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:
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.
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%).
As with so many festive traditions, the twelve days of Christmas leading to Twelfth night are familiar, even if their roots seem a little shrouded. Generally recognised as the period been Christmas day and the Coming of the Epiphany the period marked the traditional length of Christmas festivities. Pagan beliefs also explain the tradition of taking down festive decorations on Twelfth Night. These decorations often took the form of evergreen foliage (typically holly and ivy) and some believed that tree spirits sheltered in the decorative sprigs. Removing them either before or after Twelfth Night came to be regarded as unlucky as the disgruntled spirits would exact a toll in the following year’s crops! Read more
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. Read more
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
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. Read more
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. Read more
Interestingly, 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: Read more
Martin & Co Birmingham are currently working with a developer and have 33 one-bedroom apartments available to offer to our landlords.
Prices are £65-£70k with expected returns of 6.4-8.75%
For further details, CLICK HERE
Call us on 01993 708638 to register your interest.
Over the last five years, house prices in Witney have grown 37%!
Click here to see MORE of the latest trends in the UK housing market, with a detailed focus on Witney.
From 2018, the legal requirement for all privately rented properties in England and Wales will be to have an EPC rating of E or above. Read more