HOUSE prices dropped in Reading in June, new figures show.
The drop contributes to the longer-term trend, which has seen property prices in the area suffer a 2.4 per cent annual decline.
The average Reading house price in June was £287,467, Land Registry figures show – a 1.4 per cent decrease on May.
Over the month, the picture was worse than that across the South East, where prices increased 1.6 per cent, and Reading underperformed compared to the 0.7 per cent rise for the UK as a whole.
Over the last year, the average sale price of property in Reading remained level – putting the area 64th among the South East’s 68 local authorities for annual growth.
The best annual growth in the region was in Test Valley, where properties increased on average by 9.2 per cent, to £349,000.
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At the other end of the scale, properties in Eastbourne dropped 5.0 per cent in value, giving an average price of £232,000.
Winners and Losers
Owners of flats fared worst in Reading in June – they dropped 1.9 per cent in price, to £206,132 on average.
Over the last year, prices dropped by 4.5 per cent.
Among other types of property:
- Detached: down 1.5 per cent monthly; down 1.3 per cent annually; £586,370.688 average
- Semi-detached: down 1.1 per cent monthly; down 1.1 per cent annually; £365,976 average
- Terraced: down 1.1 per cent monthly; down 1.4 per cent annually; £289,337 average
First steps on the property ladder
First-time buyers in Reading spent an average of £257,800 on their property – £7,000 less than a year ago, and £25,500 more than in June 2015.
By comparison, former owner-occupiers paid £322,600 on average in June – 25.2 per cent more than first-time buyers.
How do property prices in Reading compare?
Buyers paid 12.2 per cent less than the average price in the South East (£328,000) in June for a property in Reading.
Across the South East, property prices are high compared to those across the UK, where the average cost £238,000.
The most expensive properties in the South East were in South Bucks – £592,000 on average, and 2.1 times as much as in Reading. South Bucks properties cost 2.9 times as much as homes in Gosport (£205,000 average), at the other end of the scale.
The highest property prices across the UK were in Kensington and Chelsea, where the average June sale price of £1.4 million could buy 15 properties in Burnley (average £92,000).
Factfile
Average property price in June
Reading: £287,467
The South East: £327,558
UK: £237,834
Annual growth to June
Reading: -2.4 per cent
The South East: +2.1 per cent
UK: +3.4 per cent
Best and worst annual growth in the South East
Test Valley: +9.2 per cent
Eastbourne: -5.0 per cent
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