Category: Housing Update

What Determines the Price of your Home?

by macwitney, posted in Choosing the right agent, hot properties for sale, Housing Update, latest statistics, Local Info, market summary, property demand, property sales

Guest blog by Gavin Pike MNAEA – Senior Sales Partner, Martin & Co Witney

Ask any economics student what determines price and the instant answer will be ‘supply and demand’.  This is as true for housing as is for anything else from crude oil to bitcoin.

Critically for the house seller, some of these factors are beyond your control whilst others can be made to work in your favour.

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One of the reasons prices are so high is that a very small percentage of the housing stock is available at any one time. Last year less than 4.24% of Oxfordshire’s housing stock was sold.  In other words, any one Oxfordshire home comes to the market on average every 23½ years! Continue reading “What Determines the Price of your Home?” →

What’s Happening in the West Oxfordshire Rental Market?

by macwitney, posted in Housing Update, latest statistics, Local Info, market summary, rental property

In my last blog I wrote about how the volume of residential property sold had dipped an astonishing 29% in 2017 (Oxfordshire Property Sales Plummet) so it seemed a good time to conduct a deep dive into the rental market in West Oxfordshire, with a particular focus on Witney as the main urban centre.

Supply of Rental Property Increases

We track the supply of rental properties in Witney over time so we can provide contemporary, unique advice. What’s been particularly noteworthy is that the supply of property to rent in OX28 is up by 55% on 2017 and this isn’t specific to any given size property:

Supply 2017 vs 2018

Continue reading “What’s Happening in the West Oxfordshire Rental Market?” →

First Time Buyers Pushing Affordability Boundaries

by macwitney, posted in Housing Affordability, Housing Update, latest statistics, market summary, property demand, property sales
  • The latest NAEA report suggests that some first-time buyers, particularly in areas outside of London are pushing themselves further in order to maximise the benefit of stamp duty relief. In this way, they suggest, they are skipping the traditional first home and making the jump straight up the ladder to what might previously have been their second purchase, thus also saving on future stamp duty costs.
  • While shrewd of first-time buyers, if this becomes more widespread, pressure is likely to intensify on next rung of the ladder making it harder for those true ‘second-steppers’ who wish to move up the ladder out of their first home.
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Continue reading “First Time Buyers Pushing Affordability Boundaries” →

The Price of Beauty? Cost per sq ft

by macwitney, posted in Housing Update, latest statistics, Local Info, market summary
  • Recently a list of the 10 most beautiful places to live was published and it got us wondering whether there is a cost attached to buying a home in these places.
  • We looked at prices in terms of £ per sq ft – and ranked places across the country according to their type, ie a village, town or city.
  • National Costs
  • Continue reading “The Price of Beauty? Cost per sq ft” →

The Growth of the Private Rental Sector

by macwitney, posted in Housing Update, latest statistics, Local Info, market summary, property demand, rental property

In 2016-17, the private rented sector accounted for 4.7 million or 20% of households.

The latest English Housing Survey (2016–17) has just been published and it reveals the continued growth of the private rented sector. Over a fifth of households (20.3%) now rent privately, up from 19.9% a year earlier and a higher proportion than ever before.

As is well documented, across all the regions, the growth in London’s rental sector has been most pronounced. It now accounts for 30% of households, up 11.6 percentage points from ten years ago. While there are over 2 million more households renting privately than there were ten years ago, almost half a million of these are in London.

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In 2006-07, about three quarters (72%) of those aged 35-44 were owner occupiers. By 2016-17, this had fallen to half (52%). While owner occupation remains the most prevalent tenure for this age group, there has been a considerable increase in the proportion of 35-44 year olds in the private rented sector (11% to 29%). The proportion in the social rented sector did not change.

The most recent available figures for West Oxfordshire show that 12.5% of households live in social rented accommodation and 14.9% (6,243 households) in privately rented accommodation. Delving into the detail a bit more; there are 1,525 privately renting households in Witney (13.4%) and 1,660 in Carterton (28.2%).

