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From strength to strength for district property prices, up by eight per cent





The data published by Nationwide Building Society shows that those looking to buy in West Berkshire are facing an average house price of £287,393.
It makes the district the fourth most expensive in the outer south east region, behind Brighton and Hove, at £256,862, Oxfordshire, at £298,065, and Mid Hampshire at £288,000.
The lowest in the region was the Isle of Wight, where the average house cost £198,470.
West Berkshire’s latest average price marks an eight per cent increase on the final quarter of 2013, at which point the average price was £280,943, and a 32 per cent increase on 2004 at £218,363.
And the trend is expected to continue with substantial infrastructure improvements being made in the district, particularly regarding access to London, with the electrification of the Great Western Main Line and the extension of the Crossrail project to Reading, which will allow commuters to travel to parts of London without changing at Paddington.
Head of Newbury residential sales at estate agent Savills, Patrick Glynn-Jones, said: “Anything that improves the connectivity with London is going to have an impact on the desirability.
“It’s good news because it demonstrates that the market is back on its feet again.”
However, it wasn’t all positive news, as the increasing prices poses new challenges for first-time buyers.
Mr Glynn-Jones added: “I think first time buyers will continue to find it challenging to get on the bottom rung of the ladder.
“The areas that have helped first time buyers are the government initiatives that have been put in place and the borrowing rates on mortgages are lower than they have been for a very long time.”
Aside from the recession, he said that he thought developments such as Parkway, high profile companies such as Vodafone operating locally and the ever-rising prices of property in London had contributed to the 32 per cent boost in West Berkshire prices.



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