streamingfreedom Posted February 22, 2016 Share Posted February 22, 2016 Reading is like Luton a mass stampeed out of London god knows where it will end ... Yep. I wonder who is taking their places in London? Perhaps they are all empty investment properties? Was in Chessington the other day and noticed 3 bed semis are 600 - 800K, for average ones. Quote Link to comment Share on other sites More sharing options...
Nabby81 Posted February 24, 2016 Share Posted February 24, 2016 Yep. I wonder who is taking their places in London? Perhaps they are all empty investment properties? Was in Chessington the other day and noticed 3 bed semis are 600 - 800K, for average ones. It will be the ones selling up for 500k or so article in Standard last week about the hunt for 500k places Problem is those leaving London now have so much cash that prices that seem mad to us seem reasonable to them .A friend of a friend in Luton is selling a 2 bed flat they were going for around £130k a year ago he was told to go to £160 by one agent next agent said £185 and sad thing is will likely sell. Also if its a couple working in London commuting from Luton is going to cost them aroudn 10k a year if using tubes , I'd imagine the Xrail fares are around that too. Quote Link to comment Share on other sites More sharing options...
Barnsey Posted February 24, 2016 Share Posted February 24, 2016 Several work colleagues now almost in a race to find the last few houses for sub £350k in Berkshire, all eyes on High Wycombe now after places like Woodley/Reading/Tilehurst and of course Twyford/Maidenhead have raced ahead. It's all bubbletastic and I'm staying well out of it for now, have given up sharing these views with them as they've got their deposits and really have to buy now before it gets any more expensive, which is on a daily basis at the moment. Chessington has always been bottom of the pile for that area (lived there for 2 years) along with Tolworth and yet prices as you say for an average home now rising above £500k, just shows the virus spreading outwards to anywhere with a train station. Best case for me would be to see homes in Ewell drop from their current 500k levels to back around 250-300k, then I'd be mildly happy to buy. I have to spend time in Reading through work and continuously can't believe the number of homeless people lining the streets compared to many other towns and cities I've been to in the UK and also depressed to see so many deprived kids that look as just as poor as kids I used to see in Glasgow, really feel genuinely sorry for them, grim place, not quite Slough levels but not far off. Just because the town now has an Itsu and a few Starbucks doesn't justify the HPI madness of the place, talk about poor value for money! But it's got a brand new station woohoo, that'll be why prices are rocketing ahead. If prices were around 125-140k for a nice central 2 bed flat I wouldn't be anywhere near as harsh. Quote Link to comment Share on other sites More sharing options...
Bear Hug Posted February 24, 2016 Share Posted February 24, 2016 I am slightly confused about Londoners supposedly buying in Reading. The commute still costs over £3k per year and is at least half an hour (+ another half for getting to/from stations) each way. Are they BTL? But section 24 is coming soon! Quote Link to comment Share on other sites More sharing options...
Nabby81 Posted February 25, 2016 Share Posted February 25, 2016 BTL would account for some I imagine but others the 3k train ticket is worth taking for the price difference ( though it's quickly narrowing ) from London Was article in Standard last week about London buyers in 30's desperately trying to find houses for 500k , and being pushed further and further out as prices keep rising beyond affordability in all but the outer area's of London Quote Link to comment Share on other sites More sharing options...
