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State of the Market Report Oxford Residential Lettings

Monday, June 27, 2016 Posted in: Property Market Landlords

A couple of unusual climatic situations have conspired to bring a chill wind to the rental market in Oxford.  The “flash flood” of rental property hitting the market after the stamp duty hike post April has resulted in over-supply especially in certain areas such as Kidlington and the outskirts of the city.  Some (empty) 2 bed property has been advertised for several months without much interest).  This has been exacerbated by the inertia in the market caused by the looming Brexit referendum……. During periods of uncertainty the market always tends to slow down, and this has been no exception.

It would appear that the slide in rentals that has effected London (in particular at properties at the higher end of the market) over the last 8 months or so,   has also hit Oxford, with some agents reporting a 20 to 30% drop in rental values for family property over £2500 pcm.  Ironically, HMO values in the same bracket have risen…….. It may be that this is just a product of the Article 4 directive preventing the market from flexing to adapt to changes in need (historically, agents would have been able to offer larger family home that have not let to sharers, but we are now prevented from doing so)?

At College and County we like to keep our clients advised of shifts in the local climate…… This allows us to flex rents to match the exact current value, and keeps our voids down.  We pride ourselves on not having property empty unless it is new to us!

Zoopla has forecast that house prices will fall 20% if there is a vote to leave in Thursday’s EU referendum.  Its prediction appeared in yesterday’s Mail on Sunday…… this seems fairly alarmist to me; whilst I do think that transaction levels will stall if there is a Brexit vote, and there may be some downward pressure on values as a result, the main effect of Brexit on values will come from changes in the interest rate.  If our national credit rating is negatively impacted, and subsequent interest rates take off, there might be a significant downward shift in property values?

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