and one day we will be back here again after another boom.
Selling your home in the current market
What many of today’s sellers struggle to get their heads around, is that the price they sell their home for shouldn’t be what’s important. What is important, is the difference, the gap between what you sell your home for and what you pay for your new home.
For the pragmatic seller in today’s market, the sale of their home can work out much better for them. Sure, the price they get for their property might be a little less than they would have expected, but their onward property purchase should also be less than expected. And as most sellers are trading up in value, the likelihood is that in pound notes paid, they will be much better off.
Better off because, with a reduced purchase price, they borrow less, pay less stamp duty, and lower legal and estate agency fees, it’s a win-win…
Buying a home in the current market
It’s easy to get caught up in the often unfortunate media coverage of the current property market, but there are lots of savvy buyers out there just getting on with it. As long as sellers are sensible about price, these motivated buyers are looking to do deals and when sellers become buyers, they too can benefit from the same opportunities.
Remember, it’s the gap that’s important!
Recently Sold by Village Properties
Here are just a few of the properties recently Sold STC from our Tilehurst and Twyford Offices –
Romsey Road, Tilehurst, Reading – Offers Over £285,000 – Sold STC
Armour Hill, Tilehurst, Reading – Guide Price £210,000 – Sold STC
Brockley Close, Tilehurst, Reading – Guide Price £325,000 – Sold STC
Livingstone Gardens, Woodley, Reading – Guide Price £475,000 – Sold STC
Bath Road, Calcot, Reading – Guide Price £100,000 – Sold STC
To see the very latest homes coming to the market, click ‘New to market homes’, this lists all of the very latest homes as they come to the market.
Or see more ‘Recently Sold Properties’.
Ready to move?
If you are thinking of selling your home in Tilehurst, Twyford or the surrounding areas of Reading, please call me to arrange an informal conversation about how we might help you with this.
You can also book a Face to Face Valuation, or use our Instant Online Valuation tool.
Thank you for reading
Charlie Higgs – Village Properties Tilehurst & Twyford
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