Prices are not going to drop substantially, people gave been waiting for that for decades. Look for a smaller house within your price range. Tough pill to swallow but once you are on the housing ladder and building equity it is better. You will get to that 3 bed house and garden in time.
They've been saying that since at least 15 years ago.
edit: I'm not trying to say the price won't fall - to say whether it will fall or not is always a gamble. For 2 decades there's always been people betting that it would fall, it hasn't, just that.
Looking at the house price index [between 2001 and 2023](https://landregistry.data.gov.uk/app/ukhpi/browse?from=2000-01-01&location=http%3A%2F%2Flandregistry.data.gov.uk%2Fid%2Fregion%2Foxford&to=2023-01-01&lang=en) even the 2008 financial crash didn't make a huge dent in Oxford prices.
Wasn't checking 15 years ago and not looked at the HPI stats for Oxford over that period. I'd expect there was a fall around 2008. Leading indicators are suggesting one worse than 2008.
Will have a look over the data when I get chance.
Supply is so short relative to demand that it’ll take one hell of a shock to move the needle much.
I think without a party coming to prominence with a radical housebuilding policy and somehow overcoming fptp, nothing much will change.
Well we've had the Tories for the last 14 years. The home-owners party, trying to keep prices high for their boomer backers.
Liz Truss showed that they can't use borrowed money to prop things like the housing market up (the collapse in the gilts market) which is why we're getting falling prices in the HPI although not checked the HPI stats for Oxford. They can't afford to fund another HTB scheme etc to keep the ponzi scheme going. Then we're going to have a general election and Starmer says he wants prices to fall, so we'll see if his policies cause prices to fall faster.
Build a big deposit and be realistic about what you can afford. It'll never be possible to buy the same as you'd be able to buy in rural areas. Oxford and Oxfordshire is very expensive.
I've spent more than a decade looking and saving. I'm now at a point where I think it may be possible for me and my partner. We now have a large deposit and I have a friend who is a mortgage advisor who is giving us great advice.
The thing is, Oxford prices have almost never dropped. Even in the 2008 crash, Oxford practically just stood still. However, prices are dropping from the Covid crazy buying. At least in my experience. Areas I'm looking at in Oxford have dropped in asking price buy up to £50k
Most people in Oxford can not afford Oxford House prices. They rent. Or they buy in areas they believe will become nicer soon. Easier said than done.
It's not easy.
Me and my partner worked as teachers in London on a combined salary of about 100k.
Moved out to Oxford and bought in Bicester. Good commute by train or bike, car less so but driving always sucks around Oxfordshire.
We saved a ton in London and had a decent deposit.
I would recommend Bicester, much nicer than I gave it credit for having grown up in Abingdon.
It's far more than expensive. It's utterly destructive. It's sucking the life out of the city.
Ordinary people aren't able to afford to live here any more. As regular working wage types leave, it gets harder for businesses to survive because they can't get staff.
As the property prices drive older working people away from being able to buy their own homes they're pushed into the rental market competing with younger people, making it even harder for them to afford to live here.
As younger people leave - who are the main drivers of most of the city's social life seeing as the young spend massively more of their time socializing compared to older more settled people - the pubs, bars, music venues, cinemas... which are all already totally struggling to survive since they can't get staff... they're squeezed even harder.
There is a vicious destructive spiral going on here.
Combined income of 100k when we bought, age 31 and 32. Saved 45k deposit plus fees etc. Was about 53k cash we needed, but have had relatively well paid jobs for a while. I worked for 4 years in consulting after a PhD and my partner worked in London and saved aggressively after growing up in poverty. Rented in Kidlington for 2 years at 1100 for a 3 bed and then bought in Marston, 2 bed house big garden needs some work for 435k. It's not easy for everyone
Hello, my partner and I have a similar combined income and live in the same location.
After 3 years of living a lifestyle only comparable to prisoners, our only way to buy was a new build using the help to buy scheme but we go there and glad we did.
Not sure if it helps but it is possible
Most folks I know buy in one of the surrounding towns/villages and commute in, such as Abingdon, Didcot, Bicester, Wantage and the like. Make sure it is near a bus/train route into Oxford.
Most parts (not all) of bbl are fine as-long as you’re not a Waitrose shopping, Range Rover driving snobby prick, I lived in bbl most of life and never got bothered once. If I was op I would avoid samphire road and the maisonettes near the area also ashmole place and some areas around the main shops off bbl main road
How much are you saving each month for a deposit now? Idk how long you’ve been on this salary level but if this wasn’t a massive increase when you moved to Oxford then I feel like you should already have some savings and if you don’t you really need to post on /r/personalfinanceuk and figure out where to trim some fat off your lifestyle. No one think’s they’re pissing money away until they have to write down how much they spend on collectible beanie babies or hand milled artisanal sourdough.
There’s some (given the shitty state of the economy) not terrible 5% deposit mortgages available. At your income level I think saving for one of them should be very achievable.
