New Homes and Development in Oxfordshire
The Oxford Housing Market: An Overview
Why Oxford Faces a Housing Shortfall
The new homes sector in Oxford is a broad and diverse market ranging from affordable housing to the prime housing stock of the more affluent areas. Oxford, in general remains the most unaffordable area within the UK with the average price of a house £502,000 in comparison to the national average of £272,000. The most recent Strategic Housing Market Assessment estimates that there will be a shortfall in housing stock of between 93,000 – 106,000 new homes which Oxfordshire is expected to deliver by 2031. Obviously this cannot be delivered by Oxford city alone and only the provision of strategic land on the periphery will enable Oxford to meet its target.
A Growing and Diverse Population
Oxfords population consists of a rich demography attracted to the city by the various industries, educational and medical institutions. As such, this creates a very transient market on which there is an increased pressure on both the need for owner occupied housing and the private rented sector for those who can’t afford to purchase their own home.
The Demand for Affordable Housing
Demand for housing in Oxford remains strong though with the average property price at 13 times the national average wage (£38,000) the need for affordable housing has never been greater. Following the recent Strategic Land Availability Assessment, a number of sites have been identified as viable to help Oxford in reaching its quota for new homes with many having already passed planning and broken ground.
High-End Homes and Architectural Design Trends
There is also a growing demand for new homes in the more affluent areas of the city, and a relaxing of the planning constraints has led to an array of impressive, smaller scale, architect designed schemes built for the higher end of the market. The likes of Sweetcroft Homes, Gomm Developments and Oxford Homes have found a niche for high end, new homes within suburbs such as North Oxford and Cumnor Hill, where utilising smaller plots for a lower number of dwellings has proved very popular. Replacing a single dwelling with multiples, and back land developments make such schemes viable and are essential in a modern market of buyers who are environmentally conscious and energy aware. This is particularly popular among those moving nationally and internationally that require a turn-key purchase. New homes offer the ability to simply move and live. Avoiding the S106 obligations and community Infrastructure levy have made these transactions lucrative for both the plot owner and the developers alike.
The Future of Oxford's Housing Market
Oxford will continue to grow, and the demand on housing is a recurring theme spanning past decades. It is inevitable that this will continue for many decades to come. The delivery of new homes is essential for the evolution and growth of Oxford city. As a place of historic and cultural significance it is imperative however that the city doesn’t lose its identity, and the key to its successful evolution is careful and considerate development that will enhance the city and surrounds for future generations to enjoy.
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