Property Prices for 6 Nations Countries

by macwitney, posted in Housing Affordability, Housing Update, latest statistics, property sales

House prices can’t predict rugby or can they?! Last year’s first and second placed teams were also top of the leaderboard in terms of annual house price growth.

  • The six nations 2018 Championship gets underway at the weekend with England looking to defend their 2017 title.
  • Should the same occur this year, based on current rates of annual house price growth, it looks like Ireland will swap places with England as Champions.
  • No chance…..20180130-6_Nations_Rugby.png

How Much More? New Build ££

by macwitney, posted in Housing Affordability, Housing Update, Local Info, market summary, Property Development, Property Investment
  • Historically, experience tells us that the premium paid for new build properties increases in a strong market but narrows again in a slower market as developers reduce prices in order to achieve sales.
  • While not directly comparing like for like, it does raise some interesting questions. Few would say that 2017 was a particularly strong year for the market and yet the new build premium continues to rise.

Continue reading “How Much More? New Build ££” →

Oxfordshire Property Sales Plummet

by macwitney, posted in Housing Update, latest statistics, Local Info, market summary, property sales

St Marys Mead

The latest data from the ONS suggests that the volume of property transactions in Oxfordshire have plummeted[1]. Across the County as a whole, 26% fewer properties have been sold than 12 months previously whilst values have risen in line with inflation and crept up +2.7% to an average of £356,262. This compares with an average price of £243,339 (up +5.3%) across England. Continue reading “Oxfordshire Property Sales Plummet” →

Looking ahead – Predictions for the West Oxfordshire Property Market in 2018

by macwitney, posted in Housing Affordability, Housing Update, latest statistics, Local Info, market summary, New build, Property Development, property sales, rental property

Supply & Demand – Population

Local government forecasts predict a 29% increase in the population of the Witney area over the next 10 years. Coupled with the exceptionally low rate at which we are building new homes and sales volumes (the number of properties sold) dropped by 19% in 2017 (compared with 2016) and the market fundamentals remain out of balance. Continue reading “Looking ahead – Predictions for the West Oxfordshire Property Market in 2018” →

Witney and West Oxon Property Forecast…..Where are we now and what is next..

by macwitney, posted in Events, Housing Affordability, Housing Update, latest statistics, Local Info, market summary, mortgages, Property Investment, property sales

Blanket Hall SketchOn 9th November 2017, four professionals from some of Oxfordshire’s local businesses gathered together to present at the historic Witney Blanket Hall on investing in Oxfordshire property.

If you missed the presentation or in the absence of the Great British Bake Off you’d like to watch a video of the presentation then this is available on our facebook page which can be accessed here FB.

If you would like to download the slides from the presentation, you can do so here – http://bit.ly/seminarslides

 

Rose Tinted Spectacles? Looking back at the crash…10 years on

by macwitney, posted in Housing Affordability, Housing Update, latest statistics, Local Info, market summary

crash

Ten years on from the housing crash and it’s worth taking stock and looking back. Counter-intuitively, in 58% of wards, residential properties are selling for less now, after accounting for inflation, than they were in 2007. Continue reading “Rose Tinted Spectacles? Looking back at the crash…10 years on” →

How Much?! UK Average Property Prices £/m2

by macwitney, posted in Housing Affordability, Housing Update, latest statistics, Local Info, market summary

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The ONS has just released average house price data per square metre for properties across England. At a regional level, a buyer in London should expect to pay around £6,639 per square metre (£617 per square foot). More locally, we’ve identified the cost in £/ metre and feet – depending on your vintage! Continue reading “How Much?! UK Average Property Prices £/m2” →

West Oxfordshire Property Event

by macwitney, posted in Events, Housing Affordability, Housing Update, insurance, latest statistics, Local Info, market summary, mortgages, property demand, Property Investment, property sales, rental property, Tax

