By Charlie Higgs – Owner Village Properties in Reading
Steady as she goes in the Reading Property Market as Inflation hits government target
With the media dominated by coverage of the upcoming General Election, surprisingly, the local property market in Reading is pretty much business as usual. Throughout June, the Reading market has been busy, with buyer demand as active as in previous months, as well as an increasing number of new properties coming onto the market.
With some early speculation that the market would slow up when the General Election was announced, it’s encouraging to see buyers and sellers unaffected by the political uncertainty. Following the financial turmoil of recent years, many people had postponed moving plans whilst the dust settled, but now, the majority of people we see are tired of playing the waiting game.
At a time when we would have expected a more circumspect approach to moving home, the current stability within the property market seems to have given both home buyers and sellers the confidence to push the button and get moving.
The economy is in better shape now than it’s been since the fateful Mini Budget of September 2022, and the recent announcement that inflation has touched 2% in the year to May, its lowest level in three years, only confirmed this picture of improving health.
Add to this the Bank of England last week confirming interest rates would be held at 5.25%, markets are beginning to look for a cut later in the year. This all contributes to building stability into the property market and the increasing confidence of both buyers and sellers in it.
The market stability is further confirmed by Rightmove’s June House Price Index. The recently published report shows virtually no change in asking prices (a drop of £21) on the previous month. Although this is what we have come to expect at this time of year and seems to be the familiar seasonal pattern of recent years.
The report also confirms that the majority of buyers and sellers have continued their plans since the election was called, with the only sign of election caution being a slight drop in the number of new sellers especially at the typically more discretionary top-end of the market. Over the last four weeks, the number of sales being agreed has stayed steady at 6% higher than a year ago
Nationally, Buyer demand has also remained stable at just 5% higher than a the same time last year. This is supported by Rightmove’s poll of over 14,000 people, where 95% of those planning to move home said that the election will not affect their plans.
The Local Reading Property Market
Locally, the market in and around our Reading hasn’t seen any impact on either buyer demand or the number of sellers listing their homes since the Prime Minister called an early election.
It’s good to see some stability starting to return to the local market and for buyers and sellers to be able to take a little more time in their decision-making process without feeling pressured into making those quick decisions on what is, after all, the most significant financial transaction of most people’s lives.
We have seen a good number of properties coming to the market in June. Unchanged prices are encouraging more buyers to move, given the confidence of the steady economic climate.
Recently Listed by Village Properties:
Here are just a few of the recently listed properties from our Tilehurst Office in Reading:
House for Sale in Tilehurst – Guide Price £800,000
House for Sale in Reading – Guide Price £750,000
House for Sale in Reading – Guide Price £650,000
House for Sale in Reading – Guide Price £560,000
House for Sale in Reading – Guide Price £425,000
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 our ‘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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