Snapshot January 2013 SPOTLIGHT Oxford City
Focus on.... Radcliffe Observatory Quarter, Jericho This 10 acre site in Central Oxford between Woodstock Road and Walton Street is one of the most significant developments the University of Oxford has undertaken for more than 100 years.
It is the last remaining large plot of land available for development in the historic heart of the City. When finally completed in 2013 it will, amongst others, accommodate the Humanities and Mathematical Institute as well as accommodation blocks for Somerville College.
For the local community the area is of great importance and the development which will now open up access routes between Woodstock Road and Walton Street together with cycle paths and a series of public artworks across the site.
The Market Where do our buyers come from The market has been strong in Oxford this year and nowhere more noticeable than prime OX2 postcode, being Norham Manor and the side roads between Woodstock and Banbury road south of Past 12 months Summertown. We have seen very limited stock above £2 million, International 20% with demand high and there are more buyers now in rented accommodation than at any other time in the last three years. London 25% The majority of these buyers are not reliant on mortgages, a South East 35% necessity when competing for a house in the best roads. Our Prime Market now tends to mirror that of Central London, where prices Rest of UK 20% have risen significantly over the past three years due to the influx of overseas buyers and currency fluctuations. Yet again Prime Central Oxford is proving to be a very resilient investment when compared to other asset classes.
What property types are most in demand Forecast for 2013 In a nutshell, family houses within Central and North Oxford are We anticipate that the market will continue to be well supported constantly in demand. Those houses between 1,500 - 3,000 sq ft next year. Record low interest rates which seem set to stay for some are highly sought after with prices ranging from £500 to over time, will continue to “put a floor” under prices. Many of our buyers £1,000 per square foot. The proximity to the excellent schools are from London and often struggle to grasp the lack of stock in the remains high on the priority list and this will dictate prices parts of the City they wish to live and this lack of stock will continue accordingly. to prop up prices and in many cases drive them past peak levels.
Mansion Tax and Stamp Duty Who is buying The market for property around £2 million stalled in March of this We have seen an influx of South East Asian buyers. These buyers year when the Chancellor introduced the 7% stamp duty charge and combined with interest from Russia and London are providing it took time for buyers and sellers alike to adjust their buying/ an ever increasing pent up demand. As always the excellent selling strategy as a result. The mansion tax, whilst shelved in this range of schools and hospitals combine to be the prime motivation Autumn’s budget, has caused some vendors to bring forward their for buyers. plans for a sale, particularly those who are downsizing with children having “fled the nest”.
If you have any queries or would like to obtain additional information on the UK or international housing markets please contact: Liam Bailey, Head of Residential Research, +44 (0)20 7861 5133, [email protected] © Knight Frank LLP 2012 - This report is published for general information only. Although high standards have been used in the preparation of the information, analysis, views and projections presented in this report, no legal responsibility can be accepted by Knight Frank Residential Research or Knight Frank LLP for any loss or damage resultant from the contents of this document. As a general report, this material does not necessarily represent the view of Knight Frank LLP in relation to particular properties or projects. Reproduction of this report in whole or in part is allowed with proper reference to Knight Frank Residential Research. Knight Frank LLP is a limited liability partnership registered in England with registered number OC305934. Registered office: 55 Baker Street, London, W1U 8AN Snapshot January 2013 SPOTLIGHT Oxford City
“Prime London prices continue to grow, with our forecast for a 10% rise by the end of 2016. This is very positive for the Oxford market with many London vendors capitalizing on this growth and moving to the countryside”.
Applicants by price band Nationality of foreign buyer
under £500k 2% Asian 5% £500k to £750k 13% Russian 4% £750k to £1m 15% UAE 2% £1m to £1.5m 28% Australia 2% £1.5m to £3m 27% USA 1% over £3m 15% South Africa 1%
Oxford properties and the Knight Frank team
SOLD SOLD An exceptional new Elegant and beautifully house by Millgate Homes presented house Boars Hill Central North Oxford 5 5 Guide £3,850,000 Guide £2,750,000
SOLD SOLD Charming house in this An extraordinary prime road penthouse apartment Central North Oxford Central North Oxford 7 3 Guide £3,450,000 Guide £875,000
SOLD SOLD Secluded family house Detached family house in walled gardens requiring updating Boars Hill Hill Top Road 7 5 Guide £1,600,000 Guide £1,000,000
Knight Frank Oxford Sales +44 (0)1865 790077 [email protected] 280 Banbury Road, Oxford OX2 7ED Damian Gray William Kirkland Harriet Pierce Batchelor Mark Russell Christopher Dewe Office Head Gascoigne-Pees Residential valuations Private Finance Country Houses knightfrank.co.uk/oxford and consultancy