The OBR (Office for Budget Responsibility) predict that house prices will increase by 3.4% during 2017. This would make the average home across England and Wales £236,890 by the end of the year, a rise in value of £7,789. Continue reading “House prices are set to grow by 3.4% in 2017”
The Impact of Building Houses vs Flats
The balance of new build flats and houses swings dramatically over time at the national level. While we would expect to see differences between localities based on their size, setting and the dynamics of their local population the impact of government policy on the type of homes we build is highly significant. Continue reading “The Impact of Building Houses vs Flats”
Oxfordshire Property Sales Plummet
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 a average price of £243,339 (up +5.3%) across England.
As always, the picture differs significantly around the County with some noticeable headlines:
- For the first time, average prices in South Oxfordshire (£416,226) have exceeded those of the City (£414, 612).
- Oxford City was the only district to see an increase in transactions (+9.6%)
- Vale of the White Horse saw a staggering -36.9% drop in transactions
- South Oxfordshire values grew the most (+5.8%) and West Oxfordshire the least (+0.1%)
- Nearby Cotswold District saw prices rise +12.6% to £393,557, the 5th highest rise in England
Drilling into the detail for West Oxfordshire, the latest Land Registry data shows property prices rising 4% over the last year against a 7% drop in transaction. In Carterton, compared with 12 months previously, values are up +12% against a -19% drop in houses sold.
[1] 12 months to November 17
Witney Market Summary January 2017
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.
Looking back – Witney property prices have performed well above average in recent times
I recently wrote about the benefits of living and working in West Oxfordshire and, in particular, Witney. I thought it would be worth reflecting on how the property market has performed and look in detail at the Witney market. Over the last 10+ years, it’s unsurprising that the South-East has been the best performing region excluding London: Continue reading “Looking back – Witney property prices have performed well above average in recent times”
5 Reasons to buy property in Witney
- Supply – put simply, there aren’t enough houses being built locally. The Local Plan has identified that c.660 new homes need to be built in West Oxfordshire every year until 2031 but there have been fewer than this built over the previous years and there is no prospect of this changing in the immediate future. Did you know – West Oxfordshire is the second most sparsely populated district in South-East England!
Witney November Market Summary
For the full report on market trends, average values in Witney over the last 12 months and what the sales market has been up to most recently, click here.
If you would like to speak to one of our experienced staff for some exert advice, please call us on 01993 708638.
Smoke Alarms…Is your rental property compliant?
Since late last year there have been various legal changes in terms of the provision/testing of alarms and monitors in residential rental properties. These changes include the following:- Continue reading “Smoke Alarms…Is your rental property compliant?”
Will you need to spend an extra £5000 to make your rental property legal?
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. Continue reading “Will you need to spend an extra £5000 to make your rental property legal?”
More people own their home outright than with a mortgage
Witney & West Oxfordshire Housing Development Update
There’s an awful lot going on currently as the next iteration of the Local Plan 2031 continues to take shape. This will impact the delivery of housing in Witney and West Oxfordshire from the immediate term and into the future. Witney itself has more than doubled its population in the last 30 years with significant extensions to the north, west and east of the town. Continue reading “Witney & West Oxfordshire Housing Development Update”
Just how active is the Witney property market?
I saw an article recently highlighting the most active housing markets in the UK and this made me wonder how Oxfordshire and the surrounding areas compared.
Continue reading “Just how active is the Witney property market?”
National Sales & Lettings Report
For a free copy of the very latest sales and lettings report, please click the link at the bottom of this post. The national report covers:
- Overview of sales and lettings markets
- Latest statistics on rent values and tenant demographics
- Landlord sentiment post-Brexit and Stamp Duty reform
We hope you’ll find this to be an interesting and informative read. Don’t forget our latest Cotswold report is packed with local information to help you navigate the property maze.
LATEST SALES & LETTINGS REPORT
We look forward to hearing from you
Brendan Kay
Managing Director – Martin & Co Witney and Cirencester
brendan.kay@martinco.com
Local Perspective on the Property Market
The historic Witney Blanket Hall was a stunning backdrop for the second Witney Property Seminar hosted by a range of locally based, professional businesses with experts in law, mortgages, tax, insurance and property. Continue reading “Local Perspective on the Property Market”
Latest Witney Property Summary HERE..
See below how average Witney property prices compare to the South East average. If you would like to see many more interesting stats about Witney property as well as nationally, click here.
Cotswold Housing Affordability
A recent news article from the BBC highlighted the issues surrounding housing affordability around the country. We’ve extracted the local information to build a local picture for ease of reference. Experts recommend spending no more than 30% of your salary on housing which is where the ‘affordability’ figure comes from:
2016 continues to be a year of shocks and surprises…
The latest of which is the lowering of the interest rates in August by the Bank of England. Whilst the impact will only be felt by savers or those lucky minority with a tracker mortgage without a collar, the big question is likely to be the effect on house prices:
Continue reading “2016 continues to be a year of shocks and surprises…”
Latest Witney Property Summary HERE..
See below for Witney round up over the last 12 months. Click here for MORE interesting updates on the Witney market.
Pay Upfront, Pay Twice – Online Agency
Fly to Marseille for £2.99 – I suspect that I’m not the only person that has been suckered into a slick, headline deal offering something that rarely reflects reality. The trusted service industry works largely on a model whereby a customer pays for a service once it has been delivered. Many of the new online agents take lump payment upfront in return for offering a ‘saving’, but does this really represent value for money? Continue reading “Pay Upfront, Pay Twice – Online Agency”
Latest Witney Property Summary HERE..
See below for average property values over the last 12 months in and around Witney. Click here for MORE interesting updates on the Witney market.
