HOUSE prices dropped by 1.1 per cent in Reading in November, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area achieve 1.7 per cent annual growth.

The average Reading house price in November was £294,386, Land Registry figures show – a 1.1 per cent decrease on October.

Over the month, the picture was worse than that across the South East, where prices increased 1.2 per cent, and Reading underperformed compared to the 1.2 per cent rise for the UK as a whole.

Over the last year, the average sale price of property in Reading rose by £4,900 – putting the area 66th among the South East’s 70 local authorities for annual growth.

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The best annual growth in the region was in Cherwell, where property prices increased on average by 11.2 per cent, to £309,000. At the other end of the scale, properties in Oxford gained 0.1 per cent in value, giving an average price of £421,000.

Winners and Losers

Owners of flats fared worst in Reading in November – they dropped 1.4 per cent in price, to £209,185 on average. Over the last year, prices dropped by 1 per cent.

Among other types of property:

  • Detached: down 0.9 per cent monthly; up 3.9 per cent annually; £609,673 average
  • Semi-detached: down 1.1 per cent monthly; up 2.9 per cent annually; £375,966 average
  • Terraced: down 1 per cent monthly; up 2.8 per cent annually; £296,927 average

First steps on the property ladder

First-time buyers in Reading spent an average of £262,900 on their property – £2,900 more than a year ago, and £12,800 more than in October 2015.

By comparison, former owner-occupiers paid £332,200 on average in November – 26.3 per cent more than first-time buyers.

How do property prices in Reading compare?

Buyers paid 14 per cent less than the average price in the South East (£342,000) in November for a property in Reading.

Across the South East, property prices are higher than those across the UK, where the average cost £250,000.

The most expensive properties in the South East were in Elmbridge – £621,000 on average, and 2.1 times as much as in Reading. Elmbridge properties cost 2.9 times as much as homes in Southampton (£213,000 average), at the other end of the scale.

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The highest property prices across the UK were in Kensington and Chelsea, where the average November sale price of £1.5 million could buy 16 properties in Blaenau Gwent (average £95,000).


Average property price in November

Reading: £294,386

The South East: £342,271

UK: £249,633

Annual growth to November

Reading: +1.7 per cent

The South East: +6.2 per cent

UK: +7.6 per cent