Sunday, 22 May 2022

Report shows an increase in demand for property

PHILIP Booth of Philip Booth Esq has published a report on last year’s local property market.

It says that demand for housing in Henley and the surrounding area grew dramatically in 2021, while a shortage of supply drove prices up.

The estate agency saw an increased level of interest from potential homebuyers with west, south-west and south-east London postcodes — people hoping to move out of the city during the pandemic.

Many local people also chose to accelerate their plans to upsize, downsize or move further west, as it became less important to be able to commute into the capital for work.

The report states that there was a particularly high demand for detached homes with three or more bedrooms and houses with gardens, parking and home offices.

There was also an increase in families wanting to combine their homes with elderly relatives, so houses with an annexe or ground-floor living accommodation proved popular.

More potential buyers than before expressed a desire for properties needing little or no work and kitchens and bathrooms continued to be an important part of making a good first impression to buyers.

Mr Booth said: “2022 has already started at pace and demand is clearly still there. Our unique location, vibrant community, strong transport links and excellent educational facilities means that the market will remain very buoyant for as long as we have supply to satisfy the demand.

“Many corporates are settling into a flexible working regime,” he continued, “with a reduced requirement for central London working. Proximity to Crossrail, Heathrow and other high-speed transport links means that the area affords a countryside lifestyle with that convenience.”

The report showed that the average sales price of a residential property in and around Henley with postcodes RG9 1, 2, 3, 4, 5 and 6 was £734,167.

The total value of sales within these six postcodes was over £348m in 2021, including houses and apartments.

Detached properties had an average price of £1,101,527, compared to £411,796 across the whole of England and Wales.

Semi-detached and terraced houses and apartments went at £638,734, £526,406 and £416,638 respectively on average.

Properties in the Sonning Common area with a postcode of RG9 4 sold at an average price of £588,255.

In RG10 8, the Wargrave area, the average price was £758,269.

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