There has been much talk about the property market since the start of the year. The hype has been that the market is moving, and for us in Oxfordshire, the reality has been that the balance has now shifted from the last three years: it’s now a sellers’ market.
A shortage of housing stock was the reason that we saw the return of gazumping in January. For the right house in the right location, at the right price, such houses have enjoyed 10-12 viewings and received competitive bids.
The reality is that we are in a market where demand is outstripping supply and there’s limited choice. However, Spring will see a number of fantastic houses coming to the market which should cater for those buyers who having been in rented accommodation for the last few years, have their finances in place and are ready to make the move for the right house.
Of course, I need to mention London’s housing market that has continued unabated. Without question, our nine prime residential offices have all reported extraordinary growth for homeowners over the last three years. The substantial equity that has been built up in these London homes continued to filter out to our market, with buyers who have sold high in London and either bought in our county at a lower price to release equity, or found more space for their money.
London sellers will continue to drive our market as North Oxford and Oxfordshire villages remain attractive relocation propositions due to the great schools, connections to London through road and rail, and all the amenities and beauty that our county offers.
Prices will continue to shift upwards, between 3-5% by the end of the year, due to increased demand and lack of supply and there will be individual spikes where the market hits the spot.