House prices continue rise

NEW research shows that while Wokingham and Reading’s house prices have increased during the pandemic, their overall rise is below the national average.

On Monday, estate agent comparison site, GetAgent.co.uk, revealed that since the start of the pandemic in January 2020, UK house prices have climbed by a huge 23.5%.

But in Wokingham borough, there was only a 19.3% increase, taking the average house price from £412,474, up to £491,894.

Reading’s average increased by 11.3%, with prices rising from £289,952, up to £322,839.

These are still above the national average house prices. In January 2020, this stood at £231,940, rising to £286,397.

The City of Westminster is the only area to have seen a decline at -6.4%.

And while the market has been moving at a rate of knots, there are now signs that it is starting to slow - over the last year, the average UK house price has increased by just 2.2%, which is a considerably lower rate of growth when compared to the wider pandemic period.

Reading is currently above average. In April this year, the average price was £313,376, but in June it was £322,839, an increase of 3.0%, making it a property hotspot.

Co-founder and CEO of GetAgent.co.uk, Colby Short, said: “We’ve seen a phenomenal rate of house price growth since the start of the pandemic and this is yet to subside, although we are now seeing signs that the market is starting to return to normality.

“Of course, not everywhere has benefited to the same extent and there are a whole host of areas that have really underperformed during the recent housing market boom.

“However, over the last year, we’re now seeing signs that some of these

underperformers are ascending through the ranks to post some very strong rates of annual house price growth while the rest of the market has shifted down a gear or two.

“These are the ones to watch, as these local markets simply haven’t overinflated to the same degree and so there is plenty of potential for house prices to climb while the rest of the market moves at a far more measured pace.”