By Charlie Higgs – Owner Village Properties
Record Number of Homes for Sale in Tilehurst, Reading
As the stamp duty deadline approaches, homebuyers in Tilehurst who have missed the cut-off may still find some positive news in the market. This spring, the number of properties available for sale has reached a decade-high, with many sellers adjusting their expectations due to increased competition, according to a recent report.
Rightmove’s monthly house price index confirms that the average price of a property coming to market across the UK has risen by 1.1%, or £3,867, this month to £371,870, aligning with the long-term average increase in March.
Tilehurst Market Update
Locally, the property market in Tilehurst and across Reading remains strong, and unlike previous years, where the first signs of spring can often prompt sellers to list properties at inflated prices, most recognise the importance of realistic pricing to attract motivated buyers, in what continues to be a competitive buyers market.
March has been a busy month at Village Properties as buyers hurry to complete transactions before the stamp duty tax break ends on the 31st March.
The temporary stamp duty thresholds, which were temporarily increased in September 2022, are due to revert to the 2022 levels after the deadline, meaning buyers who miss the deadline may face thousands of pounds in additional tax costs.
According to the Rightmove index, 575,000 property transactions are currently going through the legal completion process. An estimated 74,000 sales, including 25,000 first-time buyers, are expected to miss the deadline, resulting in a combined £142m in additional tax payments.
Although missing the deadline will be frustrating for many, buyers will at least benefit from the highest number of available properties at this time of year since 2015.
Market Resilience in Tilehurst and Reading
Despite ongoing economic challenges, Tilehurst’s property market has remained resilient. The number of sales agreed is 9% higher than this time last year, while the number of new sellers is 8% ahead of 2024 levels, according to Rightmove. Mortgage rates, though slightly lower than last year, still impact affordability for buyers.
Currently, the average five-year fixed mortgage rate stands at 4.74%, down from its peak of 6.11% in July 2023, but only marginally lower than the 4.84% recorded at this time last year.
Matt Smith, a mortgage expert at Rightmove, noted, “The global economic situation is causing minor fluctuations in mortgage rates on a weekly basis. Those with smaller deposits are facing the biggest challenges, making it even harder for first-time buyers and those needing larger loans.”
As expected, The Bank of England kept interest rates unchanged at 4.5% in the 20th March announcement, but the downward trend is likely to continue in the coming months.
Rightmove has welcomed proposals from the mortgage regulator to simplify responsible lending. These potential changes could make mortgage processes more accessible and, in the longer term, allow first-time buyers to borrow more under controlled conditions.
For those looking to buy or sell property in Tilehurst, the market presents both opportunities and challenges. We continue to advise buyers and sellers to take a pragmatic approach, as realistic pricing and informed decision-making will be key in navigating the ever-changing property market.
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 Calcot – Guide Price £635,000
House for Sale in Theale – Guide Price £475,000
House for Sale in Reading – Guide Price £490,000
House for Sale in Reading – Guide Price £325,000
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’.
Moving This Spring 2025?
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
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