PROPERTY NEWS
The Old Rectory
Countryside Living
The premium property markets of Oxfordshire and Cambridgeshire The UK property market is competition. This, plus reforms showing encouraging signs of allowing increased borrowing, revitalisation and for discerning has enhanced affordability and is buyers and sellers in the premium stimulating housing activity. sector, particularly in soughtDespite a 1.4% April rise in after counties like Oxfordshire national asking prices to £377,182, and Cambridgeshire, the outlook housing stock is at a 10-year high, is increasingly positive. Fine & necessitating realistic pricing Country agents, who represent from sellers. Following a Stamp properties in the upper quartile Duty-driven sales surge (up of the market, are witnessing 104% year-on-year), the market a renewed sense of confidence, is recalibrating, but underlying underpinned by favourable demand remains and selling times economic shifts. are decreasing. A brighter national outlook
Market sentiment has been boosted by the Bank of England’s May interest rate cut to 4.25%, the fourth in under a year. While the Bank wisely refrains from presetting future paths, consensus forecasts suggest a potential further easing to 3.75% by yearend. This easing monetary policy improves borrowing conditions, making sub-4% mortgages more readily available for buyers with a strong loan-to-value ratio (around 60%). Average two-year fixed rates are at their lowest since September 2022, driven by better swap pricing and lender
The premium appeal of Oxfordshire
Oxfordshire, a county renowned for its world-class education, picturesque countryside and historic charm, continues to command significant interest in the premium property sphere. Here, the premium price threshold begins at £1,100,000, with the average price for properties within this exclusive segment standing at an impressive £1,609,155. Reflecting the broader trend, the average time to find a buyer in the South East region, which includes Oxfordshire, has fallen to 66 days, down from 75 days at the
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start of the year (Rightmove). Terry Robinson from our Fine & Country Banbury office in Oxfordshire, observes: “After a slight dip in April after the Stamp Duty rush, the market has picked up and enquiries and property coming to market have increased. We specialise in the £1m+ bracket and have some wonderful properties available - well suited to family life or multi-generational living. We are finding a surge of clients looking for such property to leverage family finances, support childcare and enhance relationships. We are fortunate to have so many great options for both private and state schooling in the area and properties within a grammar school catchment area are particularly sought after.” Cambridge: A hub of innovation and desirable living
Cambridgeshire, with its global reputation for academic excellence and as a powerhouse of innovation, presents a similarly robust premium market. The gateway to this upper quartile in Cambridge is set at £899,000, while the average price achieved for these distinguished homes is £1,229,924. The East of England region, encompassing Cambridgeshire, has also seen a reduction in the time it takes to secure a buyer, now averaging 66 days, down from 76 days at the beginning of the year. This demonstrates a healthy appetite for quality homes in this North House