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othello

Asking Prices Down 9% In Oxford

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The Waterways flats are back down to their 2004 levels i.e. where I was living - and that's the asking price! My ex-Landlord has been subsidising his tenants for the last 5 years to the tune of £300 per month - and no capital gain. Sucker.

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Interesting post.

My sister lives in 3 bed semi bought on the outskirts of Oxford in 2005 at the last dip for£210,000.

Needles to say she has seen houses alonher road on the Market for £310,000 and selling which is why she thinks I am mad completing on the sell of my flat last month and not buying anything else.

What are the general prices doing in Oxford at the moment?

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My new employee has just moved to the Oxford area, he had sold to rent whilst relocating and is currently putting in offers in the Botley area. So far he's had an offer 20% below asking accepted (it fell through though). He reports sellers desperate to sell and estate agents being desperate for FTBers or no-chain buyers. i.e a buyer's market.

Of cause this just an anecdote, but it represents a massive change to what I was seeing just a couple of months ago.

Hopefully this is the start of something.

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The Waterways flats are back down to their 2004 levels i.e. where I was living - and that's the asking price! My ex-Landlord has been subsidising his tenants for the last 5 years to the tune of £300 per month - and no capital gain. Sucker.

is it new built? then he lucky it held its value

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Have you got any links? I use to live on Stone Meadow Road between 2003 and 2005 and have checked on houseprices.co.uk for signs of falling prices but haven't found any.

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I'm getting a bit/lot impatient now.

I'm still seeing shitholes for over 200k in the ****-end of nowhere. What do you reckon average salaries are in Oxford? £25-30k? (a lot less for some people) - in that case, whether it's realistic or not dammit, I want to see 3 bed houses for sale at 120k.

I'm toying with the idea of contacting all the EAs here with a note saying "please contact me when you have properties at 120k, cash buyer waiting". Currently they'll laugh in my face - but in 6-12 months time?

Anybody know how Oxford fared in the last crash, 1989-1995?

shavedchimp

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Quick anecdote. Didcot rather than Oxford, not exactly the same, but spoke to an acquaintance who is trying to buy there (can't afford Oxford) She had been phoned by the EA to view a house on at 270k and turned down the invitation saying it was out of their proce range. The EA phoned back a week later and said that seller is keen to sell, and have dropped the price to £250k. Friend sees house and says this is still too much for the house and wouldn't offer more than 210k for it, expecting EA to say don't bother. But apparently the EA said that the sellers haven't received any offers yet so she should put in an offer of what she wants to pay and see what happens. Apparently EA said vendors need to get a reality check, cos there's no offers out there at current asking prices.

I'm sure they'll be told to pee off by the vendor, but it's a change of attitude from EAs - times must be getting hard.

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Quick anecdote. Didcot rather than Oxford

Interesting - sounds like your friend wants a 4 bed for that price. I am trying to sell a 2 bed in Didcot and it is slow going. From speaking with my EA 2 beds are selling for over £180k so £210k would be a little low for a 4 bed. Still, I guess it depends how desperate the sellers are to move.....

Out of interest my EA advised me that my property would have been valued up to 5% more 6 months ago, but the market has really cooled off since then.

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Didcot (aka Didgrot & Deadcat) seems to have a rather slow market at the moment, as I know a couple of people trying to sell 2 bed properties so they can buy something bigger, but no offers...

Oxford is a tough call. The university own most the land, especially within the ringroad, so prices in this area seem to be remaining high. Prices outside the ringroad, however, seem to have dropped a bit, although probably because most people wanting to live in Oxford prefer to live within the ringroad, and not outside it!

HOWEVER... within the ringroad, large properties (detached family homes) seem to be dropping considerably in price, whereas small properties (1/2 bed flats, and 2/3 bed terrace houses) see to be ridiculously expensive, and still seem to be rising.

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The Waterways flats are back down to their 2004 levels i.e. where I was living - and that's the asking price! My ex-Landlord has been subsidising his tenants for the last 5 years to the tune of £300 per month - and no capital gain. Sucker.
Interesting post.

My sister lives in 3 bed semi bought on the outskirts of Oxford in 2005 at the last dip for£210,000.

Needles to say she has seen houses alonher road on the Market for £310,000 and selling which is why she thinks I am mad completing on the sell of my flat last month and not buying anything else.

What are the general prices doing in Oxford at the moment?

Two very different markets . . . flats are in a lot of trouble I think . . .

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Two very different markets . . . flats are in a lot of trouble I think . . .

I would say it's more like some flats are in a bit of trouble.

I rented a flat in a large development of newbuilds, and hated it (lots of social housing, and quite a few problem tenants), and the owner is now trying to sell it, and not really having much luck. I think 1/3 of properties in large new build developments are given to housing associations.

I currently rent a flat in a much smaller development (<15 flats) done by a local builder/architect, and no sooner does one come up for sale, it's got a sold sign on it! No problem tenants here though, so I shall stay put as long as I can, and would never dream of living on a large new build development ever again!!

No shortage of tenants in Oxford!

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I would say it's more like some flats are in a bit of trouble.

I rented a flat in a large development of newbuilds, and hated it (lots of social housing, and quite a few problem tenants), and the owner is now trying to sell it, and not really having much luck. I think 1/3 of properties in large new build developments are given to housing associations.

