HOUSE prices dropped more than average for the South East in Reading in February, new figures show.

The drop contributes to the longer-term trend, which has seen property prices in the area suffer a 3.5 per cent annual decline.

The average Reading house price in February was £286,332.98, Land Registry figures show – a 1.3 per cent decrease on January.

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Over the month, the picture was worse than that across the South East, where prices decreased 0.4 per cent, and Reading underperformed compared to the 0.62 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 65th among the South East’s 67 local authorities for annual growth.

The best annual growth in the region was in East Hampshire, where properties increased on average by 4.75 per cent, to £376,000. At the other end of the scale, properties in Lewes dropped 4.1 per cent in value, giving an average price of £318,000.

Winners and Losers

Owners of semi-detached houses fared worst in Reading in February – they dropped 1.6 per cent in price, to £362,167.42 on average. Over the last year, prices dropped by 2.7 per cent.

Among other types of property:

• Detached: down 1.5 per cent monthly; down 3.1 per cent annually; £582,222.96 average

• Terraced: down 1.3 per cent monthly; down 2.3 per cent annually; £286,743.6 average

• Flats: down 1.1 per cent monthly; down 5.2 per cent annually; £207,771.49 average

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First steps on the property ladder

First-time buyers in Reading spent an average of £257,000 on their property – £10,000 less than a year ago, and £34,000 more than in February 2015.

By comparison, former owner-occupiers paid £321,000 on average in February – 24.9 per cent more than first-time buyers.

How do property prices in Reading compare?

Buyers paid 10.9 per cent less than the average price in the South East (£321,000) in February for a property in Reading. Across the South East, property prices are high compared to those across the UK, where the average cost £230,000.

The most expensive properties in the South East were in Elmbridge – £594,000 on average, and 2.1 times as much as in Reading. Elmbridge properties cost 2.9 times as much as homes in Southampton (£203,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea, where the average February sale price of £1.3 million could buy 15 properties in Burnley (average £85,000).


Average property price in February

• Reading: £286,332.98

• The South East: £321,329.36

• UK: £230,331.55

Annual growth to February

• Reading: -3.5 per cent

• The South East: +0.4 per cent

• UK: +1.1 per cent

Best and worst annual growth in the South East

• East Hampshire: +4.8 per cent

• Lewes: -4.1 per cent