HOUSE prices increased slightly in Reading in September, new figures show.
But the boost does not reverse the longer-term trend, which has seen property prices in the area suffer a 2.2 per cent annual decline.
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The average Reading house price in September was £296,625, Land Registry figures show – a 0.3 per cent increase on August.
Over the month, the picture was less good than that across the South East, where prices increased 1 per cent, and Reading outperformed the 0.2 per cent drop for the UK as a whole.
Over the last year, the average sale price of property in Reading remained level – putting the area 53rd among the South East’s 67 local authorities for annual growth.
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The best annual growth in the region was in Ashford, where properties increased on average by 6 per cent, to £311,000.
At the other end of the scale, properties in West Oxfordshire dropped 5.4 per cent in value, giving an average price of £319,000.
Winners and Losers
Owners of flats saw the biggest improvement in property prices in Reading in September – they increased 0.7 per cent, to £217,621 on average– but over the last year, prices dropped by 2.9 per cent.
Among other types of property:
- Detached: up 0.1 per cent monthly; down 2.0 per cent annually; £599,514 average
- Semi-detached: remained level over the month; down 1.7 per cent annually; £372,351 average
- Terraced: up 0.3 per cent monthly; down 1.8 per cent annually; £295,676 average
First steps on the property ladder
First-time buyers in Reading spent an average of £ 266,600 on their property – £6,400 less than a year ago, and £52,100 more than in September 2014.
By comparison, former owner-occupiers paid £331,900 on average in September – 24.5 per cent more than first-time buyers.
How do property prices in Reading compare?
Buyers paid 9.9 per cent less than the average price in the South East (£329,000) in September for a property in Reading.
Across the South East, property prices are high compared to those across the UK, where the average cost £234,000.
The most expensive properties in the South East were in South Bucks – £609,000 on average, and 2.1 times as much as in Reading.
South Bucks properties cost 2.9 times as much as homes in Gosport (£209,000 average), at the other end of the scale.
The highest property prices across the UK were in Kensington and Chelsea, where the average September sale price of £1.2 million could buy 15 properties in Burnley (average £85,000).
Factfile
Average property price in September
Reading: £296,625
The South East: £329,197
UK: £234,370
Annual growth to September
Reading: -2.2 per cent
The South East: +0.7 per cent
UK: +1.3 per cent
Best and worst annual growth in the South East
Ashford: +6.0 per cent
West Oxfordshire: -5.4 per cent
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