The average price of property in the South East of England last month was £397,262, according to the ubiquitous Rightmove House Price Index. That was a rise of 1.2 per cent for the area on the same period last year – unlike neighbouring Greater London which, unfortunately for home owners and investors there, saw property prices fall 3.5 per cent from January 2017.
Reading’s average property price rose 17 per cent in 2015
Breaking the South East figures down further and looking at house sales covering the whole of 2017, Reading’s average house price was £361,489 – an eight per cent rise on 2016 and certainly something worth shouting about in property investment terms. Better still, it’s a pretty impressive 17 per cent increase on the town’s 2015’s average house price figure of £309,952.
Terraced houses proved the most popular property type in the town, selling for around £319,169 on average; semi-detached was next at £387,501, while most flats sold for around the £238,014 mark in 2017.
Crossrail to push prices up further next year
And what for the future? Well, the Elizabeth Line – a 62 mile stretch from Reading into Shenfield in Essex – is set to open in December 2019 and predicted to push first time buyer and family commuting home prices up even further – even as much as 10 per cent.
Having said that, both groups – first time buyers and families – are already well served for employment right here in the town. This is especially if someone in the house works in the IT, pharmacy or telecomms industries – which is thanks to the fact that Reading is where the US tech giant Microsoft chose to locate its UK headquarters, while Bayer Pharmaceuticals also provide a huge employment and economy boost to the area, as does Cisco and Ericsson. Large global companies like these are keen to utilise the new serviced apartment sector for visiting international colleagues, which could prove a real boon to investors in the town.
Students at the town’s red brick university sector meanwhile keep HMO landlords in the town active.
The leisure facilities aren’t bad either…
In terms of amenities the huge Oracle shopping and leisure centre (the biggest in Thames Valley) provides enough high street names, boutique stores, movie screens, adrenaline activities and restaurants (at least 21) to make sure weekends are exciting for the whole family. Others who fancy getting some exercise and sampling some fine ales in pretty countryside pubs have the Chilterns and Berkshire Downs to gaze at and conquer.
In all Reading, with its population of more than 160,000, has a lot going for it. Did we mention there was a Michelin star restaurant too? L’Ortolan, with head chef Tom Clark, has played host to five Michelin-starred chefs since opening 37 years ago. Based in the nearby village of Shinfield the restaurant is set in a beautiful atmospheric 1840s gothic, revival-style mansion.
To find out more about why Reading remains a great property investment opportunity and investment tips then look out for future blog posts.
Photo credit: Wikimedia