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25 Sep 2015

More than half of Reading’s buyers want apartments not houses

Author: Richard Chambers

With significant investment in business and transport infrastructure and the creation of Green Park Village to the south, the appetite for new build homes in Reading is considerable. Romans explores the market further, looking at who is buying property in Reading and what type of property they actually want.

“The population of Reading Borough grew by 1% to 160,825 in 2014, compared to 2013, and with more businesses moving to the area and the imminent arrival of Crossrail we’re expecting this trend to continue over the next few years” comments Richard Chambers, Lettings Manager at Romans Reading.

With demand already outweighing supply new build house prices have increased by 29% in the last 12 months, outperforming existing homes which increased by an average of 9% in the same period. Interestingly, approximately 55% of buyers want apartments, and fortunately, of the new builds with planning permission granted between 2010 and 2015, 81% are flats.

The fantastic local amenities, coupled with its commutability, make Reading an ideal place for first time buyers, who can not only benefit from the Government’s Help to Buy schemes, but from December 2015 they can also make use of the Help to Buy ISA’s for property purchases up to £250,000, of which 55% of the new build properties sold across Reading since 2013 were. However, first time buyers continue to compete with property investors, and with more than a quarter of Reading’s residents renting from a private landlord or lettings agency, it’s clear the buy-to-let market in Reading is buoyant.

Richard adds: “Our most recent new homes development in Reading was Sussex House, a 26-unit scheme of one, two and three bedroom apartments with panoramic views over Market Place and The Forbury. Every single apartment received an offer on the day of the launch in August, and within days the entire development had sold out, with 85% of the apartments selling to investors.”

A combination of low mortgage rates, strong rental yields and positive capital growth means property investment has become a viable option for many. And Romans has recently experienced a surge in interest from both investors and tenants looking to buy and rent in Reading. With Green Park Village and Station Hill being granted planning permission for an additional 1,500 homes, the buy-to-let market in Reading is one to watch: “With property prices continuing to surge, many of our landlords have already seen substantial capital growth on properties they bought just 18 months ago” adds Richard.

Reading Report

To find out more about the Reading property market and discuss viable buy-to-let investment options, arrange an appointment with the experienced lettings team on 0118 953 8710, or email readinglettings@romans.co.uk

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