O X F O R D

H O M E T R U T H S A B O U T T H E L O C A L M A R K E T

P R O P E R T YB R I E F I N G

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69% MORE SALESThe strength of the market continued into autumn; last November our Oxford office agreed 69% more sales than

in November 2019.

MULTIPLE OFFERS With record levels of activity in both the town and villages,

it has been a competitive market for all price brackets and 62% of properties sold

by our Oxford office in 2020 received multiple offers.

Property profileFactors shaping the local market

SALES ABOVE £1 MILLION The upper end of

the market has proved its strength since the

housing market reopened. In 2020, the number of

sales agreed for property above £1million increased

by 22% year on year.

YO U R L O C A L M A R K E T

The demand for prime property in Oxford remains high

“By now, most people will be aware of the surge in buyer activity that followed the easing of lockdown measures in May 2020. From June to August last year, we had 69% more new buyers register with us in Oxford than in summer 2019*. This high level of demand continued into the autumn of 2020, with buyer interest remaining strong despite the second lockdown. From September to November we registered 52% more new buyers than the same time the year prior**. Even in December, the number of calls from new potential buyers was 60% higher than in 2019. With news of another national lockdown from this month, we believe we will still see buyers continue to reassess their priorities and work life balance. When lockdown restrictions first eased in 2020, buyers were mostly focused on Oxfordshire’s country market, in search of more space and a more rural location. Due to their good value, we saw the most immediate increase in activity in country houses, but there has since been strong demand in the city, with people drawn to Oxford’s excellent schools, or looking to trade up in size. The prospect of not having to commute every day is also attracting buyers from London. As such, we are seeing extraordinary levels of competition. Viewings in November last year were 70% higher than in November 2019, and for homes that are correctly priced, it is common for us to have 20 viewings within days of the property going on the market, followed by multiple offers. Last autumn, we carried out 45% more valuations than the same time in 2019,** as sellers realised the benefit of moving at that time. So, whether you are thinking of selling your home, or buying, renting or letting, we’d be delighted to talk to you.

Charles Elsmore-Wickens Head of Cotswold Region Residential Sales +44 (0) 1865 339 702 cewickens@savills.com

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61% MORE NEW BUYERS Since the housing market

reopened, from June to the end of November 2020, we registered 61% more new

buyers looking for properties in Oxford compared to the

same period in 2019***.

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PROPERTY VALUES ACROSS OXFORD As home owners continue to reassess their housing needs, the areas in and around Oxford are likely to see strong activity in the coming months.

“Activity levels across the prime housing markets of the UK remained strong throughout autumn 2020. Oxford and its surrounding villages have seen more buyers who are seeking a lifestyle change as a consequence of Covid-19, and many are looking to upsize. The introduction of the stamp duty holiday has provided additional impetus to the pent-up demand seen following the first lockdown in 2020. The average price of prime property in Oxford and the surrounding areas increased by 2.4% in the 12 months leading to September 2020, despite the disruption caused by Covid-19. However, the market has remained price sensitive and in most cases buyers aren’t willing to pay over the odds for their new property. Over the last five years, Oxford city has outperformed its surrounding villages with price growth of 21.5%. But a renewed desire for accessible villages and countryside locations means these markets are likely to see an increase in demand, at a time when they look good value. Despite this, for many locations in the north of Oxford such as St Margaret’s and Summertown, where average values are £1,050,000 and £921,000 respectively, remain a popular option.”

KeyAverage transaction values in the 12 months to March 2020

Below £400,000 £400,000 - £600,000 £600,000 - £800,000 £800,000 - £1,000,000 Over £1,000,000

Frances Clacy Residential Research +44 (0) 207 409 5905 fclacy@savills.com

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Nicky Quentel Residential Sales +44 (0) 1865 339 716 nquentel@savills.com

“As part of our consultation on the sale of this property, we suggested that our clients could increase its value by getting planning consent for an additional home in the garden. They agreed, and our planning team made an application and were granted permission for an additional house, which is impressive given that the property is Grade II listed in a conservation area. The family were very pleased with our advice, the way we managed the process, and the end result. ”

WHEATLEY, OXFORD The value of this period village property increased by including planning consent

Specialist services Combining local advice with expert services, we can help to maximise property value

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GREAT HASELEY, OXFORDSHIREWe achieved the right result for this barn conversion in a period of uncertainty

“This lovely village property generated a lot of interest, but twice buyers had to withdraw. In these times of uncertainty, it can be stressful trying to plan your move, but we kept our clients updated, reassured and agreed another sale which successfully completed soon after. Despite the initial setbacks, our clients were very pleased with our advice, determination and reassurance throughout the process.”

Client communication We build relationships with our clients, maintaining strong communication to alleviate any concerns when faced with unexpected delays

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Nicky Quentel Residential Sales +44 (0) 1865 339 716 nquentel@savills.com

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BEAUMONT GREEN, WITNEY, OXFORDSHIREA contemporary house with delightful views found the perfect match

“The owners of this luxury contemporary house were relocating but hadn’t found another property yet, so were keen that we found a buyer who wouldn’t pressure them to move too quickly. During this time, our colleagues in Hong Kong introduced us to some potential buyers who were returning to the UK and were looking for a modern property on the edge of a village - we had found the perfect match. Both parties’ timescales aligned, so after the purchase our clients had the time they needed to find their next perfect home.”

International network With over 600 offices worldwide, we can reach a wider audience to ensure we find the perfect buyer, no matter how far we need to lookCharles Elsmore-Wickens

Head of Cotswold Region Residential Sales +44 (0) 1865 339 702 cewickens@savills.com

99% During November 2020, our sales

in the country achieved 99% of their guide price on average.

COUNTRY LIVINGWe have seen high demand for country properties as people

re-assess their work life balance; 62% of respondents from our

survey in August 2020 said that the amount of outside space had

become more important following lockdown and 66% anticipated working from home for 3+ days

per week moving forwards.

National coverage Activity influencing the wider UK market

COMMITMENT TO MOVE Our surveys have shown that

throughout last year buyers and sellers became more committed

to move within the next 12 months, responses were +9% in April, +32% in June and +21% in August 2020.

The right buyer for your property may already live in Oxford or the surrounding area. Often, we see buyers move from London in search of great schools, value and green spaces. Wherever they may be coming from, we’ll help them find your property. Thanks to Savills global network of offices, your property is visible across the UK and internationally. Each of our offices is dedicated to its local market and understands its attraction and unique features. And once you’ve sold your property, we’re here to help you move on to the next stage of your journey.

Even if you are not looking to move soon, we are happy to provide a free appraisal of your property.

O U R S E R V I C E T O YO UBUYERS FROM LONDON

Our country offices are all reporting an uptick in buyers moving from London. Of new buyers registering with us to

buy a country property across the UK, 32% came from London in 2020 compared with 21% in 2019.

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R E M O VA L S

7 — SAVILLS.CO.UK

Savills Summertown, Oxford256 Banbury Road

SummertownOxford OX2 7DE

+44 (0) 1865 339 700

Charles Elsmore-Wickens Head of Cotswold Region Residential Sales +44 (0) 1865 339 702 cewickens@savills.com

Kelly Matthews Head of Lettings +44 (0) 1865 339 733 kmatthews@savills.com

Nicky Quentel Residential Sales +44 (0) 1865 339 716 nquentel@savills.com

Ed Sugden Country House Department +44 (0) 207 409 8885 esugden@savills.com