streamingfreedom Posted February 26, 2016 Share Posted February 26, 2016 Several work colleagues now almost in a race to find the last few houses for sub £350k in Berkshire, all eyes on High Wycombe now after places like Woodley/Reading/Tilehurst and of course Twyford/Maidenhead have raced ahead. It's all bubbletastic and I'm staying well out of it for now, have given up sharing these views with them as they've got their deposits and really have to buy now before it gets any more expensive, which is on a daily basis at the moment. Chessington has always been bottom of the pile for that area (lived there for 2 years) along with Tolworth and yet prices as you say for an average home now rising above £500k, just shows the virus spreading outwards to anywhere with a train station. Best case for me would be to see homes in Ewell drop from their current 500k levels to back around 250-300k, then I'd be mildly happy to buy. I have to spend time in Reading through work and continuously can't believe the number of homeless people lining the streets compared to many other towns and cities I've been to in the UK and also depressed to see so many deprived kids that look as just as poor as kids I used to see in Glasgow, really feel genuinely sorry for them, grim place, not quite Slough levels but not far off. Just because the town now has an Itsu and a few Starbucks doesn't justify the HPI madness of the place, talk about poor value for money! But it's got a brand new station woohoo, that'll be why prices are rocketing ahead. If prices were around 125-140k for a nice central 2 bed flat I wouldn't be anywhere near as harsh. Good analysis of the area. Reading is nothing special at all we've been here 5 years now and it's just getting busier everyday. Price inflation is unprecedented. In Wokingham new build 3 bed semi were 300k just 2.5 years ago now they are 500k. I believe it's peaked though as have noticed high influx of buy to let coming on in the last few weeks. I bloody hope so as my wife insists we buy in the next 12 months "before we get left behind" so I need the slide to start in the next 6 to calm her down a bit Quote Link to comment Share on other sites More sharing options...
Fairyland Posted February 26, 2016 Share Posted February 26, 2016 We were looking from Ealing to Reading and everything is extremely expensive. Burnham, Taplow, Maidenhead and Twyford are really high. Anything decent 400K +. Even Reading, 2 up 2 down in a good areas 400K +. Don't know if Ealing has peaked and others are still rising. Quote Link to comment Share on other sites More sharing options...
Barnsey Posted February 26, 2016 Share Posted February 26, 2016 Yep, anything along the great western mainline is nuts, work colleague who hoped to buy in Maidenhead but gave up had his offer accepted on a 3 bed semi in High Wycombe, not bad value compared to Maidenhead/Reading at 325k but sold for 193k in Dec 08 so could be a long time of negative equity if the predicted HPC reversal happens. Shame as he's a nice guy, but could afford the deposit quite quickly as he lives with his fiance at her Dad's house paying minimal rent. I don't have that luxury so it'll be another couple of years at least until I've scraped a bit together. Quote Link to comment Share on other sites More sharing options...
fandanman Posted March 1, 2016 Share Posted March 1, 2016 Good analysis of the area. Reading is nothing special at all we've been here 5 years now and it's just getting busier everyday. Price inflation is unprecedented. In Wokingham new build 3 bed semi were 300k just 2.5 years ago now they are 500k. I believe it's peaked though as have noticed high influx of buy to let coming on in the last few weeks. I bloody hope so as my wife insists we buy in the next 12 months "before we get left behind" so I need the slide to start in the next 6 to calm her down a bit Good luck with that, the clue is "getting busier every day". The average 3 bed semi around Winnersh, Wokingham, Earley and better parts of Reading are rising by £3000 per month. These semi's were 250k in 2012 and now you won't get much change out of 400k, its madness and unfortunately shows no sign of stopping with another 5 -10% forecast this year. Quote Link to comment Share on other sites More sharing options...
Ducky Posted March 2, 2016 Share Posted March 2, 2016 Good morning everyone, Back on the forum after a while to check how crazy things have become in Reading. I still miss it sometimes (I know it is hard to believe...), miss my former job, the possibility to find everything I need without wasting my time in traffic going aimlessly around town, people driving better... Anyway, enough commiseration already. I was checking Rightmove and I was wondering what are these properties that are marketed to over 60s only.http://www.rightmove.co.uk/property-for-sale/property-39974046.html is it a new government scheme? It sounds like absolute madness to me (actually, it feels like a con) but I guess people must live somewhere. Revealing though that there are so many properties under this scheme, maybe they are struggling to sell at higher prices? Quote Link to comment Share on other sites More sharing options...
