Oxford, and to a lesser extent Oxfordshire, is quite a special case in the housing market. Over the past few years, houses pretty much across the board soared in price. Then, they started to come down again. For the most part, house prices have either held better than the average in the UK or continued to climb.
It’s a very desirable, even prestigious place to live. The UK’s housing market typically heats up in spring and early summer. Reports also indicate signs of good health for the market thanks to more mortgages going out and house prices being decent.
If the UK’s housing market will be heating up, Oxford’s might just be ablaze over the coming months. Here’s why that may be the case as well as some tips to make the most of the 2024 selling window.
Oxford to draw plenty of attention in 2024
According to reports, the average home price bought with a mortgage in Oxford dipped slightly in January 2024. Compared to January 2023, it was a £6,000 decline. This provisional figure landed the average price at £438,000. To compare, the same measure in the South East saw a £9,000 decline. The country, as a whole, saw a £2,000 decline. Cash buyers, on the other hand, paid an average of £443,000. This was only a £2,000 dip year-on-year.
House prices lowering, even this slightly, can still raise concerns. However, it could be seen as a minor adjustment. It could also be seen as heading in the right direction. In September 2022, Oxford’s average price paid was around £445,775. At this time, the local government labelled Oxford the least affordable city for housing in the UK. The market is resilient, but it is creating a space of exclusivity.
Still, people have to live somewhere. Oxford may be unaffordable in terms of house prices for many, but that has brought more to its surrounding areas. Further out from the centre of the city, housing is more affordable. Iffley and Cowley have become particularly appealing to families and professionals who work in Oxford.
Navigating the Oxford market
With house prices being so high, if you’re looking to sell, there are several things to avoid. There’s simply too much on the line to see a sale collapse. Anyone who has experienced a house sale fallen through will know that the chain is often the problem. To avoid this, the experts in chain breaks say you need to maintain clear and consistent communication. One way to do this is to use a UK operator that lets you choose your completion date or sends a cash offer in minutes. This way, everything goes according to your schedule. Even if a sale falls through, though, you can fix a broken chain.
On top of trying to avoid a chain where possible, it’s also important to understand buyer contingencies. These can just as easily cause a sale to collapse. A buyer’s offer may contain a few contingencies. So, their offer is usually contingent on loan approval, appraisal, or an inspection. You must review all contingencies before accepting an offer and consider if it’s worth the risk.
Oxford remains a prime target for house buyers regardless of the price. So, as the spring progresses into summer, the market might just heat up significantly.
