In the year to January 2019 Oxford house prices were up
0.9%, that’s up from 0.5% in the year to January 2018, showing a stronger
upward trend overall. Whilst this places
Oxford 17th in Hometrack’s most recent index of prices in 20 UK
cities, it indicates that Oxford has avoided the negative growth
experienced in London, and is now recovering more strongly than London and
Cambridge. Only Aberdeen recorded
negative growth in the latest Index which showed an average increase in prices
of 2.8% in UK cities.
13 cities are identified as having weaker growth than a year
ago, with Oxford bucking this trend, albeit at low overall levels of
growth. Other cities growing more
strongly than 12 months ago include Newcastle, Liverpool, Glasgow, Cambridge
and Belfast.
Average time to a sale being agreed in Oxford is just over
12 weeks, and the average discount to asking price achieved at sale is around 4.5%. This shows that whilst Oxford property has ‘lifted
its nose’ the overall recovery is weak with pressure on asking prices.
Recent research by Together Money reveals that Oxford is the
least affordable city centre for first time buyers with the average cost of
property exceeding £7,633 per square metre.
That’s six times more expensive than the most affordable city –
Sheffield.
A first-time buyer in Oxford typically requires a mortgage
of 133% of the average local income.
Oxford, Brighton, Cambridge and London are all grouped at
the bottom of the table of least affordable city centres for first-time buyers.
As regular readers will know, this blog has been critical
over a number of years that Oxford City Council has not got a grip on new build
for first time buyers, and this research finding is the net result.
Many first time buyers who wish to live and work in Oxford
are now looking to Bicester, Abingdon and Didcot where better value can be
found. These people then commute to work
in Oxford exacerbating traffic congestion and pollution.