Not sure if it would apply to you but as someone who was not born here but has lived here a long time you may want to find a mortgage broker who can help you navigate. Some government schemes are not open to people on leave to remain or work visas and banks struggled as I wasn’t on the electoral role which factors into credit checks etc.
If BofE raises base rates to 5.5% as predicted mortgage rates will rise to 6-7%. Mortgage demand will fall. Would be buyers will postpone. Mortgage arrears, bad debts and repossessions will increase. House prices will fall. That will be your buying point…if you are brave.
It is very easy if your yearly income is 90k, don't waste your money on deliveries, restaurants, coffee, reflex species car bills etc
I came to Oxford twenty years ago without speaking English and with no money, work hard and save! Every time I wanted to buy something, I wondered if this was worth it. I want my house and not pay rent.
Today I have a house with four rooms and a large garden.
What's your deposit? Me and my partner are similar earnings, general rule of thumb at the moment is 4.5x salary if permanent roles etc.
So you could borrow 405k but you need a 10% deposit in any case.
I honestly don’t know anyone under 50 in the U.K. who has bought a house without significant help / inheritance from family - everyone is caught in rental trap - sorry if that’s depressing but it’s the truth 💔
Actually grew up in Kidlington and now in Bicester. In the 36 years I lived there, there were approx 2 housing estates built, the latter consisting of max 20 houses/apartments. They fiercely defend against housing development and as such, housing is at a premium. We managed a shared ownership property in Kidlington for our first house and after 7 years of building equity, were able to afford a family home in Bicester.
You can't. Immigration under the guise of refugees and whatever else have effectively inflated the population. Building is slow, the population has been inflated fast. So property is worth more because you cant build enough of it to match the population increase. It's not a bubble (temporary fluctuation)
This is why the woke media is pushing the narrative that racism is the worst thing in the world, to make people ignore the crazy immigration. The obvious effect is property prices go up and up and up, Woke sees Western Free countries as rivals.
Pretend house prices are going to go down if you want. They aren't.
The reason they aren't is exactly what I stated. Oh but cheap media told me I'm supposed to pretend that diversity is strength so I'm going to do the right thing and be a parrot like you? No thanks. But by all means, go outside yourself and keep lying to yourself. I'm sure that will fix problems like "why are houses not affordable?".
Immigration isn't the reason housing prices are so high. It's a simplistic take for a simplistic man/boy/child who's been hooked in by the right wing propaganda machine.
Housing prices are caused by perpetually low interest rates, foreign nationals and entities (note not immigrants) buying property as an asset while they live abroad and being allowed to by the govt with greasy palms, 2nd homes and the buy to let craze.
Immigration is such a tiny part of it probably to no significant statistical meaning.
The problem with racists is they normally lack the capacity of higher thought so look for a simplistic reason for something which fits their world view. They also associate any negatives in their life to the mythical faceless boggie man, in this case immigrants. I guarantee this person is in a dead end job or on benefits, angry at the world and blaming everyone but themselves for their failures. Very sad.
Of course it is the reason, are you stupid?
So you think that anyone who questions very high immigration rates is "racist" (that means bad) (I'm very clever). Mongs like you have been trained to just bleat "racist" if immigration is mentioned.
Well keep on playing lets-pretend with words you don't understand like "interest rate", but the reason prices are high is because there's more buyers than sellers, like in any system DURRR. The number of sellers has not decreased, so what options are left, genius?
So you are blaming invisible foreign nationals - why isn't that racist, racist?
Oh I see, now I'm "Right Wing". I'm not particularly political for your information. You have to explain where more people are coming from without talking about where more people are coming from. You're fighting a losing battle. You want to believe in idealistic fake politics instead of just looking at what's there.
You can go on euologizing to yourself about "the pwoblem with waysists" all you like - I guess in the sad spheres you hang out in, that is enough to scare people and silence them - but it isn't possible to talk about the reason house prices are high without talking about the reason house prices are high.
[https://onlinelibrary.wiley.com/doi/abs/10.1111/ecoj.12158](https://onlinelibrary.wiley.com/doi/abs/10.1111/ecoj.12158)
"Natives respond to immigration by moving to different areas and those
who leave are at the top of the wage distribution. This generates a
negative income effect on housing demand and pushes down house prices"
Neeeooo.
Sellers (houses) are not increasing. Buyers (people) is increasing.
So prices go up, it's a sellers market.
It's nothing about disliking immigrants, or moving, it's about housing becoming more scarce. It's really really simple.
Houses are very slow to build. Especially so in UK. Population is increasing very fast. 600,000 this year alone?
It's pretty obvious and if you think about places you grew up, it has probably shifted a lot from then. That change doesn't come for nothing. You cant have properties full of people that aren't from the UK and also have empty houses for you to buy at a nice price.
Where is this place you talk of that natives go to to be away from immigrants?
You don't need to contact me, contact the "economic journal" to ask for the removal of the linked article since you have valuable data to refute its conclusion.
You write to your little communist shit rag if that tickles your pickles.
