What to expect from the property market in Oxfordshire through 2022
A Stamp Duty Holiday, renters moving to the suburbs and an exponential rise in buyers’ demand for space – 2021 has been exceptionally busy year at Oxford Property Consulting.
But the property market is continually developing, and trends from the past 12 months are unlikely to be replicated in the future.
Understanding property’s key trends is important to any buyer seeking maximum return on investment. Here, we list the traits we think will define the property and investment markets in 2022.
Property sales defied all expectations through the COVID-19 pandemic. House prices soared and our demand for property saw some homes sell within a week of being placed on the market.
This was partly facilitated by the Government’s Stamp Duty Holiday, which ended in September.
Instead of the property market’s growth stalling in October, though, momentum established from the one-off tax incentive has rolled over and is expected to heavily influence the first quarter of 2022.
We expect the housing market to return to more normal levels of activity in 2022, but it will still be busy with strong buyer demand carrying into next year. While we are currently experiencing a reduction in stock on the market we expect to see a surge in activity in the new year.
Forecasters are anticipating a 3.5% rise in property prices next year following a 9% rise in the last 12 months. Consequently, the opportunity for investors remains strong – especially in Oxfordshire.
Oxfordshire in demand
According to Plumpot, 8,700 properties were sold in Oxfordshire between November 2020 and October 2021 – representing a 7.8% sales increase.
It’s easy to understand why this is the case:
1. Remote working
The pandemic has prompted a shift in how we work. Working from home has granted professionals the luxury of moving their ‘office’ to wherever they wish, within reason.
2. Good transport links
Easy access into the city is still important to many. A staggering 14 train stations in Oxfordshire serve central London within an hour.
3. Bigger gardens
The pandemic has fuelled a desire for a new lifestyle that has seen many buyers prioritise properties with bigger gardens and more room.
Lower mortgage rates and rising rent prices make investing in the buy-to-let market appealing.
A recent Buy-to-Let Report by Shawbrook Bank revealed 34% of all landlords are planning to buy a property in the coming year. Other key findings revealed:
- 42% of landlords have seen demand increase for their properties in 2021
- 67% of landlords were confident about the future of the property market in 2022
Increasingly, investors in the buy-to-let market are searching for space – particularly garden space. It’s what appeals most to renters seeking a country lifestyle away from the city.
Rental potential in Oxfordshire next year will be high.
You can read the full report here.
Pay what it’s worth
The property market is reaching the conclusion of its biggest period of change since the credit crunch in 2007 when the average price of a home dropped by 15%.
Opportunity for investors then was high, and that will remain the case in 2022. But it’s perhaps more important than ever to box clever and realise a property’s asking price will never define its true value.
After all, in investment, securing the right deal is everything.
By working with Oxford Property Consulting, buyers stand the best chance of gaining maximum returns from their investment via our extensive local knowledge and black book of contacts. Accessing early viewings to off market properties will remain key to securing strong opportunities.
Climate change impact
By December 2028, the Government plans to enforce a compulsory energy performance certificate rating of ‘C’ on all rented properties.
Investing any funds into property is never money down the drain – making your home ‘greener’ will only increase its value in the long run.
Concerningly, it’s been reported as many as one in three landlords are not confident they will be able to fulfil this potentially mandatory requirement.
You can find out a property’s energy performance certificate rating here. We’d recommend all prospective buyers to find out this information before viewing a home.
Improving your property’s EPC rating is simple but can come at a cost. Here are some popular measures:
- Install double glazing, loft insulation or wall insulation
- Replace your boiler
- Install solar panels
Contact us now!
If you’d like to speak to a friendly member of our team here at Oxford Property Consulting, why not drop us a line today?
Email firstname.lastname@example.org or call 01865 553956 to learn more about our private property search, investment and commercial property services.