Olivier

Reading

246 posts in this topic

Prices have not moved really.

It is the same old stock, going round and round with the same old agents. The prices occasionally change by 1% when they (yet again) relist with a new Agent. Prospect & Romans are still pricing stupidly high. I will not even look at the places they have on the market. Davis Tate seem to be the most realistic. Occasionally, a place comes on that is ‘priced to sell’ i.e 15% lower than the comparable houses. These move quite quickly. But yeah, the market appears to be going nowhere fast at the moment.

Share this post


Link to post
Share on other sites

I agree - rents are increasing a little - 2-bed flat next to me was getting £875, now up for rent for an optimistic £950pcm - and achieved sale prices seem to be static, though perhaps falling a little more than rising month-on-month. Estate agents tell me that sales volumes are low but things are still selling, mostly within 5% of initial asking price. New-build flats are selling in the ratio 20% FTB, 40-50% downsizers, 30-40% BTL.

Share this post


Link to post
Share on other sites

Yeah I can agree about rent prices sliding upwards, which is a shit.

At my whits end now. Dunno what to do with myself to get a better place. I better go and get a lottery ticket.

Share this post


Link to post
Share on other sites

There are a shitload of the typical Reading 2 bed terrace up for the same price (700-800), everywhere. We need to get these cheaper, none of them are perfect

Share this post


Link to post
Share on other sites

Hmmm Reading appears at the very least having a sold sign bounce. Flats are still sticking. But east Reading and burbs appear to be seeing significant movement. Won't know about prices for a couple of months I guess but asking prices are still mental.

Share this post


Link to post
Share on other sites

Decided to take the plunge and bought my first property in Tilehurst with a 15% deposit, managed to get a 3 bed semi in a good area for £200k . There are now some good properties on the market in this area

Share this post


Link to post
Share on other sites

Yep prices look like they are heading south these days.

I just had a look around my usual area and price band, and have seen one or two that really stood out as being "sensibly" priced

Share this post


Link to post
Share on other sites

One of the "Sensibly" priced houses that I saw on RM now has a "sold" sign outside of it. Was on for all of about 4 days.

Share this post


Link to post
Share on other sites

Something on Rentals:

I had 4 viewings arranged for Saturday. One by one they got cancelled as they all got let out. These had all only been marketed for a maximum of 3 days.

Rents have also crept up from the £800 PCM mark 2 years ago to around the £1000 PCM mark.

After the third cancellation, I asked the Letting Agent if things were usually this bad. He noted that this is always the busiest time of year, but that this year was particularly manic.

And something on Sales:

My usual Rightmove scoutings utilising property bee are revealing 2 bedroom places in need of some work on for about £150,000. It looks like prices are heading South, and property bee highlights a few reductions around the £5-£10k mark. Anyone else got any thoughts?

Share this post


Link to post
Share on other sites

Anyone else got any thoughts?

The market has, without doubt, picked up in the past month - in/around Reading.

Same is happening on the South Coast along from Milford-on-Sea through Barton to Bournemouth ..... 'new' properties hitting the market at high (yet maybe sensible? prices) are selling within days ...... hours even, in the case of one property I went to see .... sold within the hour it took me to drive there to view!!!!!!!

I've been studying the market from Reading down to Bournemouth, and all points inbetween, from 2008 when it all went tits up ...... 2009 saw the absolute bargains (with hindsight) and 2010 saw a minor upturn ..... early 2011 looked bad - but from Q2 it has bounced back and now is getting into a sellers market, strange as it may seem.

I hope this doesn't last as I was hoping for more of a downturn!

Share this post


Link to post
Share on other sites

Me too Pete, me too.

Two bed flats & two bed terraces are dropping in price. This will eventually put downward pressure on the next level up. It is a long, slow, drawn out process though. And some vendors are still listing at crazy prices. They will not sell though.

Share this post


Link to post
Share on other sites

Did you exchange/complete your sale? Sorry, not wishing to pry just trying to assess whether sales are actually going through, because if you look at houseprices.co.uk you get the impression that hardly anything is selling.

Sorry, again not looking here for a while... yes it did go through.

Share this post


Link to post
Share on other sites

I have noticed that the price of 2 bed new build (slavebox) appartments is starting to fall quite fast now. There are places being advertised at Capital Point for 145K at the moment, these places were going for 200K plus at the height of the boom.

The classic 2 bed terraces are also 10K - 15K off their peak prices, and they are getting cheaper by the month. I reckon that they will soon be around 2004 prices.

There are still quite a lot of people trying for peak prices - but their places ar not selling. The ones that are selling are in the range of 150K for 2 bed falts and 160K for the terraces.

There has not really been a lot of movement in the 250K plus space yet but they will start to be dragged down soon....

Share this post


Link to post
Share on other sites

Hi all, not posted on here for quite a while.

