Spring '24 - A Resurgent Oxford Property Market

The Oxford property market is poised for a remarkable resurgence in 2024, marking a significant turnaround from the challenges faced in the preceding year. Throughout 2023, the market experienced a decline in demand, correlating with increases in the Bank of England base rate. Mortgage interest rates soared, particularly affecting the lower and middle segments of the market, leading to stagnation in certain areas as potential buyers awaited developments.

However, the dawn of 2024 brought a resurgence of activity, catalysed by several high street lenders offering fixed-rate mortgages well below the prevailing base rate. This enticing offer spurred previously hesitant buyers back into action, fuelling much of the market growth witnessed in the initial quarter of the year. Despite stable interest rates, the indication of potential inflation improvement has instilled growing confidence among prospective home-movers as the year unfolds. Many are seizing the opportunity to act swiftly while mortgage rates remain favourable and property prices are only beginning to ascend once more.

In the sales market, there remains a persistent demand for high-quality properties, with motivated buyers actively scouring for viable options. However, the supply continues to lag behind, presenting a scenario where opportunities are ripe but limited. With an impending election slated for the latter part of 2024, the prudent advice is to capitalise on market opportunities sooner rather than later, as uncertainties may arise following political transitions.

For first-time buyers, we are excited to announce an upcoming event scheduled for July, organized in collaboration with our esteemed partners at Oxford Property Partners. This event aims to provide invaluable guidance and support, empowering individuals to take their first step onto the property ladder in 2024. Whether it's navigating financing options, understanding market dynamics, or exploring available properties, our team is committed to equipping you with the knowledge and resources necessary to embark on your homeownership journey with confidence.

As the Oxford property market enters a phase of revitalisation, now is the opportune moment to seize the advantages presented by favourable mortgage conditions and burgeoning market optimism. Whether you're a seasoned investor or a first-time buyer, the landscape is ripe with potential, awaiting those ready to take decisive action in pursuit of their property aspirations.