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JonoP

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2 Flats came up in the block I currently rent a flat it.

My rent is £725PM and the landlord bought the property in 2003 for £136K

The 2 flats (identical to mine) were on at £165 and £162. They were listed last Wednesday.

I phoned the estate agent to have a look at them. Booked the appointment for last night.

The first had sold (STC) over the weekend so I never got to see it. I viewed the second one that was in worse condition than my flat. The agent said he already had people sniffing around it and was I interested. I offered 90% (£146.6). He said that was not enough to beat the existing interested party.

Oh well. It does seem that stuff is selling fast in Reading but it remains to be seen for how long.

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What area are you looking in?

What type of flats are they for 162-5k?

I'm interesting in buying one like that but of course not at that price :)

Reading is so expensive and there looks like alot of market activitity at the moment. Cant imagine what its going to be like in the summer :(

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Central Reading. It is a block of 32 flats just outside the town centre. Built in the 80s but still quite nice. Reasonable size internally compared to new builds

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A colleague was telling Mr FTB the other day that for interest's sake, he went to look at two new flats in central Reading recently.

The first was a reasonably spacious 2-bed flat. The second, a 4-bed flat in the same block, is selling for nearly double the price -£400K!

He laughed when he noticed that the four-bed flat had exactly the same floor area as the 2-bed one, but more walls to create 4 absolutely tiny rooms and a tiny sitting room!

I wonder if there are any suckers out there waiting to be conned into buying one??!!

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Seems like 1 bedroom starter homes around my area have risen above the 140k ceiling in recent weeks :(

Edited by zag2me

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2 Flats came up in the block I currently rent a flat it.

My rent is £725PM and the landlord bought the property in 2003 for £136K

The 2 flats (identical to mine) were on at £165 and £162. They were listed last Wednesday.

I phoned the estate agent to have a look at them. Booked the appointment for last night.

The first had sold (STC) over the weekend so I never got to see it. I viewed the second one that was in worse condition than my flat. The agent said he already had people sniffing around it and was I interested. I offered 90% (£146.6). He said that was not enough to beat the existing interested party.

Oh well. It does seem that stuff is selling fast in Reading but it remains to be seen for how long.

We just moved to Lower Earley (renting) the prices around Earley (some roads in particular-the ones around the Maiden Erlegh catchment) seem very over priced.Does anyone have an opinion on what is happening in general in Reading who has been watching the market closely??

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Maiden Earley is one of the best schools in the country which is why lower early is so expensive. Anything within the catchment area just keeps going up and up, it was even on tv last night about a family who paid 40,000 over the ods just to move to near the school.

All over reading things seem to be being snapped up very quickly that I can see. Alot more sold signs than for sale.

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Yes, very depressing. It seems that just when you think prices are about to start falling, they rise hugely. I've been watching what is happening in Reading, Wokingham and Maidenhead recently.

After seeing some relatively nice houses around for sale at under 180K in November - there was one in Wokingham I was even tempted to put an offer in on - these were all snapped up and prices just seem to have skyrocketed ever since. Very few 2 - bed houses for under 200K in the decent areas.

I am definitely starting to lose heart and any hope of there ever being reasonable falls in prices. Maybe we will all have to resort to buying a horrid studio on the Oxford Road or in Whitley after all! :(

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Yes, very depressing. It seems that just when you think prices are about to start falling, they rise hugely. I've been watching what is happening in Reading, Wokingham and Maidenhead recently.

After seeing some relatively nice houses around for sale at under 180K in November - there was one in Wokingham I was even tempted to put an offer in on - these were all snapped up and prices just seem to have skyrocketed ever since. Very few 2 - bed houses for under 200K in the decent areas.

I am definitely starting to lose heart and any hope of there ever being reasonable falls in prices. Maybe we will all have to resort to buying a horrid studio on the Oxford Road or in Whitley after all! :(

I am looking in the villages to the west of Reading. There seem to be some ok houses around the 200 -250 mark. Some 'optomistic' pricing though

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I am looking in the villages to the west of Reading. There seem to be some ok houses around the 200 -250 mark. Some 'optomistic' pricing though

I guess that confirms what I thought had been going on with the prices so much around the school.it really is depressing!! I had a chat with an EA who said that the ME catchment area put at least £25k onto the asking price of a small 3 bed detached there and some.I have been reading that this may be a temporary blip & that HP may settle down again over the summer.Lets hope so.

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I agree - Reading is expensive even considering the job job prospects and fast trains to London.

However...I don't think things are quite as rosy as it may look.

