It is no secret that the Windsor area contains some of the most desirable property in the country. With 4,800 acres of countryside owned by the Crown Estate, and the National Trust holding a further 1,000, Windsor has lots of of unspoiled rural areas and is home to some of the most expensive housing in the UK.
House prices in Windsor are the highest outside of Greater London with the cost of living amongst the highest in the UK. Despite this, becoming a home owner for the first time is not impossible in Windsor due, in part, to the Thames Valley Housing ownership programme. The programme, which is available throughout Berkshire, is helping people who would otherwise have no hope of becoming property owners by offering shared ownership and low cost ownership.
The demand for property in Windsor normally outstrips supply, which is why the average sales price for property in Windsor is significantly above the national average. Today, the average sale price for a property in Windsor is £425,000 (April 2013). Activity at auction in the town is on the rise; the local estate agents Romans have noticed an increase in properties being put up for auction, and a growing interest from buyers at auction, particularly for residential property.
With the new Crossrail set to start running in 2017, it is predicted that property prices in Windsor will increase by a further 25%. It is predicted that Windsor will become even more popular with London commuters, as residents of Windsor will benefit from the faster links across London, and to Heathrow airport.
In terms of how quickly property in Windsor sells, a flat spends on average 196 days on the market, a terrace house 141 days, a semi-detached 123 days and a detached property 139 days. In Windsor, there is a noticeable trend, whereby properties with a higher value spend less time on the market; for exampleproperties under £100,000spend an average of 291 days on the market, and properties of over £1,000,000 spend an average of 87 days on the market.
Windsor did recently experienced a lull in the residential rental market, due to the general economic downturn; however yields are still one of the highest in the country, at around six per cent. In terms of the residential rental market, the average rental value per calendar month for a property in Windsor is at £1,501. Rents in Windsor vary significantly, depending on the type of property. The typical rental value for a one bedroom property is £861 and spends on average 48 days on the market. In contrast to this, a 5 bedroom property has a rental value of £3,230 pcm and will spend approximately 105 days on the market.
For more information on property in Windsor, contact Romans.