Reading house prices increased more than South East average in October

The boost contributes to the longer-term trend, which has seen property prices in the area achieve 3.3 per cent annual growth.

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The average Reading house price in October was £300,968, Land Registry figures show – a 1.8 per cent increase on September.

Over the month, the picture was better than that across the South East, where prices increased 0.4 per cent, and Reading outperformed the 0.7 per cent rise for the UK as a whole.

Over the last year, the average sale price of property in Reading rose by £9,700 – putting the area 44th among the South East’s 74 local authorities for annual growth.

The best annual growth in the region was in South Oxfordshire, where property prices increased on average by 9.9 per cent, to £453,000.

At the other end of the scale, properties in Spelthorne lost 3.1 per cent of their value, giving an average price of £358,000.

Winners and Losers

Owners of detached houses saw the biggest improvement in property prices in Reading in October – they increased 2.4 per cent, to £623,152 on average. Over the last year, prices rose by 5.9 per cent.

Among other types of property:

Semi-detached: up 1.9 per cent monthly; up 4.8 per cent annually; £384,189 average

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Terraced: up 1.8 per cent monthly; up 4.1 per cent annually; £303,022 average

Flats: up 1.6 per cent monthly; up 0.7 per cent annually; £214,374 average

First steps on the property ladder

First-time buyers in Reading spent an average of £268,800 on their property – £7,100 more than a year ago, and £23,100 more than in September 2015.

By comparison, former owner-occupiers paid £339,500 on average in October – 26.3 per cent more than first-time buyers.

How do property prices in Reading compare?

Buyers paid 10.8 per cent less than the average price in the South East (£337,000) 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 £245,000.

The most expensive properties in the South East were in Elmbridge – £623,000 on average, and 2.1 times as much as in Reading. Elmbridge properties cost 2.9 times as much as homes in Southampton (£212,000 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 £1.3 million could buy 14 properties in Burnley (average £93,000).

Factfile

Average property price in October

Reading: £300,968

The South East: £337,412

UK: £245,443

Annual growth to October

Reading: +3.3 per cent

The South East: +4.7 per cent

UK: +5.4 per cent

Best and worst annual growth in the South East

South Oxfordshire: +9.9 per cent

Spelthorne: -3.1 per cent