Two local issues I note:

1. I am renting a really nice flat near Lower Earley/ Shinfield. The landlord is trying to put up the rent but we are having none of it because we know he owns another flat in the same block that has been empty for 6 months at the same price he wants us to pay (it is a better flat as well).

The newly inflated asking price is £50 pcm LOWER than it was 18 months ago when I first moved in.

He has recently put the other flat up for sale as well as rent. Bad cash flow situation, possibly?

2. I cannot believe how many new-build developments there are in the South Reading area. These are the ones I know about/have visited recently.

Shinfield Park

Also that new one they are starting opposite Shinfield park, Baeumont or something.

Aragon Park and that MASSIVE lot they have built in Shinfield next to l'Ortolan restaurant.

Pearmans Croft in Shinfield by the Black Boy.

There is a Redrow development in Aborfield can't remember the name.

Also some smallish developments in Spencers Wood.

And I know there are a couple of random developments around the area built by TRY homes.

That's just the South Reading area.

Also there are massive new developments in (Kennet Heath etc) in the A4/Thatcham area. While noone wants to live in Thatcham it's so much cheaper that you could get an extra two bedrooms for your money.

Also there are several large developements in Newbury e.g the racecourse one.

I know there is some stuff in Caversham and Tilehurst as well.

Undersupply my @ss.

Oh, and most of them I stopped in at said they complete building this Summer. I don't see how this won't vastly increase the local supply.

AS

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I think Moggy/Zag2me hit the nail on the head - catchment areas.

There is no oversupply in West Reading (Prospect/Denefield :( catchment) or South Reading (Ryeish Green/Reading girls/TBC, etc :o catchments).

On the other hand, prices and demand in ME, Piggott and Waingells catchment areas are sky high!

Highdown is fast on its way down since all those council estate overflows from London were moved into Lower Caversham, and so are the prices there!

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I think Moggy/Zag2me hit the nail on the head - catchment areas.

There is no oversupply in West Reading (Prospect/Denefield :( catchment) or South Reading (Ryeish Green/Reading girls/TBC, etc :o catchments).

On the other hand, prices and demand in ME, Piggott and Waingells catchment areas are sky high!

Highdown is fast on its way down since all those council estate overflows from London were moved into Lower Caversham, and so are the prices there!

I'm looking at 3 bed semi's in the woodley/earley/twyford area and find that quality is selling fairly quickly - sometime within days. The EA's don't return calls and certainly aren't chasing me to view places, so they're clearly not short of cash-in-hand buyers. Maybe it's just the spring madness...

I'm staggered by the price of flats (or 'luxury appartments') around here - there are two bed flats on at 275k, which would buy you a 3 bed semi with a huge garden. Talk about vulnerable in a downturn...

Fingers

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There is no oversupply in West Reading (Prospect/Denefield :( catchment) or South Reading (Ryeish Green/Reading girls/TBC, etc :o catchments).

oops.. I think I meant that there IS oversupply in these areas!

Fingers, I've also noticed that properties are being sold fast in these areas. Twyford in particular seems to be in high demand. Occasionally one sees something worthwhile in North Woodley, but be careful because some parts of Woodley can be dodgy.

Strangely, Maidenhead's prices don't seem to be rising quite as fast and there are also good schools and Paddington/Reading train links there. Woodlands park looks ok - its a little cheaper because of the airfield, I think.

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oops.. I think I meant that there IS oversupply in these areas!

Fingers, I've also noticed that properties are being sold fast in these areas. Twyford in particular seems to be in high demand. Occasionally one sees something worthwhile in North Woodley, but be careful because some parts of Woodley can be dodgy.

Strangely, Maidenhead's prices don't seem to be rising quite as fast and there are also good schools and Paddington/Reading train links there. Woodlands park looks ok - its a little cheaper because of the airfield, I think.

Yeah - the new builds are hilarious. I got a call about 'Eldon Place' the other day, they promoted it as a devlopment of large upmarket 2 bed flats, but the reality is they are poky, small, 1.5 bed, next to a main road (Kings Road) and stupidly priced. The brochure they sent me did not even have costs on it - they must have been embarrassed....all these 'luxury new builds' are all going up on crappy land next to main roads....and do not get me started on 'kings reach' by Tescos. I regularly hear people laughing at them as we go past them on the way to london

You can get something like this

http://www.rightmove.co.uk/viewdetails-115...pa_n=1&tr_t=buy

for less money than the crappy flat

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Lotes of houses unsold since Nov have started to sell (200 to 240k range) and asking prices have shot up over the last few weeks. Many of the recently build flats are now sold/let

There is obviously a demand but where from? There doesnt seem to be any employment hotspots for incoming buyers/tenants. Although there is a fast growing immigrant population, mostly eastern european, they would not generally be able to afford the prices/rents on these particular properties.

