The global credit crunch is continuing to impact on the UK property market, however, it is dangerous to draw general conclusions as different areas and price brackets display very different characteristics. For example, Oxfordshire is in the ‘Top 10’ highest priced property areas in the country with prices showing a 4.4% increase over the last 12 months. The average price for a home here is £289,130.
Premium property agents, Savills, expect buyers to be more cautious in 2008 and believe sellers need to think carefully about the asking price of their homes. Indeed the current market presents opportunities for buyers to negotiate aggressively and to trade up and obtain a property which may have previously been out of reach.
It is expected that along with the prime sector of the market, good quality family housing will be one of the most resilient parts of the market, particularly in areas with high quality educational facilities. Indeed latest research from Savills shows that family-sized houses in educational hotspots can command a 13 per cent premium.
Not surprisingly, the increased demand for rental property has seen a rise in rental values with predictions of rental increases of between 10% and 15% in 2008 and 2009.