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Rising demand from international buyers and others from London relocating to Oxford has contributed to price growth in the city’s prime property market, new research shows. Oxford is a key city outside of London and attracts people because of its internationally renowned university and research from real estate firm Knight Frank shows that last year it outperformed both the wider prime property market in the UK and in the South East. Prices increased by 1.8% between October and December 2014, taking the annual rise in values in the city to 6.1%. Demand for homes valued between £1 million and £2 million was especially strong. Knight Frank says that a key driver of Oxford’s property market performance has been demand for homes from buyers from outside of the city. Indeed, the proportion of property buyers from outside Oxford more than doubled in 2014 compared to the previous year, accounting for 52% of all Knight Frank sales in the city last year, compared to just 24% in 2013. Demand from Londoners relocating to Oxford rose significantly year on year, from 3% to 18%, with many such buyers looking to take advantage of the relative price difference that currently exists between house prices in the capital and in Oxford. The proportion of international buyers in the city also rose to 17% in 2014, up from 11% the previous year. Access to top performing schools, strong local employment, as well as improving transport links into London, including a new rail line between Oxford and London Marylebone which is due to open this summer , have helped boost high levels of demand in Oxford, according to the report. The number of potential new buyers registering their interest in purchasing a new home was 18% higher last year than 2013 and the number of property viewings in the city was 8% higher over the same time. ‘All of this helped contribute to an increase in the number of sales completed by Knight Frank in Oxford in 2014, with the total number of transactions last year 22% higher than in 2013 and 41% higher than in 2012,’ said Oliver Knight of the firm’s residential research team. ‘The market for properties valued between £1 million and £2 million is especially strong and accounted for nearly 50% of all sales in 2014, compared to 41% in 2013,’ he added. Continue reading →
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