Menu Search

Reading to be fastest growing city/town in UK

November 18th 2019
By: Davis Tate
Reading to be fastest growing city/town in UK

Reading is forecast to be the fastest growing city/town in the UK, with 2.3% Gross Value Added (GVA) growth per year over the period 2018-2021, according to EY’s Regional Economic Forecast.

Reading is back in the lead after last year’s forecast predicted Manchester to grow at the same rate. This year’s forecast puts Manchester in second place, with forecast GVA growth of 2.2% GVA growth, and London is in third position with 2.1%.

“I am not surprised at this prediction, because in spite of much speculation about how Brexit is affecting the economy, there is still plenty of activity in the local Reading housing market. Reading continues to go from strength to strength as companies continue to site Reading as their chosen location and this in turn attracts more businesses to serve this growing community - both in terms of general services as well as increasing local property demands.We have seen increased buyer activity over recent weeks, which is driving demand across all property types. Reading is becoming a suburb of London, as major companies, followed by their employees, move out of the capital. And with Crossrail on the horizon, commuting times to London will be further reduced, attracting investors into Reading offering rental properties for the increasing number of tenants – boosting an already buoyant lettings market. Overall, I am delighted to say that our main source of business comes from repeat and recommended business – hopefully this is a reflection of our continued focus on customer service and simply ‘doing what we say we will do!’. The top three words on our customer reviews describe our team as professional, helpful and friendly – we will strive to continue to deliver on these as we move towards the end of the year.”

Both Reading and the Thames Valley are expected to outpace UK average growth of 1.7% as EY’s forecast predicts slower growth across all regions and cities.

Reading’s dominant information and communications sector gives rise to its favourable outlook – the sector comprises almost a quarter of the town’s total GVA and is forecast to expand by 3.5% annually over the next three years. Information and communications will account for almost one in every three jobs created in Reading over the period to 2021, according to the forecast.

Charlie concludes,"This is great news for local residents, and if anyone wants to know how this may be affecting their house value, then we are more than happy to provide a free, no obligation valuation and give advice on the local property market. Overall, I am delighted to say that our main source of business comes from repeat and recommended business – hopefully this is a reflection of our continued focus on customer service and simply ‘doing what we say we will do!’. The top three words on our customer reviews describe our team as professional, helpful and friendly – we will strive to continue to deliver on these as we move towards the end of the year"