The latest data
from Rightmove reveals that the average price of property coming to market
dipped by £3,602 during July - equating to a 1.2% fall. Brexit uncertainty and
the usual seasonal summer slowdown are identified as the main cause of this. Although the drop is typical for this time of
year and in line with what has happened over the last six years, Rightmove
identify that there have only been larger drops in two of those years and
believes that 2016 is "on course to be a year of two halves".
As 2015 was
unusually busy due to the General Election, July's buyer enquiries are 18%
lower annually, but remain 4% higher than July 2014. However activity in H1
also "skewed" the market the other way, with the buy-to-let surge
boosting property transactions to 12% higher than 2015.
Rightmove says
which way 2016 will go depends upon the "strength of the traditional
market rebound this autumn, especially at the upper end of the market and
within the London commuter belt, which currently appear to be the most
subdued".
ONS house price
date for June pointed to a 8.7% increase in average prices compared to the year
before, meaning UK average house price rose to £214,000. The Rightmove data therefore suggests a fall
of 1.7%. A similar trend in Oxford would
suggest prices have fallen £6,648. Our
own assessment finds little or no evidence that Oxford prices have fallen,
indeed recently premium prices have been secured/observed on central Oxford
apartments pointing to continued confidence.
The table below
summarises our latest data on the Oxford market.
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