I currently rent a flat in a much smaller development (<15 flats) done by a local builder/architect, and no sooner does one come up for sale, it's got a sold sign on it! No problem tenants here though, so I shall stay put as long as I can, and would never dream of living on a large new build development ever again!!

No shortage of tenants in Oxford!

True, I'm in a development of flats now and was in a development before and both have been in high demand.

Nice flats in nice developments with good amounts of space, some outside space, ideally some communal space etc will hold up well enough. Small, pokey overpriced shitholes with poor build quality & sound insulation and significant numbers of housing association tenants will be screwed.

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Anybody know how Oxford fared in the last crash, 1989-1995?

I lived in oxford 1994-6, I rented (shared with 2 others) a 3 bedroomed house in church cowley road for £550 a month. I cant really remember the bottom or top of the prices. However I can remember a 3 bedroomed house for sale near Florence Park for £65,000. I was only earning about £13k a year at the time, so had no chance of a mortgage. God knows how much the house would be valued at now.

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Didcot (aka Didgrot & Deadcat) seems to have a rather slow market at the moment, as I know a couple of people trying to sell 2 bed properties so they can buy something bigger, but no offers...

Oxford is a tough call. The university own most the land, especially within the ringroad, so prices in this area seem to be remaining high. Prices outside the ringroad, however, seem to have dropped a bit, although probably because most people wanting to live in Oxford prefer to live within the ringroad, and not outside it!

HOWEVER... within the ringroad, large properties (detached family homes) seem to be dropping considerably in price, whereas small properties (1/2 bed flats, and 2/3 bed terrace houses) see to be ridiculously expensive, and still seem to be rising.

I'm not quite sure how the university owning land has anything to do with the price of housing. It potentially means there can't be much new building going on, but that's not exclusive to Oxford. Most residential properties are offered as freehold just like anywhere else in the country.

Prices will always be higher inside the ring road, they are at the moment, and they will be after any crash. Likewise there have always been lots of people needing to rent in Oxford, because of the large student population and transient academic postings often people just over for a few years from another country. There has been an incredible amount of BTL speculation in Oxford due to the perception that there is an endless supply of people wanting to rent, this has just pushed rental yields even lower than other parts of the country.

I don't think Oxford is any more of a tough call than anywhere else in the country. It will always be more expensive than somewhere like Didcot, just down the road, because it is nicer, and has more high paying jobs in the locality.

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I'm not quite sure how the university owning land has anything to do with the price of housing. It potentially means there can't be much new building going on, but that's not exclusive to Oxford. Most residential properties are offered as freehold just like anywhere else in the country.

Prices will always be higher inside the ring road, they are at the moment, and they will be after any crash. Likewise there have always been lots of people needing to rent in Oxford, because of the large student population and transient academic postings often people just over for a few years from another country. There has been an incredible amount of BTL speculation in Oxford due to the perception that there is an endless supply of people wanting to rent, this has just pushed rental yields even lower than other parts of the country.

I don't think Oxford is any more of a tough call than anywhere else in the country. It will always be more expensive than somewhere like Didcot, just down the road, because it is nicer, and has more high paying jobs in the locality.

Oh well, I shall live in hope that I'll be able to buy my flat I rent, but I'm not holding my breath. If the market crashes, I'm guessing that will mean that only people who HAVE to sell will sell (so those who can't pay their mortgage), and the rest will hold on until prices go up again, thus meaning it'll potentially be even harder to buy in the area I want to buy in!!

It's great that rents haven't risen much in the last few years, but they're still high! I hope they won't be rising with any increases in interest rates!

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Oh well, I shall live in hope that I'll be able to buy my flat I rent, but I'm not holding my breath. If the market crashes, I'm guessing that will mean that only people who HAVE to sell will sell (so those who can't pay their mortgage), and the rest will hold on until prices go up again, thus meaning it'll potentially be even harder to buy in the area I want to buy in!!

It's great that rents haven't risen much in the last few years, but they're still high! I hope they won't be rising with any increases in interest rates!

The number of people who HAVE to sell, is an unknown quantity. BTLers are much more likely to bail out or be repossessed than home owners as they are not losing their homes in the process. This could mean that Oxford crashes hard because of the sheer number of speculators. Equally rental demand may stay strong and rents may rise with higher mortgage costs, reducing the amount of BTL sellers.

Have you not noticed the increase in For Sale signs around Oxford over the past few weeks?

It's a good sign that there may be a BTL bail-out going on.

Edited by Bear Goggles

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Have you not noticed the increase in For Sale signs around Oxford over the past few weeks?

It's a good sign that there may be a BTL bail-out going on.

I can't say I've noticed any more For Sale signs in Oxford. With all the talk of HPC, then maybe people NOTICE for sale signs more than they used to?

The only thing I have noticed is that properties are on the market for a bit longer, although I also noticed that last winter, and the winter before.

if BTLs are bailing out, that's a good and bad thing. Good because it gives people a chance to buy a home, but potentially bad because there are alot of people in Ox that need and want to rent, and it could cause turmoil with tenants being handed their notice, which is one of the worst things about renting - the uncertainty!

Am still not convinced.

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