Over the last 12 months the total value of Oxford property
sold was £1.4bn. There were 3,216
completed transactions which was 11% down on the prior 12-month period.
20% of the properties sold were flats with an average sale
price of £274,863; the remainder were houses with an average sale price of
£443,755. Overall, the average achieved
sales price was £403,165 which was 11% up on the prior 12-month period. The highest valued flat sold for £1.65m and,
the highest value house sold for £9.75m.
Over the last 3 months all highest value transactions have
been in OX2 with the top three being on Pullens Lane - £4.75m, Crick Road
£3.55m and, Hids Copse Road - £2.9m. The
total value of transactions during this period was £337m of which 16% were
flats and just 2% were new build.
Historically, when transaction volumes fall, so too do
achieved prices. In Oxford average
achieved prices have not yet reduced despite a significant 11.1% fall in
transaction volumes. Over the same
period transaction volumes across SE England have fallen by 9.4% and across
England & Wales by just 1.5%.
By property type prices are up across Oxford, flats have
risen by 14% to an average of £274,863 which is well above the £190,103 average
for the South-East of England. Terraced
houses (up 7% to £380,743 vs. £263,129 across the SE) and semi-detached houses
(up 2% to £401,430 vs. £321,256 across the SE) have risen at a lower rate than
the SE average, whilst detached homes have matched the rise across the SE (up
8% to £614,527 vs. £496,528 across the SE).
Overall Oxford property has continued to offer current
owners strong return on investment, whilst presenting buyers with a higher cost
of entry. To date, the market has shown
resilience in the face of lower transaction volumes, suggesting demand still
out-strips supply.
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