Only around 8% (questimate) are "no onward chain", BTL selling up? or otherwise empty properties, and I am aware that there are alot of houses/flates unoccupied for various reasons, but this would not account for the total activity.

I can only conclude the local population is expanding quickly, but how much of this is self fueling or sustainable? I do not see the growth in employment infrastructure to keep this trend going, and as everybody in Reading knows there are new developments especially flates everywhere. RBC are even looking at the possibility of congestion charges! (Reading evening post last night)

I believe this will turn around quickly as soon as an economic downturn gets under way. Infact exactly the same situation as 1989, but this time it has dragged on much longer than many predicted. I am not looking forward to, what I believe, an inevitable economic slump. :(

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I am definitely starting to lose heart and any hope of there ever being reasonable falls in prices. Maybe we will all have to resort to buying a horrid studio on the Oxford Road or in Whitley after all! :(

Oi! thats what I did :lol:

I decided a while back I wasnt going to hedge my bets on a house price crash. It's in a nice area and will do for now, but the market is rising especially in 2 - 3 bedroom houses. Cant see it slowing down until after the summer.

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oops.. I think I meant that there IS oversupply in these areas!

Fingers, I've also noticed that properties are being sold fast in these areas. Twyford in particular seems to be in high demand. Occasionally one sees something worthwhile in North Woodley, but be careful because some parts of Woodley can be dodgy.

Strangely, Maidenhead's prices don't seem to be rising quite as fast and there are also good schools and Paddington/Reading train links there. Woodlands park looks ok - its a little cheaper because of the airfield, I think.

If you take a look at the latest Nationwide quarterly report you will see that prices in Windsor and Maidenhead are falling 5% Y.O.Y. I live and work in the area ..... lots of FOR SALE boards .. some seem to sell but the majority are just hanging around month after month.

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Oi! thats what I did :lol:

I decided a while back I wasnt going to hedge my bets on a house price crash. It's in a nice area and will do for now, but the market is rising especially in 2 - 3 bedroom houses. Cant see it slowing down until after the summer.

What did you buy zag2me? I lived in West Reading for a while and really liked the area. Not too sure about Whitley though.

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What did you buy zag2me? I lived in West Reading for a while and really liked the area. Not too sure about Whitley though.

I got a studio flat in lower earley. Cost 85k 1 year ago. Will do for now, but im looking at getting a 2 bedroom place in the future.

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Not sure if anyone else has noticed, but the sea of "SOLD" signs that were up around Reading are being replaced by an equally large sea of "TO LET" signs. (BTW Has anyone noticed that here and there some prankster has been inserting the letter "i" to read "TOiLET?")

No secrets as to who has been doing all the buying! I am hoping that those "To Let" signs stay up for a long, long time.....followed by a dearth of "FOR SALE" signs again. Wishful thinking????

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On the rental front. I have successfully (and easily) defeated the attempt at rent increase.

Can't be bothered to argue for a decrease though.

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Not sure if anyone else has noticed, but the sea of "SOLD" signs that were up around Reading are being replaced by an equally large sea of "TO LET" signs. (BTW Has anyone noticed that here and there some prankster has been inserting the letter "i" to read "TOiLET?")

No secrets as to who has been doing all the buying! I am hoping that those "To Let" signs stay up for a long, long time.....followed by a dearth of "FOR SALE" signs again. Wishful thinking????

Yeah, it is the BTL crowd again. The flats in my block went 'sold' to 'To Let' within a week. Rental prices are definately dropping though so should be interesting over the longer term. I reckon just .5% on IRs would screw over most of the deals done since 2003 :-)

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Did you see the BBC news last night?

They featured Reading because of its housing shortages. There was a great quote from a women "Everybody wants a house, you cant get a 3 bed house in Reading without someone getting reposessed or dieing!"

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Did you see the BBC news last night?

They featured Reading because of its housing shortages. There was a great quote from a women "Everybody wants a house, you cant get a 3 bed house in Reading without someone getting reposessed or dieing!"

I think that's only true for certain areas. In some parts, (Newtown, Tilehurst, Oxford Rd) houses don't seem to be selling at all whereas everything (small) is being snapped up (by said BTLs) in Uni, Earley, etc.

I don't know if anyone else has noticed this but it seems that the Tilehurst area is becoming more & more undesirable but Whitley (!!) seems to be picking up for some reason - well, in house prices at least! Does anyone know why? Maybe as a result of its name being changed by EAs to "University borders"?

Edited by FedupTeddiBear

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  • 335 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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