By Charlie Higgs – Owner Village Properties
Buyer Demand Pushes Asking Prices Close to New Record
The recently released April House Price Index from the Propetery Portal Righmove confirms that the average asking price of property coming to the market this month has risen by 1.1%, just short of the record in May 2023, while the annual rate of price growth is now +1.7%, the highest level for 12 months.
Although the data in the report points to the increase in asking prices of properties at the top end of the market being the key factor behind this month’s growth. The top-of-the-ladder sector has seen its strongest start to the year for price growth since 2014.
Price Sensitive
However, the Rightmove report is cautionary, confirming that the market remains price-sensitive, and operating at different speeds, with prices and activity rising more slowly in the more mortgage dependent first-time buyer and second-stepper sectors.
Across the lower end of the market, despite the small increase in asking prices and the general sense of greater optimism, high mortgage rates are continuing to stretch affordability for these buyers. This market is very price-sensitive, with prices and sales activity rising more slowly in the more mortgage-dependent, mass-market sectors.
More encouraging are the number of new sellers coming to the market which are up by 12% compared to this time a year ago, and the number of sales being agreed is up by 13% as both sellers and buyers take advantage of the Spring bounce.
Growth at the Top of the Market
With the biggest growth in activity taking place at the top end of the market, as Rightmove report, the number of new sellers in this sector are up by 18% compared with last year, and the number of sales being agreed up by 20%.
Home movers in this sector are typically less sensitive to higher mortgage rates, as well as being more equity-rich, contributing to their ability to move. While some buyers, across all sectors, will feel that their affordability has improved compared to last year due to wage growth and stable house prices.
The Local Reading Market
April has definitely seen a Spring Bounce in Tilehurst and across the Reading area, with significantly more properties being listed for sale, and an increase in buyer demand and activity, resulting in our best month this year for sales being agreed.
Recently Listed Homes by Village Properties
Here are just a few of the properties recently listed for sale from our Tilehurst and Twyford Offices –
House for Sale in Reading – Guide Price £560,000
House Sold in Reading – Guide Price £465,000
House for Sale in Reading – Guide Price £450,000
House for Sale in Calcot – Guide Price £415,000
Bungalow for Sale in Reading – Guide Price £215,000
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’.
Considering a Spring move?
If you are thinking of buying or selling a home in Tilehurst, Twyford or the surrounding areas of Reading, please feel free to call me for an informal chat, I’ll be pleased to help you if I can.
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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