Ducky Posted March 2, 2016 Share Posted March 2, 2016 I am checking the are where I used to live (area off Southampton Street) and there are only 6 properties for sale with a maximum asking price set for 450k. in my former road there is only one property for sale, which is very low because it is a popular area despite the atrocious parking problems.Average price for 2 bed seems to be 280K, which is a whopping 100k more than when we left in 2012. Absolutely astonishing. Not sure if they manage to get these prices or not, but it is still a massive increase, not only in terms of raising a deposit, but also raising the stamp duty. I don't know what to say... I read the news from the UK practically every day and it seems that everyone but the truly well off (and those who managed to have good timing in their decision to buy) have been completely shafted. I feel for young people very much. Quote Link to comment Share on other sites More sharing options...
fandanman Posted March 2, 2016 Share Posted March 2, 2016 It is unprecedented, I have never seen house price rises like this outside London. In terms of the comment above regarding groups of homeless kids lining the streets.....utter nonsense. Quote Link to comment Share on other sites More sharing options...
streamingfreedom Posted March 3, 2016 Share Posted March 3, 2016 Average price for 2 bed seems to be 280K, which is a whopping 100k more than when we left in 2012. Absolutely astonishing. Not sure if they manage to get these prices or not, but it is still a massive increase, not only in terms of raising a deposit, but also raising the stamp duty. The sad thing is they are getting those prices for 2 bed houses. It's got to be cash driven not many people can be getting big mortgages for these and as you say raising the stamp duty is hard enough. Quite where all this money is coming from I don't know. Quote Link to comment Share on other sites More sharing options...
Fairyland Posted March 15, 2016 Share Posted March 15, 2016 Very sad Indeed. I know a family whose twins passed Reading boys 11+ Exam Looking to move closer to the school but gobsmacked by prices. 280K is not enough for University area. 2/3BHK terraced houses are upwards of £350K and semis are £400K all plus. I am surprised how people can afford? Quote Link to comment Share on other sites More sharing options...
fandanman Posted March 15, 2016 Share Posted March 15, 2016 280k is not going to buy you much around the university area unfortunately.In that area they are competing with next rung uppers, estabilished BTL'ers and retired amateur BTL'ers I suppose. Quote Link to comment Share on other sites More sharing options...
streamingfreedom Posted March 15, 2016 Share Posted March 15, 2016 280k is not going to buy you much around the university area unfortunately.In that area they are competing with next rung uppers, estabilished BTL'ers and retired amateur BTL'ers I suppose. And they aren't even that nice around there... for 280k a flat is your only option. Quote Link to comment Share on other sites More sharing options...
fandanman Posted March 16, 2016 Share Posted March 16, 2016 I was checking Rightmove and I was wondering what are these properties that are marketed to over 60s only. http://www.rightmove.co.uk/property-for-sale/property-39974046.html is it a new government scheme? It sounds like absolute madness to me (actually, it feels like a con) but I guess people must live somewhere. Revealing though that there are so many properties under this scheme, maybe they are struggling to sell at higher prices? Homewise are linked to Romans, well every property I have seen for the cheap Homewise price are advertised at full price with Romans, they must be getting a kick back. Basically you buy a property at the homewise price and it gets handed back when you snuff it, its like a morbid webuyanycar. I know people may want to free up money in their twilight years but there must be a better way than this Quote Link to comment Share on other sites More sharing options...
streamingfreedom Posted March 16, 2016 Share Posted March 16, 2016 I was checking Rightmove and I was wondering what are these properties that are marketed to over 60s only. http://www.rightmove.co.uk/property-for-sale/property-39974046.html is it a new government scheme? It sounds like absolute madness to me (actually, it feels like a con) but I guess people must live somewhere. Revealing though that there are so many properties under this scheme, maybe they are struggling to sell at higher prices? Homewise are linked to Romans, well every property I have seen for the cheap Homewise price are advertised at full price with Romans, they must be getting a kick back. Basically you buy a property at the homewise price and it gets handed back when you snuff it, its like a morbid webuyanycar. I know people may want to free up money in their twilight years but there must be a better way than this Definitely a better way and that is downsize and pocket the HPI gains tax free. Equity release schemes and the like are a bad idea and prey on people's desire to stay in the home they are attached to, when they can't really afford to. Quote Link to comment Share on other sites More sharing options...
