buying property in Reading

jamels2

I am looking at buying something between £120-140k in Reading, but am struggling to find anything. It's all studios and 1 bedroom leaseholds in converted terraced houses. A lot of the areas aren't so great either. It's just so expensive and doesn't get much cheaper 5-10 miles out! What can I do?!

John1993_2

One option is to go and look at this one, and tell them that you've only £140k, so that this is all that you can offer.

http://www.zoopla.co.uk/for-sale/details/30301112?search_identifier=1bacba37d3e8388b04abe8b4ee843aec

Edited to add, I see that you are actually looking to buy a second property, to rent out, so the obvious answer is don't, you can't afford what you want, you don't need it, so wait and save up.

browneyedbazzi

If there isn't anything suitable on the market in your price range where you want to buy you have three options - change your search area, wait until you can afford more or change your expectations (ie accept that you can only afford a studio or 1 bedroom flat).

harrys_dad

How does that fit in with your thread here https://forums.moneysavingexpert.com/discussion/comment/62947872#Comment_62947872

jk0

jamels2 wrote: »

I am looking at buying something between £120-140k in Reading, but am struggling to find anything. It's all studios and 1 bedroom leaseholds in converted terraced houses. A lot of the areas aren't so great either. It's just so expensive and doesn't get much cheaper 5-10 miles out! What can I do?!

I recommend this one:

http://www.rightmove.co.uk/property-for-sale/property-39887830.html

You only need to offer £125k for it, (to save stamp duty.)

I have a similar flat nearby, and it has been let continually for three years since I got it, for £700 pcm.

makeyourdaddyproud

Do you really, really have to buy in Reading? There are other areas like Kent and Suffolk that are really up and coming. Reading prices are only high because of the tech firms: once they relocate, the equity bonanza is over.

There are very few areas in Reading that are really great. I could name Emner Green and anything north including Caversham Heights but guess what? You won't find anything decent for under £325k.

Please reconsider an area other than Reading. It's highly overrated.

Oh, on the subject of superfluous posts, there will always be asinine trolls who would quote anything previously contradictory to invite a flame war.

harrys_dad

makeyourdaddyproud wrote: »

Oh, on the subject of superfluous posts, there will always be asinine trolls who would quote anything previously contradictory to invite a flame war.

If that post was directed at me it is totally misplaced and out of order. It was an attempt to find out more information to see whether I could actually add something useful, and to help others in the same way. I would never ever "invite a flame war" as you can do that on your own quite easily.

jamels2

Hi everyone. Yes at the other post I am looking for a second property, but one to live in and rent the existing one out. I would consider other areas, if I had flexible work but I have to go to work here, and as I said only going 5-10 miles away doesn't make much difference. I wonder whether the IT companies will ever move? I do think the prices are too high for what you are getting. Thanks for the 2 links, they are both good sized, I am not sure if I want leasehold again though. Decisions decisions!

Tancred

jamels2 wrote: »

I am looking at buying something between £120-140k in Reading, but am struggling to find anything. It's all studios and 1 bedroom leaseholds in converted terraced houses. A lot of the areas aren't so great either. It's just so expensive and doesn't get much cheaper 5-10 miles out! What can I do?!

I'm a fellow Reading resident and I fully sympathise with you. Reading is expensive! There is no getting away from this fact. For the price range you quote you won't get anything decent other than a 1 bed flat.

Tancred

jamels2 wrote: »

Hi everyone. Yes at the other post I am looking for a second property, but one to live in and rent the existing one out. I would consider other areas, if I had flexible work but I have to go to work here, and as I said only going 5-10 miles away doesn't make much difference. I wonder whether the IT companies will ever move? I do think the prices are too high for what you are getting. Thanks for the 2 links, they are both good sized, I am not sure if I want leasehold again though. Decisions decisions!

The IT and telecoms companies won't move: in Reading you have CGI (formerly Logica), Verizon, Microsoft, Oracle and several others. Newbury has Vodafone, Slough has O2, Bracknell has Fujitsu and HP, Maidenhead has Hutchinson 3G ('Three'). There are also other non-tech companies based in Reading, such as Thames Water.

It's not just the techie firms that push prices up - Reading has very good road and rail links, not just to London but also to the Midlands, the west of England and the south coast.

Hailstorm

The other thing that makes Reading expensive is that it is only 30 mins by train from London.

I don't see the tech firms leaving the area unless they are offered massive tax breaks to do so. The fact they are there attracts other tech firms as there are a large number of appropriately skilled people within commuting distance.

For the £125-140k mark you are not going to get more than 1 bedroom.

For cheaper prices look for nearby towns that do not have good rail links into London. They will be cheaper as London commuters will not be interested. 2 beds will still be out of your budget but you should be able to get a 1 bed in a decent area.