House prices dropped more than average for the South East in Reading in October, new figures show.
The drop contributes to the longer-term trend, which has seen property prices in the area suffer a 4.2 per cent annual decline.
The average Reading house price in October was £290,281, Land Registry figures show – a 1.8 per cent decrease on September.
Over the month, the picture was worse than that across the South East, where prices decreased 0.8 per cent, and Reading underperformed compared to the 0.7 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 62nd among the South East’s 67 local authorities for annual growth.
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The best annual growth in the region was in the Isle of Wight, where properties increased on average by 6.4 per cent, to £229,000. At the other end of the scale, properties in South Bucks dropped 11.3 per cent in value, giving an average price of £558,000.
Winners and Losers
Owners of flats fared worst in Reading in October – they dropped 2.8 per cent in price, to £210,052 on average.
Over the last year, prices dropped by 6.3 per cent.
Among other types of property:
Detached: down 1.2 per cent monthly; down 3.3 per cent annually; £591,100 average
Semi-detached: down 0.9 per cent monthly; down 2.7 per cent annually; £368,290 average
Terraced: down 1.6 per cent monthly; down 3.3 per cent annually; £290,764 average
First steps on the property ladder
First-time buyers in Reading spent an average of £ 260,000 on their property – £13,000 less than a year ago, and £44,000 more than in October 2014.
By comparison, former owner-occupiers paid £ 326,000 on average in October – 25.2 per cent more than first-time buyers.
How do property prices in Reading compare?
Buyers paid 10.3 per cent less than the average price in the South East (£323,000) in October for a property in Reading. Across the South East, property prices are high compared to those across the UK, where the average cost £233,000.
The most expensive properties in the South East were in Elmbridge – £605,000 on average, and 2.1 times as much as in Reading. Elmbridge properties cost 2.9 times as much as homes in Southampton (£207,000 average), at the other end of the scale.
The highest property prices across the UK were in Kensington and Chelsea, where the average October sale price of £1.2 million could buy 14 properties in Burnley (average £87,000).
Factfile
Average property price in October
Reading: £290,281
The South East: £323,438
UK: £232,944
Annual growth to October
Reading: -4.2 per cent
The South East: -0.3 per cent
UK: +0.7 per cent
Best and worst annual growth in the South East
The Isle of Wight: +6.4 per cent
South Bucks: -11.3 per cent
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