According to latest reports house prices in cities across the UK increased by 4.3% in the three months to July 2015. Oxford was at the top of the list showing a 9.8% rise.
These seem like crazy figures but they are supported by anecdotal evidence from our estate agent contacts in Oxford and indeed our own clients’ experiences.
It seems that despite its traffic problems and gripes about infrastructure Oxford is officially a hot place to be and demand doesn’t look like it’s going to let up any time soon.
We have a large number of foreign investor clients, including from the USA and Singapore, who are quite literally snapping up Oxfordshire properties without even seeing them because they see them as a great investment. Equally we have an unprecedented number of local clients entering into option agreements with developers who are confident they can secure planning consent for extra dwellings and are prepared to offer prices the owners could only previously have dreamt about.
Of course it’s not all good news; rising prices only really benefit those at the top of the chain who are looking to downsize. And despite increased levels of lending higher prices make it harder for first time buyers to get on the housing ladder in the first place.
But despite the obvious challenges there has to be a positive message to be taken from the buoyant Oxford market.. confidence is coming back and that can only be a good thing. And it certainly makes for a busy property team at Hedges… anyone know any good conveyancers looking for a job?!
Prices have risen dramatically in some popular cities over the past year, pushing homes further beyond the reach of many buyers.
Having risen 10.9 per cent year-on-year, Cambridge has seen the biggest jump in house prices. Edging just behind is Oxford with a year-on-year rise of 9.8 per cent, followed by London with 9.4 per cent growth.