HOUSE prices dropped in Reading in November, new figures show.

The drop contributes to the longer-term trend, which has seen property prices in the area suffer a 3.3 per cent annual decline.

The average Reading house price in November was £290,945, Land Registry figures show – a 1.1 per cent decrease on October.

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Over the month, the picture was worse than that across the South East, where prices increased 0.4 per cent, and Reading underperformed compared to the 0.4 per cent rise for the UK as a whole.

Over the last year, the average sale price of property in Reading remained level – putting the area 65th among the South East’s 67 local authorities for annual growth.

The best annual growth in the region was in Hart, where properties increased on average by 6.9 per cent, to £429,000. At the other end of the scale, properties in Tandridge dropped 6.6 per cent in value, giving an average price of £437,000.

Winners and Losers

Owners of terraced houses fared worst in Reading in November – they dropped 1.5 per cent in price, to £289,533 on average. Over the last year, prices dropped by 3.0 per cent.

Among other types of property:

Detached: down 0.9 per cent monthly; down 2.8 per cent annually; £592,161 average

Semi-detached: down 1.0 per cent monthly; down 2.4 per cent annually; £367,746 average

Flats: down 0.8 per cent monthly; down 4.3 per cent annually; £212,382 average

First steps on the property ladder

First-time buyers in Reading spent an average of £261,100 on their property – £9,500 less than a year ago, and £44,100 more than in November 2014.

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By comparison, former owner-occupiers paid £326,100 on average in November – 24.9 per cent more than first-time buyers.

How do property prices in Reading compare?

Buyers paid 10.9 per cent less than the average price in the South East (£327,000) in November for a property in Reading. Across the South East, property prices are high compared to those across the UK, where the average cost £235,000.

The most expensive properties in the South East were in South Bucks – £598,000 on average, and 2.1 times as much as in Reading. South Bucks properties cost 2.8 times as much as homes in Gosport (£211,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea, where the average November sale price of £1.2 million could buy 14 properties in Burnley (average £84,000).

Factfile

Average property price in November

Reading: £290,945

The South East: £326,636

UK: £235,298

Annual growth to November

Reading: -3.3 per cent

The South East: +1.0 per cent

UK: +2.2 per cent

Best and worst annual growth in the South East

Hart: +6.9 per cent

Tandridge: -6.6 per cent