I'm currently in a 1 bed flat in Reading that I bought at the end of 2010 for £120 K, with a 20% deposit (I was 32 years old, sick completely of living with housemates and desperate to start paying my own mortgage off, rather than somebody else's.) Don't want to remain where I am forever and would quite like to upgrade to a 'proper' house. I also want to stay in Reading, for both work and personal reasons. I'd particularly like one of those terraced houses up by the university: I rented there for 6 months when I first moved to Reading and thoroughly enjoyed it, apart from the parking...

I reckon that I could just about trade up to a house and maintain my equity at the 75% mark by the end of this year... assuming that I keep overpaying my mortgage and stick another £10 K (ish) of capital in when I refinance. My assumption in this is that prices in Reading are going to remain pretty much where they have been, with no really detectable rises or falls. Reading seems to be in a strange 'sweet point', on the exact border between London (rising prices) and everywhere else in the country (falling prices). Do prices seem to be falling in Reading from your points of view, then?

Share this post


Link to post
Share on other sites

...... Reading seems to be in a strange 'sweet point', on the exact border between London (rising prices) and everywhere else in the country (falling prices). Do prices seem to be falling in Reading from your points of view, then?

Pretty much sums it up. Houses up to about £250k seem to be selling (otherwise known as houses people can buy with reasonable multiples of salary). Houses around the £300k-£600k just seem to sit on the market forever. Unfortunately the housing stock in Reading is p'*** poor and no one aspires to a 2+1 with the bathroom attached to the kitchen which are the kind of houses in the £200k price band,

Share this post


Link to post
Share on other sites

Just an update on my situation, I just purchased the rest of my shared ownership share for 5K less than I bought it for in 2007.

Prices seem to be rising very quickly recently as I could have had it for 20k 3 months ago.

It appears the London effect is helping prices, especially around the new train station build in the center of town.

Share this post


Link to post
Share on other sites

From a historical point of view it would be interesting to know how Reading ended up with these 2+1 terraces with the stairs coming up the middle of the main reception. However bedroom 3 only being accessible through bedroom 2 is no use for modern living and defies even the obvious remedy of moving the bathroom from the back of the kitchen to upstairs.

Reading like much of the south I imagine, is crazy at the moment, with houses around the £180-250k mark on at 25%+ of their 2006-2010 highs. Very little seems to be hanging around on the books and agents are doing open house events as well as demanding best and final offers.

Just looking at 31 Connaught Road, sold Mar 2012 for £149,950 on this week at £205,000 - a delightful 2+1 format terrace.

Some people are going to get badly burned when this one blows...

Share this post


Link to post
Share on other sites

Hi there, I have come back to Reading for a few months after a couple of years abroad and.... What the heck is going on with house prices???? They are crazy, an average terraced house with 3 bedrooms on the market for £320k? Who can afford this sort of mortgage? Please tell me this is a bubble...

Share this post


Link to post
Share on other sites

Hi Ducky yes Reading prices are very high now. My wife and I would like to buy and have been looking for a while and some lower end of the market sub 250k properties are taking a while to sell but anything decent is sold immediately, sometimes before it gets on rightmove. 3 bed semis are 300 minimum now. Its crazy.

As for new builds, bar the 1 bed flats and 4+ beds almost everything is reserved before its built. Certainly most 250-300k sell immediately.

We are losing hope of getting anything suitable for our family of 1 child in Reading. We dont want to rent any longer because of the hassle of being moved around when landlord wants to sell up.

Hoping for a dip after xmas but its wishful thinking...

Share this post


Link to post
Share on other sites

My Brother bought a place with his wife exactly two years ago for £290k. It is a small 3 bed centre terrace, about 10 years old, no front garden, allocated parking, tiny back garden with no side or back access and no garage. This is on the outskirts of Reading.

They have Just had a valuation by the Estate Agent (for the re-mortgage) of £375k!

The neighbours had put theirs up for around 345k and someone put in an offer 10k above that. I think it is still going through due to a chain, however based on that the EA said if they were selling they would put my brothers on the books for 375K.

Share this post


Link to post
Share on other sites

Looks like my brother's neighbour's one has fallen through at £355k (originally up for £345k), it has gone back on the market now, marked up at £375k!!

Share this post


Link to post
Share on other sites

Seen this as well, the provinces think that it is all still going London early 2014 style. Little do they know (or want to know) about the truth....

Share this post


Link to post
Share on other sites

Hi all, in the end I left Reading again. Looking from the outside, this housing market is just crazy and we could not afford to be back permanently. Pity, because Reading has a lot to offer, but at the same time it does not feel right to have such a huge mortgage for such little space. True, the job market in Reading is excellent but you really have live to work to pay back the mortgage and the extortionate nursery fees.

All the best to those of you who are still looking!

PS where I am now, a detached house on the hills costs about 50,000 euros. I know, I know....

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!


Register a new account

Sign in

Already have an account? Sign in here.


Sign In Now

  • Recently Browsing   0 members

    No registered users viewing this page.