House prices increased by 1.3% – more than the average for the South East – in Reading in November, new figures show.
The boost contributes to the longer-term trend, which has seen property prices in the area achieve 6.6% annual growth.
The average Reading house price in November was £311,620, Land Registry figures show – a 1.3% increase on October.
Over the month, the picture was better than that across the South East, where prices increased 0.5%, and Reading outperformed the 1.2% rise for the UK as a whole.
Over the last year, the average sale price of property in Reading rose by £19,000 – putting the area 59th among the South East’s 64 local authorities with price data for annual growth.
The best annual growth in the region was in Hastings, where property prices increased on average by 22.4%, to £276,000. At the other end of the scale, properties in Woking gained just 3.7% in value, giving an average price of £442,000.
Winners and Losers
Owners of detached houses saw the biggest improvement in property prices in Reading in November – they increased 1.8%, to £659,848 on average. Over the last year, prices rose by 9.3%.
Among other types of property:
Semi-detached: up 1.6% monthly; up 8.5% annually; £403,113 averageTerraced: up 1.1% monthly; up 6.3% annually; £312,818 averageFlats: up 1.1% monthly; up 4.8% annually; £218,843 average
First steps on the property ladder
First-time buyers in Reading spent an average of £277,400 on their property – £16,000 more than a year ago, and £7,400 more than in November 2016.
By comparison, former owner-occupiers paid £353,400 on average in November – 27.4% more than first-time buyers.
How do property prices in Reading compare?
Buyers paid 15.6% less than the average price in the South East (£369,000) in November for a property in Reading. Across the South East, property prices are lower than those across the UK, where the average cost £271,000.
The most expensive properties in the South East were in Elmbridge – £692,000 on average, and 2.2 times as much as more than in Reading. Elmbridge properties cost three times as much as homes in Southampton (£233,000 average), at the other end of the scale.
The highest property prices across the UK were in Kensington and Chelsea.
Factfile
Average property price in November
Reading: £311,620The South East: £369,093UK: £270,708Annual growth to November
Reading: +6.6%The South East: +9.6%UK: +10%Best and worst annual growth in the South East
Hastings: +22.4%Woking: +3.7%
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