Here we’ll take a brief dive into Oxfordshire’s ever-changing property market. Exploring the new patterns of living arrangements in the county, we’ll lay out the benefits and the challenges of some notable developments.
Growth of The Rental Market
In Oxford, the last ten years have seen a marked change in home ownership and renting. Here, the rental rate is much higher than in the rest of England. Only 45% of households own their homes, versus 61% elsewhere, according to Oxford.gov.uk.
The considerable supply of rentable homes may be good news for tenants in the area, but the high demand is driving up prices. However, more sizeable changes are on the way, which may see some positive change for renters. As with any price rise in rent, so too does the expectation of tenants. Where normally landlords can deliver the same standard of service regardless of what they charge, from redecoration and repairs, a new housing law is set to change that.
The Renters Rights Bill will greatly improve the power tenants hold in their properties, disallowing landlords from making no-fault evictions at short notice, as well as limiting rent increases to once per year. This will allow renters in Oxford to demand a better quality of living to match the rising costs of their rent set by landlords, without fear of being handed a no-fault eviction if they complain about the standard of their property. Landlords may increasingly consider offering a rent guarantee to attract responsible tenants and provide additional financial security.
Set to come our way later in 2024, it will be exciting to see how that changes the behaviour of the market in Oxford.
The Rise of The Downsize
For homeowners, few things have changed as much as the size of properties people are now choosing to relocate to. Perhaps due to the higher cost of living, 41% of movers last year chose to reduce the number of rooms in their homes. A 2023 study by the comparison site Confused.com showed that huge savings were made by making this choice.
UK homeowners downsizing their property made on average £77,000 for each room they lost, with the biggest savings made by moving from a 4-bedroom to a 3-bedroom property.
The cost of moving itself is proving harder for people who need to downsize, with legal fees, valuations and estate agent commission all adding up. Homeowners in Oxford are making greater use of online property platforms like Sold.co.uk to streamline their move. These services have been gaining popularity among downsizers, in a climate that prioritises quicker moves and fewer hidden fees.
Oxfordshire’s property market is changing in ways that reshape how locals approach their housing needs. With the rental market evolving and the introduction of tenant-focused legislation, renters in Oxford will soon have more power and security. Meanwhile, the trend towards downsizing among homeowners shows a shift towards more financially savvy living, with many making the most of the savings that come from moving to smaller homes.
With Oxford’s property market on the move, both renters and homeowners are bound to find fresh opportunities around the corner.
