Reading Property Market Update – October 2024
By Charlie Higgs – Owner Village Properties
Home Sales up 29% on Same Time Last Year
Rightmove’s latest House Price Index reveals a 29% increase in the number sales agreed compared to the same period last year, they also report “a healthy level of underlying buyer demand,” confirming strong buyer demand as more people prepare for their next move.
Additionally, the index shows a 17% rise in enquiries to estate agents regarding homes for sale compared to the same period last year.
However, the report notes that property prices coming onto the market have only seen a modest 0.3% increase over the past month, falling significantly short of the usual growth expected for this time of year.
Realistic Pricing – A Must
The Rightmove House Price Index notes that this month’s limited price growth is partly driven by sellers pricing their properties more competitively to attract buyers, especially as competition among sellers continues to rise.
‘Some sellers appear to be acting on this caution, contributing to limited price growth and better buyer affordability. This is helping to keep the number of sales being agreed consistently and strongly ahead of the quieter market of this time last year.’
‘We’re not seeing activity slow down, but some market commentators report that some movers are now waiting for Budget clarity and anticipated cheaper mortgage rates later this year. However, others state that movers are largely just getting on with plans.’
Increase in Properties For Sale
The report goes on to confirm that the number of available homes for sale is 12% higher than this time last year, which aligns with our experience in the Reading and Tilehurst areas, where stock levels are at their highest since 2014.
Competition is particularly intense in the upper end of the market, with a 17% increase in four and five-bedroom detached homes compared to last year. This has created a buyer’s market, underscoring the need for sellers to price competitively, as affordability remains tight and buyers have more choices.
Affordability continues to be the biggest challenge for many movers, with mortgage rates still elevated compared to recent years. However, a widely anticipated Bank of England rate cut could provide the boost many potential buyers are hoping for.
The Rightmove weekly mortgage tracker shows that the average 5-year fixed mortgage rate is now 4.61%, up from 4.55% last week, the first weekly increase since May
Recently Listed Homes by Village Properties
Here are just a few of the properties recently listed for sale from our Tilehurst Office –
House for Sale in Reading – Guide Price £475,000
House for Sale in Lower Earley – Guide Price £425,000
House for Sale in Reading – Guide Price £415,000
House for Sale in Reading – Guide Price £415,000
House for Sale in Reading – Guide Price £365,000
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 move this Autumn?
If you are thinking of buying or selling a home in Tilehurst 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 Reading
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