Reading has highest number of streets with million-pound properties

 

The London commuter town is home to 207 streets where the average property value is at least £1m, but it’s still an affordable alternative to the capital.

New research released by property portal Zoopla has revealed Britain’s most expensive streets, with Kensington Palace Gardens taking the top spot for the 11th year running with its £32.9m average price tag – a £2.8m fall from what it was this time last year.

Other streets to make the “Rich List” within the capital include Courtenay Avenue in Highgate where the average property costs £19.5m, Grosvenor Crescent in Belgravia with homes at £19.1m, and Ilchester Place near Holland Park at £15.1m.

But outside the capital, Reading in Berkshire boasts the largest number of high value streets with 207 roads where the average property is at least seven figures.

Despite this, according to Zoopla, the average price paid for property in Reading over the past 12 months was £415,439, which is well below the capital’s figure of £626,102.

Renovation in Reading

As more people look to extend their commute into London from a more affordable location, Reading is proving a popular yet still upmarket choice for many – particularly with the new Crossrail line set to open there that will provide even better access to central London.

Situated only half an hour from London by train, Reading boasts excellent transport links, while benefiting from a world-class university, a large concentration of skilled young professionals – particularly those working in the tech sector which Reading is famous for – and a strong economy and economic outlook.

There are currently a number of renovation projects taking place in Reading, one of which is the refurbishment of one of the town’s most iconic department stores, Jackson’s, right in the centre of the town. The development is currently open to investment through BuyAssociation, and you can read additional coverage of the project here.

Sam Hadfield at BuyAssociation commented: “The Residences offers a fantastic opportunity to invest in a unique piece of local history.

Victorian properties are still one of the most popular styles of building in Britain so it’s great that so many original features will be retained in this sympathetic renovation.”

Seven-figure streets lost 10% of their value

Zoopla’s figures also revealed that the number of addresses valued at one million pounds and above in the UK has dropped by by 10% in the last 12 months.

Currently 15,484 streets command an average property price over £1m, says Zoopla; only 1,805 less than last year’s figure of 17,289. Yorkshire and the Humber is the only region to record an increase in the area’s number of one million plus streets. Last year it had 161 but since then four more streets have hit the seven figure mark, bringing the total for 2019 to 165 streets.

Most expensive streets outside London

Only Altrincham in Manchester makes the elite top twenty in the north. The remaining 19 out of 20 most expensive streets outside of London are all in the south of England.

In Surrey, Montrose Gardens has an average price hike from £5.9m in 2018 to £6.5m this year, with Temple Gardens in Hertfordshire (£4.365m) and Kent’s Phillipines Shaw (£3.884m) in hot pursuit. Montrose Gardens in Surrey is the most expensive street outside London, after seeing its average house price climb from £5.9m in 2018 to £6.5m now. It’s followed by Temple Gardens in Hertfordshire (£4,365,016) and Phillippines Shaw in Kent (£3,884,107).

Zoopla said: “The bulk of the losses have been in London and the South East, which are home to the majority of million-pound streets but are also areas where house prices have been generally falling recently. 820 streets in the South East and 514 in London have lost their £1m+ status in the last 12 months.”

Highgrove Mews

High Net Yield Freehold Houses

  • Commutable to London (27 mins to central Paddington station)
  • Rental demand extremely strong with large industry presence in Reading
  • Freehold with 4% net yield

£284,955 - £457,000

St Petersgate – Stockport Manchester

New Launch - Stockport Manchester, apartments from £160,000

  • Discounted launch prices from £160,000
  • Excellent transport links with 3 trains per hour to London Euston and only 9 mins journey to Manchester Piccadilly
  • Experienced development team

Assured Rent Housing Association Leases

Assured Rent Housing Association Leases

  • Assured rent & no rental voids
  • Tenant damage cover & newly refurbished inline with requirements of a corporate sitting tenant
  • Free property and lettings management

From £62,000

Emerging Birmingham Commuter Town With Properties From Just £104,000

The emerging Birmingham commuter town where properties are selling in an average of just 24 days

  • A collection of 62 two bedroom apartments and 28 one bedroom apartments.
  • DE14 is one of the fastest selling postcodes in the West Midlands.
  • 23 minute train journey into Birmingham New Street Station.

Properties from £104,000

Mill, Stockport

The Northwest's emerging property hotspot

  • Discounted off-plan 2-bed prices from £162,000
  • Completion date - Q4 2021
  • Rental yields - 6% plus

Discounted off-plan 2-bed prices from £162,000

South Central – Birmingham City Centre Apartments

Highly anticipated 28 storey launch in Birmingham City Centre with an impressive roof garden and communal facilities.

  • 154 units across 28 storeys
  • Residential multi-media community room, gym, roof garden and sky cinema
  • Excellent future connectivity via the metro system to other key transport hubs and locations around the city

from £205,800

ba-

Talk to us

Speak to our UK property experts today: 

+44 (0) 333 123 0320

Open from 9am-6pm GMT

+852 9865 4446

Open from 9am-6pm HKT

Stamp Duty Calculator

.

Unlock members only investment opportunities and full development details. Join now – it’s free, quick and easy.

Login

Not a member? Sign up for free

Reading property investment

Reading has highest number of streets with million-pound properties

Example

By submitting your details via this online form you agree to be contacted via email/phone/SMS by Direct Marketplace Ltd t/a BuyAssociation in relation to property investment and property developments . We do not share your personal details with third parties.  To view our full Privacy Policy click here.