Blanket Hall Sketch

Would you like to know more about investing in local property? Whether you’re a seasoned landlord, just dipping your toe in the water or on a fact finding mission then this event is essential to get all the latest facts, tips and critical information to get the very best advice about investing in property in West Oxfordshire. Our panel of experts from local, Witney businesses are on hand to dispense free advice at 6pm on Thursday 9th November at the historic Witney Blanket Hall. Experts from Everyman Legal (solicitors), M Group (accountants), Martin & Co (local property experts) and London & Country (mortgages) will be on hand after the 1 hour presentation to answer any further queries you may have. We’ll even provide something to eat and drink!

Please register now for your free tickets as spaces are limited: witneypropertynews.com or look on Facebook for Martin & Co Witney for more details

BOOK TICKETS HERE

Property Event Poster Image

It’s Official – West Oxfordshire best in England!

by macwitney, posted in Housing Affordability, Housing Update, latest statistics, Local Info, market summary, property sales

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  • Research for BBC’s Radio 4’s Woman’s Hour has named the English local authority of West Oxfordshire as the best place to live in England if you are a woman.

Continue reading “It’s Official – West Oxfordshire best in England!” →

What Property Makes the BEST Investment in West Oxfordshire?

by macwitney, posted in Housing Update, latest statistics, Local Info, market summary, property demand, Property Investment, property sales, rental property

I was recently asked by WODC to put together a brief paper on the local Private Rented Sector (PRS) to help inform a cabinet level debate. Having done the legwork I thought I’d share my findings with you as some light reading. The aim of this is to help any potential buy-to-let investors make an informed decision about the type of property to purchase. Continue reading “What Property Makes the BEST Investment in West Oxfordshire?” →

What next for West Oxfordshire property values?

by macwitney, posted in Housing Update, latest statistics, Local Info, market summary, New build, property sales

The interesting times in which we live continue; political uncertainty, continued ultra-low interest rates and the creeping rise of inflation are all having an impact on local property prices. Focussing on Witney and Carterton and specifically looking at houses (excluding new builds) sold over the last 5 years, it’s interesting to note that there has been a see-saw effect: Continue reading “What next for West Oxfordshire property values?” →

The growing market – the impact of migration and the retirement generation on West Oxfordshire property prices

by macwitney, posted in Housing Affordability, Housing Update, latest statistics, Local Info, property demand

Household numbers

In their election rhetoric all the political parties informed us that the UK is experiencing a ‘housing crisis’, with all promising to deliver an additional million homes by the end of 2022. But what homes are needed and for whom? Here we look at one specific and growing market, the retirement generation.

Continue reading “The growing market – the impact of migration and the retirement generation on West Oxfordshire property prices” →

Supply of Witney Rental Property Hits Record Levels

by macwitney, posted in Choosing the right agent, Housing Update, latest statistics, Local Info, property demand, Property Investment, rental property

The supply of certain types of privately rented properties in Witney is currently well above average and, in some cases, hitting record levels. This is particularly true of 2-bedroom flats and 3-bedroom houses although there has also been a spike in 2-bedroom houses. Continue reading “Supply of Witney Rental Property Hits Record Levels” →

What is Happening with the West Oxfordshire Rental Market?

by macwitney, posted in Choosing the right agent, Housing Update, latest statistics, Local Info, rental property

20160303-img_5080Interestingly, we’ve seen a surge in the availability of rental properties being offered in the local market. This is particularly acute in relation to 2-bedroom properties in Witney, there are now 48 listed TO LET of which 31 are flats. Once we ‘zoom out’ slightly, the picture is less worrying, with only nine 2-bed properties listed in Carterton, this is below the usual norm. Interestingly, supply currently exceeds demand for 3-bedroom houses too, but this should rebalance as families aim to move during the school holidays. Here’s the latest availability for properties in Witney to rent: Continue reading “What is Happening with the West Oxfordshire Rental Market?” →