Savills Banbury and Stow-On-The-Wold Home Truths

Savills Banbury and Stow-on-the-Wold Home Truths

Thursday 10 June 2021

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1 Welcome

Charles Elsmore-Wickens Frances Clacy Nick Rudge David Henderson

Head of Cotswolds Residential Head of Sales Head of Sales Residential Sales Research Banbury Stow-on-the-Wold

[email protected] [email protected] [email protected] [email protected] 07870 999 447 07972 000 186 07968 550 366 07973 122 248

2 Q&A Panellists

Louise Nicholson James Walker

Head of Cotswolds Country House Department Residential Lettings Cotswolds

[email protected] [email protected] 07812 965 329 07968 550 441

3 UK Residential Update Frances Clacy, Residential Research

4 The housing market in a snapshot

1st modern-day recession where Mainstream UK the economy Market driven by annual house and housing those with price growth market moved in financial security +10.9% to the different end of May directions Low levels of price growth Changing prior to Covid-19 lifestyles and & very low priorities interest rates Government intervention April completed including house sales furlough scheme +28% above and stamp duty 2017-19 average holiday

Source: Savills Research, Nationwide, HMRC 5 Market activity over £1m (versus average for month 2017-19)

Newly Agreed Sales New Instruction 250%

200%

150%

100%

50%

0% Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21

Source: Savills Research using TwentyCi 6 More locally…

Cherwell, Cotswold, South Cherwell, Cotswold, South Northamptonshire, Stratford-on-Avon & Northamptonshire, Stratford-on-Avon & West Oxfordshire West Oxfordshire +46% -17%

SSTCs New instructions 5 months to May 2021 vs same period 2019 5 months to May 2021 vs same period 2019

Source: Savills Research using TwentyCi 7 Variation in average house prices

£500,000 £496k

£450,000

21 -

£400,000 £430k £402k £350,000 £357k £355k £300,000

£250,000

£200,000

£150,000

£100,000 Average second hand sale price, 12 months toJan price, monthssalesecond 12 hand Average £50,000

£0 Cotswold West Oxfordshire Stratford-on-Avon Cherwell South Northamptonshire

Source: Savills Research using Land Registry 8 Source: Savills Research using Land Registry 9 Prime price movements

All prime UK (excluding London) Prime Banbury and Stow-on-the-Wold & surrounds 20% Annual 15% growth 10%

5% +5.1%

0% All prime UK (excluding London)

-5% Annual price movement priceAnnual -10% +3.4% Prime Banbury and -15% Stow-on-the-Wold &

-20% surrounds

Source: Savills prime regional index, Q1 2021 10 Prime Banbury and Prime Banbury and Stow-on-the-Wold & Stow-on-the-Wold & surrounds surrounds

Under £1.5m £1.5m+ +3.3% +3.4%

Annual growth Annual growth

Source: Savills prime regional index, Q1 2021 11 Looking forward

1• Activity levels mean a supply / demand imbalance will persist into the Autumn

2• Search for more inside and outside space likely to continue throughout 2021

3• …especially as the prolonged experience of lockdown will drive more upsizing

4• And we may see some slight rebalancing between town and country markets

5• A prolonged period of low interest rates underpins capacity for price growth

6• But this may be tempered by the potential for an increased tax environment

Source: Savills Research 12 New prime forecasts

Source: Savills Research Note: These forecasts apply to average values in the second hand market. New build values may not move at the same rate. 13 Prime rental markets

14 Similar trends in the prime rental market

Increased More try Strong demand tax & before you for family regulation buy tenants houses

Sharp rise in Tenants seeking applicant more inside and numbers outside space

More demand Best in Strong from Londoners sales class market favoured

Source: Savills Research 15 Leading to an outperformance beyond London

Prime London Prime regional 6%

-2% Annual growthAnnual rental

-4%

-6%

Jun-14 Jun-15 Jun-16 Jun-17 Jun-18 Jun-19 Jun-20

Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21

Sep-14 Dec-19 Dec-20 Dec-14 Sep-15 Dec-15 Sep-16 Dec-16 Sep-17 Dec-17 Sep-18 Dec-18 Sep-19 Sep-20

Source: Savills prime lettings indices, Q1 2021 16 Regional rental Regional rental values - houses values - flats

+5.6% +2.8%

Annual Annual growth growth

Source: Savills prime lettings index, Q1 2021 17 New prime rental forecasts

Source: Savills Research Note: These forecasts apply to average rents in the second hand market. New build rental values may not move at the same rate. 18 Thank you

20 Our markets in Banbury and Stow-on-the-Wold

Buyer Sales Multiple Guide price Buyers from registrations* agreed* offers** achieved* London** +86% +64% 70% 100% 31%

*Source: Savills data, Jan – May 2021 v Jan – May 2019 **Source: Savills data, Jan 2020 – Apr 2021 21 ‘Banburyshire’

• Schools • Transport • Formula 1 • Soho Farmhouse

Soho Farmhouse image source: The Telegraph 22 SOLD properties in Banbury

Woodend, Northamptonshire Guide £875,000

Horley, Oxfordshire Guide £1.1 million

Aynho, Northamptonshire Guide £2.95 million

Swerford, Oxfordshire Offers in excess of £4.75 million

23 Case study: Swerford, Oxfordshire

• Windy Hill Farm

• 160 viewings over 3 weeks

• Guide £550,000

24 New instructions

Coming soon…

Birdingbury Plumpton Little Wolford

Hornton Barford St. John Swerford

25 Thank you

27 North Cotswolds

• ‘Daylesfordshire’ • Stunning villages • Beautiful countryside • Sports • Transport links • Great schools • Lifestyle • Architectural

28 Our market 2019 - 2021 • 99% of guide price achieved

• +111% more sales agreed

• +128% more buyers registered YTD

• Country and town markets are robust, with increasing numbers of instructions

Source: Savills data, Jan – May 2021 v Jan – May 2019 29 SOLD properties in Stow-on-the-Wold

Sykes House, Halford Guide £1.8 million 94% of guide price achieved

Maces Farmhouse, Wyck Rissington Guide £5 million 90% of guide price achieved

Flat, Sherborne House, Sherborne Guide £1.1 million 95% of guide price achieved

Rosedale, Chipping Camden Guide £1.1 million 100% of guide price achieved

30 What do you get for... £1 million?

Orchard House, Little Rissington

• Recently refurbished • Great condition • Elevated village location • Four bedrooms • 2,312 sq ft • Close by two market towns

31 New instructions

Coming soon…

Bourton-on-the-Hill Guiting Power Alveston

Great Rollright Dorsington Blockley

32 Thank you