Located 40 miles off London, Reading is a university town found on the River Thames. It is one of the fastest-growing cities in the UK and a property hotspot. Most people prefer buying property in this town because of its location, economy, and the rental demand.
If you plan to invest in property, you should hire a licensed conveyancing solicitor in Northampton should help you in the shortest time without any issues. Here we look at some trends in conveyancing you should watch out for if you’re buying property for the first time.
Property prices in Reading
In the last 12 months, the average property price in Reading is £444,041. You can find different property offers in this university town, and each property has a price. Here is a breakdown of property prices in Reading:
– Flats: £236,657
– Terraced: £340,998
– Detached: £737,446
– Semi-detached: £446,760
According to Rightmove, most of the property sold in Reading for the last 12 months was terraced. Sold prices in this city for 2021 were similar to 2020 and at least 6% up from the 2019 peak of £371,198.
The Reading house prices are at least 40% higher than the national average, according to the report from Zoopla. It will cost you around £396 to buy a square-foot property in Reading. The UK national average is £282.
Reading has been a property hotspot for most property investors for many reasons like good schools, M4, and ideal proximity to London city.
Rental demand in Reading
Property prices in Reading have been increasing significantly in the past three years. The demand for commercial and residential property will continue growing in the next few years. With the population of Reading expected to grow by at least 6.4% by 2026, the South East will be home to more than 10 million citizens.
As the population in this side of the UK increases, so will the demand for rental property. The need for homeowners and tenants will increase significantly in the South East. Towns like Reading and Berkshire are already adjusting and regenerating to meet such changes.
The average rent in Reading is currently at £1,387 per month. By investing in this city, you should expect to earn an average of £832 PCM for a one-bed house and £1,346 PCM for a three-bed home. The property letting yield in Reading ranges between 4.6% and 4.9%. This makes the town one of the ideal places to invest in a rental property for higher returns.
Why invest in Reading property
Connectivity and transport links
Reading is 40 minutes from the famous Heathrow Airport and 30 minutes from London. The M4 is also closer to the town, and the new Elizabeth line is set to open soon. This development makes it easier to commute to London without changing trains.
World-class university
Reading is home to the famous University of Reading. The university attracts at least 19,000 students from different countries yearly. The university makes Reading the ideal place you want to invest in student rental.
Young professional population
Reading has one of the highest student populations in the UK. Every year hundreds of graduates enter the job market, forming part of the young professional population in the city. There are plenty of job opportunities in Reading, which opens doors to those intending to invest in rental property here.
Final Thoughts
Reading is a significant property hotspot in southern England. The property price in this town has been increasing given the increasing rental demand and population. If you’re planning to buy property in the UK, you should hire a conveyancing solicitor to help you go through the legal process.
