Are you looking to buy or rent a property in the Langley area? Look no further! We have compiled our latest report on sales and rental trends in the area so you can make an informed decision when it comes to choosing the perfect property. Keep reading to find out more about the property market in Langley!
Berkshire is a popular location for buyers and renters looking for convenient access to the capital and a local lifestyle. The latest report on sales and rental trends in the Langley and Slough areas of Berkshire has revealed that the area is becoming increasingly attractive for buyers, with house prices rising and rental prices stabilising.
Overall, sold prices for properties in Langley over the last year were 3% up on the previous year and 11% up on the 2020 peak of £414,575. The majority of sales in Langley during the last year were terraced properties, selling for an average price of £260K. Flats and apartments sold for an average of £190K and detached properties averaged at £367K.
The Elizabeth line’s ‘golden touch’ has made house prices soar in the places it’s due to serve soon, research by Rightmove suggests. The property website found that in some cases, prices more than doubled in the past decade around Elizabeth line stations. The average asking price in Abbey Wood, one of the stations opening for the public on May 24, was £356,801 in 2021 - a 103 per cent increase compared to ten years ago.
But stations outside London have also seen a surge in the number of people looking to move nearby. Slough saw the steepest rise in house prices in the Reading branch of the Elizabeth line, with an average asking price of £387,647 in 2021. This was an 81 per cent increase from 2012.
According to the local Langley letting agents rents in the town also shot up to an average of £1,424, a 44 per cent increase, the highest amongst all stations. Burnham became similarly costlier for renters, as they were asked to pay an average of £1,457, 43 per cent more than a decade ago.
The Rightmove study looked the 1,500 nearest postcodes to each Elizabeth line station, as well as other stations, to measure price changes, demand, and competition. Demand was measured by the number of people enquiring about properties in an area to estate agents via Rightmove, while competition was calculated based on the number of people enquiring about each available property.
Prices in the Langley and wider Slough property market are also predicted to increase by 15% over the next four years, with rent prices rising by 11.5%, according to JLL. This suggests that the market is likely to remain strong in the medium-term and could be an attractive option for investors looking for long-term returns.
Forecasters also indicate that 2023 could see a continued slowdown in housing sales even as home prices drop due to issues with overall affordability. A shortage of housing stock is also likely to remain an issue in the Langley area, as the demand for housing continues to outpace the number of available properties on the market.
Overall, the Langley residential property market is likely to remain strong in the short-term, with prices increasing in 2023. However, it is important to keep an eye on the market and consider any potential risks such as affordability and availability of housing stock in the area.
