By Charlie Higgs – Owner Village Properties
Village Properties in Tilehurst and Twyford, Reading – Property Market Update
2023 has been a bumpy ride for the property market, not only for our Tilehust and Twyford and the areas around Reading, but for all areas across the UK.
This was perhaps inevitable after the financial meltdown that followed the disastrous Truss/Kwarteng mini budget towards the end of last year, which subsequently prompted most if not all property market commentators and the media to predict double-digit falls in property values in 2023.
Whilst there has been a market correction in property values the latest figures released by the property portal Rightmove, show that although the transition from the frenzied pandemic market of early 2022 to more normal levels of activity has been slow, key indicators point to a year that so far has been better the gloomy market analysts predictions at the turbulent end to 2022.
Rightmove’s Key Indicators
1 – Average asking prices are just 3% below May’s peak, but pricing right the first time remains key to securing a buyer
2 – Sales agreed are now 10% below 2019’s more normal market level, improving from 15% below last month
3 – The pandemic-driven stock shortage is over, with available properties for sale now just 1% behind 2019
The indicators are interesting but making sense of them is more difficult as they represent the whole of the UK market, so translating this to be relevant locally and perhaps more importantly down to individual property level isn’t easy and the maths doesn’t always work.
Individual property values are dependent on many factors and where you measure the top of the market. Particularly given that a good number of homes sold during those frenetic months of 2022 were agreed at more than the asking price, these properties and the resulting local comparative values will certainly have fallen considerably more than the headline 3%.
Today’s valuations for marketing are based on what, from our recent experience, we know is selling and the prices each property type is achieving. Previous hypothetical values are not relevant and certainly not realistic in the current market.
Thankfully for the majority of home buyers that bought at the top of the market, their properties are their forever homes and will not see the property market again for many years, and the likelihood is that in years to come their home will have seemed like a bargain, as property values are likely to see more boom and less bust markets over the coming years.
Advice for selling your home in Reading
There remains strong buyer activity within the local Reading market, even in November, but to attract a buyer in the current market requires a clear marketing strategy and the experience to put the deal together to ensure you get it transacted to completion. The journey must start with the asking price being set correctly. Properties that start even very slightly over market value are not getting buyer interest.
Recently Listed by Village Properties
Here are just a few of the properties recently listed for sale from our Tilehurst and Twyford Offices –
House for Sale, Tilehurst, Reading – Guide Price £435,000
House for Sale, Tilehurst, Reading – Offers Over £330,000
House for Sale, Tilehurst, Reading – Offers Over £325,000
House for Sale, Reading – Guide Price £380,000
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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