Category: News, Residential

Date posted: July 10, 2024

Author: Haslams

Haslams Residential Sales Market Insight Report for Reading Q2 2024 Thumbnail

Haslams Residential Sales Market Insight Report for Reading Q2 2024

Sales activity increases with no pre-election slowdown

The Reading sales market is flourishing with activity even if prices are broadly flat or slightly down year-on-year. The numbers tell the story: while the supply of homes increased by 6%, At Haslams, we listed 26% more homes for sale and registered 32% more buyers than in the same period last year. This reflects strong demand below £400,000 and a pent-up desire from younger buyers to leave the rental sector and buy a home with people moving from Uxbridge and Middlesex into Reading.

Mortgage rates are critical and influential. The higher the price of the home, the more mortgage rates affect purchasing power, and the top of the market has been slower. Large portions of buyers have accepted the ‘5% normal’ but buyers now have more choice than in January and a cut in the Bank of England base rate would be extremely welcome in August.

More investors are in the market compared to last year. Gross yields on investment properties or with tenants in situ are between 6% and 7%.

View our Lettings report here.

Chris Cullity
Head of Residential Sales

Buyer Demand

1,033
buyers registered
6
viewings per property
6
offers per deal
32%
increase in registered buyers YoY
97.55%
sold vs asking price

(Haslams internal data Q2 2024)


Supply of Homes for Sale

2,015
properties for sale
+6%
vs last year

(Rightmove data for Reading area Q2 2024)


Haslams Buyer Profiles

15%
cash
85%
mortgage

46%
first-time buyers
43%
families
11%
investors

(Haslams internal data Q2 2024)


Haslams Price Index

(Year-on-year Q2 2024 vs Q2 2023)

Town Centre Apartments -3.85%
Town Centre +8.16%
Caversham -2.65%
Woodley -0.79%
Earley/Lower Earley -1.44%
West Reading -0.84%
Calcot/Tilehurst -1.58%
Shinfield/Spencers Wood -2.06%

National House Prices

Year-on-year

Halifax (Mar 24) +1.6%
Nationwide (Mar 24) +1.5%
Land Registry (Feb 24) +1.1%
HMRC Transactions (Feb 24) +17%
BoE Mortgages (Q4 2023) +31%

Latest instructions

Carvell House, RG4
£1,250,000
4 bed, 3 bath house
Impressive family home
View property >

Benyon Mews
£380,000
2 bed, 2 bath apartment
Well-presented townhouse
View property >


Download Haslams Q2 2024 Residential Sales Report as a PDF