Interest in residential property in Oxford rises dramatically

on Feb 20, 2015

New research from Knight Frank has revealed that residential property in Oxford outperformed all other prime markets in the UK, apart from London. The research attributed the performance to a 52 percent year-on-year increase in buyers from outside Oxford.

Despite strong performances in other prime UK markets, particularly the south east which grew by 3.9 percent, Oxford came out on top with residential property values rising by 6.1 percent in 2014. Knight Frank also noted that demand for homes worth between £1 million and £2 was particularly strong. The proportion of international buyers in the city also rose to 17 percent in 2014, up from 11 percent in the previous year.

Interest from London-based house buyers rose substantially year-on-year, jumping to 18 percent in 2014 from 3 percent in 2013, a further sign that the cost of housing in London is becoming increasingly prohibitive for many people and the favourable perception of Oxford as a place to live is tempting many to relocate. A new rail line between Oxford and London Marylebone is due to open this summer, further increasing Oxford’s appeal to those living in the capital.

Knight Frank’s research also revealed that the number of new buyers registering their interest in purchasing some sort of residential property in Oxford was up 18 percent in 2014, while actual viewings were up 8 percent.
Oliver Knight, a researcher with the company commented:
“All of this helped contribute to an increase in the number of sales completed by Knight Frank in Oxford in 2014, with the total number of transactions last year 22% higher than in 2013 and 41% higher than in 2012.”
“The market for properties valued between £1 million and £2 million is especially strong and accounted for nearly 50% of all sales in 2014, compared to 41% in 2013,” he added.

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