What a crazy 12 months it's been in the Oxfordshire property market!  At the beginning of 2020, the market was going through a temporary 'Brexit Blip', with both buyers and sellers seemingly holding tight to see what the real impact would be, and how it could affect them.

Thankfully this didn't last for long.  In February 2020, high-value homes in Oxfordshire were selling quickly and at strong prices.  This bull market continued steadily going into March and there was real optimism from buyers and sellers alike.  It seemed Brexit was finally behind us.  As news broke about a possible pandemic spreading across the world, buyers and sellers previously on the fence took their cue to move on.  This led to a very strong market in March...until the 23rd of course.

I'm sure we all remember where we were when we heard the Prime Minister instruct the nation to stay at home for the foreseeable future.

At this point, it was our responsibility to secure the sales we already had ongoing, so we made it a priority to make frequent phone and video calls and produce video updates to both buyers and sellers.  This really seemed to help instil confidence, and by the time lockdown was lifted in May, we were pleased to have secured all but a couple of sales.

What happened next, NOBODY predicted.

Just as we were all getting into our new way of working, the market exploded.  High-value homes in Oxfordshire were achieving 10% or more over what you would have expected just a few months earlier.

The Chancellor's decision to announce a Stamp Duty holiday was fuel on a fire that was already roaring.  Our biggest challenge was now simply keeping up with buyer demand.  We sold some of the most unique and beautiful homes in Oxfordshire, in record time.

Then...

Enter stage left: Lockdown 2.0

Just as everything was beginning to get back to normal, Mr Johnson announced the country would once again be put into lockdown.  

We didn't know what to expect this time around.  The property industry was to remain open, but would anyone want to buy or sell during a national lockdown?

What then ensued was a clear slowdown from both buyers and sellers.  Viewing numbers dropped 82% during this period, and we launched 50% fewer homes than usual.

But this turned out to be the eye of the storm.  Because once the second lockdown was lifted, viewing numbers on high-value homes in Oxfordshire went through the roof, and the sales achieved were at record levels once again.

2021 so far...

Since the beginning of the year, buyers have been queueing up to buy their dream homes in Oxfordshire.

The main challenge: having properties for them to buy!

The Sunday Times reported this weekend that the housing market is so frenetic there could be nothing to sell within two months.  According to Rightmove, March 2021 was the busiest month for a decade.  More sales were agreed on March 23rd than on any other day in the past 10 years, and just a day later, a record 9.1 million people clicked onto the property portal, an average of 6,300 a minute.

Throughout this most recent (and hopefully last) lockdown, buyers have been constantly calling to check on new listings of high-value homes.

The buyers who are most keen fall into four distinct groups:

1. Locals who have sold their home but can't find anywhere to buy
2. Families from London, looking for a different lifestyle
3. Ex-pats planning to return to the UK once things are back to normal
4. Well-known celebrities and sports stars seeking second homes for their families

The Opportunity

At this moment in time, premium home owners in Oxfordshire have the chance to achieve 10% or moreover a 'logical' value for their home.  There is a supply-demand problem in the marketplace, that is, at present, firmly in their favour.  But it won't last.

We have seen a 38% decrease in the number of high-value homes for sale in Oxfordshire, just in the last 12 months.

Could this opportunity be your opportunity?

Now that the Stamp Duty holiday has been extended until the end of June, buyers have a little bit of extra motivation to find their dream home in the next 6-8 weeks.  Pressure on!

We expect the market to remain a strong seller's market until the back end of this year.

From there, who knows?

After that it is a complete unknown.

If you would like to have a chat about how you can take advantage of this window of opportunity and receive an up-to-date valuation on what your home could achieve in this crazy market, get in touch.  We can either arrange an initial video call, or arrange a time to come and visit to talk through the opportunity.  Just give us a call on 01235 751 888 or drop us a line: hello@stowhillestates.com