SillyBilly Posted March 16, 2016 Share Posted March 16, 2016 (edited) I've been a follower in this local market since this site was originally setup. I was just a homeless FTB back then moaning about high house prices. How things have changed!! http://www.getreading.co.uk/news/reading-berkshire-news/reading-biggest-house-price-rise-10808139 Glad I bought eventually. Yes. If I was fortunate enough to be in your position (or having bought anywhere in the SE in the last 10 years or so) I'd be strongly considering banking the equity now and going somewhere cheaper. Retirement fund set up. I don't see the point in being too celebratory until the gain is crystallized as this appears to be a massive bubble, it can't repeat performance (could flat-line I guess but going from history, it suggests bubbles always burst rather than deflate). It may have a couple more years or so to run but calling market tops and bottoms is a game most of us lose at IMO. I'd be pretty peeved to say the least if I was sat on £100-200k in equity gain and it disappeared as quickly as it came. That is the biggest bubble screamer for me, sign of a market top when people almost swear blind they can't lose...because every performance metric is telling them they can't. That is like final confirmation. People seem to be getting rich beyond their wildest dreams on a 3 bed semi in Reading...something tells me this isn't going to be pretty long term. Edited March 16, 2016 by SillyBilly Quote Link to comment Share on other sites More sharing options...
fandanman Posted March 16, 2016 Share Posted March 16, 2016 My mum has just done this, sold her 3 bed terrace in Mottingham for 390k and is moving to Spalding, brand new 4 bed detached bungalow 220k. I would agree with you re bubble burst but in 2008 we had the worst financial disaster since the 30's depression and prices round here did not really drop they pretty much stayed stagnant for a while and just took longer to sell. To top it off, since then they have risen 60-70%!! Quote Link to comment Share on other sites More sharing options...
Bear Hug Posted March 27, 2016 Share Posted March 27, 2016 My very rough (obsessive but imprecise) monitoring of current Reading market broken down by distinct types of houses is: Larger over £500k family homes - there are some sold recently Large student type BTL HMOs: over £500k and not moving much Tiny typical Reading terraces: under £250 sell, £300k don't sell Flat's (under £150k) sell even if it's some sort of box Over £150k - I haven't even looked, why would anyone pay this much for a flat?! Rental: going advertised rate for central tiny terrace is £1000 - £1100 Some 6-bed student shitholes advertised for over £2k - I don't see why anyone would pay that Quote Link to comment Share on other sites More sharing options...
fandanman Posted March 29, 2016 Share Posted March 29, 2016 I'e been watching Earley/WInnersh/Wokingham closely and pretty much everything sells immediately 525k buys you a dreary, not very big 4 bed semi box in earley http://www.rightmove.co.uk/property-for-sale/property-40928619.html tiny newish 3 bed semi's in Winnersh 425k ish http://www.rightmove.co.uk/property-for-sale/property-57569285.html http://www.rightmove.co.uk/property-for-sale/property-57431990.html 2 beds in Wokingham 375kish http://www.rightmove.co.uk/property-for-sale/property-37235832.html http://www.rightmove.co.uk/property-for-sale/property-40251870.html http://www.rightmove.co.uk/property-for-sale/property-57466571.html I know they are desirable places to live but cannot believe these prices and they show no sign of even levelling off. Not sure if its people moving out of London or Crossrail but its insane either way. Quote Link to comment Share on other sites More sharing options...
Bear Hug Posted March 29, 2016 Share Posted March 29, 2016 2 beds in Wokingham 375kish http://www.rightmove.co.uk/property-for-sale/property-37235832.html http://www.rightmove.co.uk/property-for-sale/property-40251870.html http://www.rightmove.co.uk/property-for-sale/property-57466571.html I know they are desirable places to live but cannot believe these prices and they show no sign of even levelling off. Not sure if its people moving out of London or Crossrail but its insane either way. Last one of the three in Wokingham makes the least sense. It's tiny. Just doesn't look right, and I mean that considering current bubble and all that. Quote Link to comment Share on other sites More sharing options...
Bear Hug Posted April 1, 2016 Share Posted April 1, 2016 http://www.rightmove.co.uk/property-for-sale/property-56820917.html You can find property in Reading under £100k. Looks like the living room and shower have natural green carpet (outside). 12 m^2 studio is back on the market after being "Sold STC" for a while. No surprises there. New marketing strategy - not showing any internal photos this time. Quote Link to comment Share on other sites More sharing options...
fandanman Posted April 1, 2016 Share Posted April 1, 2016 LOL, can you imagine turning up and not knowing, "you've shown me the broom cupboard, can you show me the actual flat now please" Quote Link to comment Share on other sites More sharing options...
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