Is now a good time to buy in the Bicester property market?
It’s not a good time - it’s a great time! The amount of excitement we’re picking up in the office every day is quite something. We’ve got bags of experience between us and have seen the market at its best and its worst, but the way positive sentiment has grown so quickly over such a short period is remarkable.
As you may well be aware, the housing market moves in cycles. After a period of consistent house price growth, things start to cool and transaction levels fall. Then comes a point when buyers feel like the market has ‘hit the bottom’ and pile back in trying to take full advantage of the next period of price growth. Prices always rise in the long term, and during the last housing cycle (between 2009 and 2017) prices rose by 54.6 per cent and now sit at £346,500.
Don’t be fooled by what the national press is reporting (they’re often looking at data which is out of date because of the lag in Land Registry data). Those who have their ear closest to the ground are picking up the strong scent of a market about to start firing on all cylinders again.
The potential rewards of getting your timing right are huge. Price growth has been slower over the last year, so the market is now awash with opportunities. If the next cycle plays out as the last one did, the average Bicester homeowner will make £12,700 per year over the next 10 years, just by owning a home. If you want to make your next move the best yet, give us a call.
Quarterly sales levels by type
In this chart we’ve compared sales levels for flats and houses in the last few quarters. We've opted to look at an index rather than absolute numbers, we’ve indexed the rates. This means that both property types start at 100 at the start of the period and you can see how they’ve changed since, on an equal basis.
Price volatility in recent months
Average sold prices can change a lot over a short period of time. The effect is accentuated by the small number of properties transacting in a local area. So this chart shows a lot of volatility but also represents a warts-and-all profile of recent market movements.
Lifecycle of our residents
You might think you know our area inside out, but this chart might make you think again. We've split the area according to where people and families are in their lifecycle. This has a big impact on the housing market with people needing different types of housing at different points in their life.