As one third of millennial's estimate that they may never own their own property, a glimmer of hope may still remain in Reading.
As the average first-time home buyer needs to collect at least £30,000 for a deposit, or over £110,000 for the London area, the overall process for savings can seem nearly impossible. When looking at a wide range of locations across the UK and the types of buyers that are getting into the property market, we start to see a demographic pattern.
Most first-time homebuyers are in their 30s and they are graduates of post secondary education. First-time homebuyers are also interested in finding postcodes that can deliver above-average capital growth within the next five years. These homebuyers are interested in finding areas that have great air quality and broadband internet as well as green spaces, nightlife and amenities. It's difficult to manage all of these options while still maintaining affordability.
Profile on Reading:
Reading is one of the areas that can satisfy all of these conditions while offering affordable property values. Reading has been one of the largest towns for settling in Britain since 1525. This is a hot spot that has excellent schools, close amenities through to local brewers and more. Reading regularly hosts an amazing music festival and there's plenty of fun to be had especially with the football club located close by. The town is growing at a quick rate and this means that first timers that are able to get in with this property market can see sizable increases in their asking price when the time comes to sell.
Perhaps the most intriguing aspect of settling in this area is the homes are quite affordable with newly built homes available for first timers to take advantage of the help to buy offer from the government. These are reasonably priced homes set at £249,000 for a simple one bedroom home.
There's a wide range of recently renovated communities as well. A spot in Thames Valley with Thames Lido offers a grade 2 listed property complete with an open air pool. These units were derelict in the 1970s and have since been redone in 2017. This is the perfect spot to mingle amongst gardens while enjoying a fresh seafood dinner. The Harris Arcade has been another hotspot with independent stores for vinyl, fresh cheese and other wares. Broad Street also offers plenty of amenities for an almost endless shopping trip.
Reading nightlife is also quite well-known, there's proper British pubs including the Nag’s Head, The Brewdog for excellent craft beer and the Purple Turtle for an outdoor patio. The Riverside has plenty of dining spots that are easy on a student wallet and relaxed. Three-bedroom terraces along the red brick lined streets in this core area go for just £295,000 for three bedrooms. You can have close access to town, nightlife and amenities for a fraction of what you would pay in London.
Transit in Reading is also highly attractive for first-time homebuyers. There's 300 trains a day to London and it's possible to be in Leicester Square in less than 50 Min. The fastest trains to London can cover 35 miles in just 25 min. of Bristol commute takes just one hour and 8 min. For traveling, Heathrow is just 45 min. away.
Most of the homes in this area experienced and O2 levels that exceed national guidelines for air quality. The Internet in this area is available with full fibre in most new builds and gigabit friendly speeds for broadband are the norm.
If you are a first-time home buyer that's looking to settle somewhere close to London, it's important to consider Reading as it satisfies almost every condition a first-time buyer may be seeking. It's no wonder that it has been named the top location for first-time buyers this year!
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