Oxfordshire Property Market – Our review of Q1 in full!
The property market collapse some experts forecasted in 2023 as a consequence of rising mortgage rates and sharp increases to the cost-of-living is yet to materialise.
In fact, what we’ve witnessed in the first quarter of this year suggests our predictions of another genuinely good 12 months for the property market are on the right tracks.
Despite the Bank of England raising interest rates for a tenth consecutive time in February from 3.5% to 4%, Oxfordshire has been especially resilient to forecasters’ predictions.
In our latest blog, we review Q1 of 2023 across Oxfordshire’s property scene and consider if the market’s current resilience is likely to extend through the spring months and beyond.
Quarter One review
‘Preparation’ would be the best way to describe Oxfordshire’s property market through January, February and March in a single word.
We have onboarded new clients and sourced off-market properties across the county by working closely with our key contacts.
While buyer demand remains strong – particularly in rural areas of Oxfordshire – the volume of completions through Q1 has been steady. Part of this is due to the number of properties we expect to be placed on the open and closed markets through spring.
Our advice to anyone considering purchasing a home in Q2 is to have your finances in order and be ready to take an opportunity, of which there’ll be plenty. We’re hearing the right noises from local industry experts who are expecting another good year.
Market resilience
Media hysteria would suggest anyone thinking of buying a home in 2023 would be firmly en route to a forthcoming devaluation of their new property owing to the mentioned factors.
In reality, we have seen absolutely no indication that mid to top end properties could reduce in price through Q2 and beyond. Oxfordshire’s property market remains in high demand and trends established from the COVID-19 pandemic continue to impact the region today.
From our interaction with prospective buyers, those in search of a home in Oxfordshire want:
- Space
- Easy access to Oxford and/or London
- Better value for their money
It’s why the rural property market is performing a touch stronger than Oxfordshire’s urban market at the moment.
City vs countryside
There is no concrete explanation why there has been less interest in properties positioned inside Oxford’s ring road during the first quarter of the year.
This isn’t an unusual trend, though. One theory is those currently living in the city and looking to remain in an urban environment typically align their property search with the school holidays.
Buyers searching the rural market tend to have fewer family ties which could make living rurally logistically complicated where easy-access to local schools, shops and public transport is often a key requirement.
We’ve always believed Oxfordshire lives in its own ‘micro-climate’ concerning property. Within that climate, there are different demographics to suit individual buyers.
Hot locations!
Areas which have generated the most interest in Oxfordshire during Q1 are varied but frequent requests include:
- Locations within a half-hour drive of Oxford’s schools – some consider houses within a half-hour walk or cycle ride.
- Villages, particularly in north Oxfordshire where buyers get more space for their money compared to the city.
This includes Charlbury, Woodstock and villages positioned along the A44 corridor connected Oxford with Moreton-in-Marsh.
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.