Date Published 15 March 2023
Since November 2022 we have seen a decrease in house prices but this might be due to the great increase in prices from the previous year. Recent data released by the government from Land Registry on January 18th shows the difference in prices from November 2021 and November 2022.
In the Wokingham Borough of Berkshire house prices went up a staggering 12.2% taking the average house prices from £467,485 to £542,705. This was the biggest increase in Berkshire with Bracknell Forest close behind with a 11.1% increase taking the original £365,961 up to £406,581. Closer to home the Reading Borough saw an average figure of £308,815 in November 2021 rise to £328,552.
Across England the start of the decrease in property value was seen from October 2022 to November 2022. The result of this was November 2022 average house prices in England increased by 10.9% which was down from the 13.0% compared to the October. Even when comparing Reading to across the UK, the area is above the UK average with a typical property value in the nations reaching £294,329 in December.
Property website Zoopla has recently said that sellers are discounting asking prices by an average of 4.5%, or £14,000, to try to reach a sale. This suggest that this levelling out of asking prices was due to sellers pricing their properties fairly at the first time of asking.
Due to all of these figures we in Reading and the rest of England are set for house prices to decrease in the forthcoming months. This is a combination of a slight dip in the average mortgage rates and also from the great increase in prices of 2022.