June saw a 1.2% jump in the average house price in Reading, bringing it to £323,920. This mini-boom outpaced both the South East average of 1% and the UK average of 0.5%.

However, remember this:

• Prices are still down 1.4% compared to June 2022. This equates to a £4,400 drop in value for the average Reading property.
• Out of 64 areas in the South East, Reading ranks a lowly 46th in terms of annual price growth.
• Oxford takes the crown for price rises, boasting a 10.3% increase over the year, with an average price of £470,000.

What does this mean for buyers and sellers?

Sellers might be encouraged by the recent increase, but it’s important to keep the bigger picture in mind. Buyers, on the other hand, might see this as a good opportunity to get a foot on the property ladder before prices potentially climb higher.

First-time buyers are still feeling the pinch:

• The average price for a first-time buyer in Reading is £290,100. That’s a whopping £25,300 more than in June 2019.
• Former owner-occupiers are shelling out significantly more, with an average purchase price of £364,000 in June.

Flats are leading the charge:

Flats in Reading saw the most significant monthly price increase, up 1.5% to an average of £227,525. However, they’re still down 1% compared to last year.

Here’s a quick look at other property types:

• Detached: Up 0.6% monthly, down 2.9% annually. Average price: £659,817
• Semi-detached: Up 0.8% monthly, down 1.3% annually. Average price: £416,058
• Terraced: Up 1.4% monthly, down 1.5% annually. Average price: £328,808

Reading vs. the rest:

• Reading house prices are 15.3% lower than the South East average of £383,000.
• Elmbridge is the priciest area in the South East, with an average house price of £652,000 – double that of Reading.
• At the other end of the spectrum, Gosport offers the most affordable homes, with an average price of £243,000.

Key takeaways:

• The Reading property market is showing signs of recovery, but it’s too early to call it a boom.
• Prices are still down from last year, but the recent rise could indicate a shift in the market.
• Buyers and sellers should carefully consider their options and seek expert advice before making any decisions.