Oxfordshire Property Market - Our review of Q2 in full!
The Bank of England’s decision to raise interest rates to 5% has dominated conversation concerning the UK’s property market.
While media hysteria continues to paint a glum national picture, Oxford and Oxfordshire’s prime markets remain strong amid a positive outlook for buying opportunities in the off-market space.
In our latest blog, we review the behaviours of spring and early summer and consider why not all core market trends apply to the characteristics of Oxfordshire’s property market.
Robust prime market
There’s no denying, increases to the cost of borrowing have prompted a drop-off in viewings and buyer registrations.
This is to be expected. As costs associated with owning a home increase, buyer demand reduces.
This trend applies across the core market space. However, the relative buoyancy of the prime market for top-end properties in Oxfordshire has been marked as a key characteristic by our team through Q2.
This section of the market is less dependent on lending, and as such, we have seen a steady stream of enquiries across the county with negotiations remaining competitive.
Factors insulating Oxfordshire’s prime market include:
- Limited supply coupled with high demand
- A relatively high number of cash buyers in the area
- Strong economic performance relative to rest of the country
- Enduring attractiveness of Oxford and Oxfordshire
Off-market opportunity
The basic drivers of property sales, especially in Oxfordshire, remain.
Vendors need to sell their properties and demand for couples and families to source their dream home will always remain.
In the current market, vendors may be reticent to openly advertise properties on the open market via portals such as Zoopla and Rightmove. Selling off-market attracts serious buyers only, affords vendors greater privacy and avoids expenses that come with traditional sales.
This is where the importance of off-market properties comes to the fore.
Off-market opportunities are on the rise. This allows buyers with access to get a foot in the door and make an offer before a bidding war begins. Gaining access to off-market properties is, therefore, becoming increasingly important locally.
It can save you time, money and stress associated with purchasing a home.
Oxfordshire’s appeal
Underpinning strong demand across Oxfordshire’s prime market are the county’s unique characteristics.
We often talk about our region’s successful microclimate, which is fuelled by a robust and diverse economy driven by knowledge-based industries, scientific research and a flourishing technology sector.
Other major pulls include:
- Lucrative investment opportunities
- Close proximity and good access to London, the midlands, south-west and east
- Blend of top-end rural and urban properties to suit
In conclusion
Factors which make Oxford and its surrounds so desirable show no sign of weakening in the face of a more volatile property market across the rest of the UK.
At Oxford Property Consulting, our clients benefit from our extensive local knowledge and strong relationships with estate agents. This is vital in providing access to off-market properties allowing you secure a good deal on the right property for your requirements.
Now is as good a time as any for those looking to purchase a property in Oxfordshire, whether is be as an investment or that forever family home.
Contact us today!
Are you interested in purchasing a property in or around Oxfordshire in 2023?
If you are, why not drop our friendly team a line today via 01865 553956 or email info@oxfordpropertyconsulting.co.uk (mailto:info@oxfordpropertyconsulting.co.uk).