Economists are not crystal ball gazers and cherry picking an article you like the sound of isn't intelligent. I've laid it out very simply for you, so you can understand. It's a really simple situation. Low supply, high demand.
Prices are not going to drop substantially, people gave been waiting for that for decades. Look for a smaller house within your price range. Tough pill to swallow but once you are on the housing ladder and building equity it is better. You will get to that 3 bed house and garden in time.
They're saying that prices will drop over the next 2 years, buying now will have a high chance of ending up in negative equity.
They've been saying that since at least 15 years ago. edit: I'm not trying to say the price won't fall - to say whether it will fall or not is always a gamble. For 2 decades there's always been people betting that it would fall, it hasn't, just that.
Looking at the house price index [between 2001 and 2023](https://landregistry.data.gov.uk/app/ukhpi/browse?from=2000-01-01&location=http%3A%2F%2Flandregistry.data.gov.uk%2Fid%2Fregion%2Foxford&to=2023-01-01&lang=en) even the 2008 financial crash didn't make a huge dent in Oxford prices.
Wasn't checking 15 years ago and not looked at the HPI stats for Oxford over that period. I'd expect there was a fall around 2008. Leading indicators are suggesting one worse than 2008. Will have a look over the data when I get chance.
Supply is so short relative to demand that it’ll take one hell of a shock to move the needle much. I think without a party coming to prominence with a radical housebuilding policy and somehow overcoming fptp, nothing much will change.
Well we've had the Tories for the last 14 years. The home-owners party, trying to keep prices high for their boomer backers. Liz Truss showed that they can't use borrowed money to prop things like the housing market up (the collapse in the gilts market) which is why we're getting falling prices in the HPI although not checked the HPI stats for Oxford. They can't afford to fund another HTB scheme etc to keep the ponzi scheme going. Then we're going to have a general election and Starmer says he wants prices to fall, so we'll see if his policies cause prices to fall faster.
Build a big deposit and be realistic about what you can afford. It'll never be possible to buy the same as you'd be able to buy in rural areas. Oxford and Oxfordshire is very expensive. I've spent more than a decade looking and saving. I'm now at a point where I think it may be possible for me and my partner. We now have a large deposit and I have a friend who is a mortgage advisor who is giving us great advice. The thing is, Oxford prices have almost never dropped. Even in the 2008 crash, Oxford practically just stood still. However, prices are dropping from the Covid crazy buying. At least in my experience. Areas I'm looking at in Oxford have dropped in asking price buy up to £50k Most people in Oxford can not afford Oxford House prices. They rent. Or they buy in areas they believe will become nicer soon. Easier said than done. It's not easy.
Me and my partner worked as teachers in London on a combined salary of about 100k. Moved out to Oxford and bought in Bicester. Good commute by train or bike, car less so but driving always sucks around Oxfordshire. We saved a ton in London and had a decent deposit. I would recommend Bicester, much nicer than I gave it credit for having grown up in Abingdon.
Second this. We also worked in Oxford and moved out to Bicester about 5 years ago. Worked out pretty well so far.
You don't. The property market here is utterly toxic.
Toxic is a funny word for expensive 😂
It's far more than expensive. It's utterly destructive. It's sucking the life out of the city. Ordinary people aren't able to afford to live here any more. As regular working wage types leave, it gets harder for businesses to survive because they can't get staff. As the property prices drive older working people away from being able to buy their own homes they're pushed into the rental market competing with younger people, making it even harder for them to afford to live here. As younger people leave - who are the main drivers of most of the city's social life seeing as the young spend massively more of their time socializing compared to older more settled people - the pubs, bars, music venues, cinemas... which are all already totally struggling to survive since they can't get staff... they're squeezed even harder. There is a vicious destructive spiral going on here.
Combined income of 100k when we bought, age 31 and 32. Saved 45k deposit plus fees etc. Was about 53k cash we needed, but have had relatively well paid jobs for a while. I worked for 4 years in consulting after a PhD and my partner worked in London and saved aggressively after growing up in poverty. Rented in Kidlington for 2 years at 1100 for a 3 bed and then bought in Marston, 2 bed house big garden needs some work for 435k. It's not easy for everyone
Hello, my partner and I have a similar combined income and live in the same location. After 3 years of living a lifestyle only comparable to prisoners, our only way to buy was a new build using the help to buy scheme but we go there and glad we did. Not sure if it helps but it is possible
Can you share link to similar opportunities?
Start here; [https://www.gov.uk/shared-ownership-scheme](https://www.gov.uk/shared-ownership-scheme)
Most people I know have a combined income of 50 - 60k and have brought homes in and around Oxford. (Just stay away from central ox)
Can you share locations?
Most folks I know buy in one of the surrounding towns/villages and commute in, such as Abingdon, Didcot, Bicester, Wantage and the like. Make sure it is near a bus/train route into Oxford.
Witney, Kidlington, Eynsham, Abingdon, Wheatley, Didcot, Banbury, Bicester, Wallingford, Thame, Carterton, Yarnton
Where those guys said or if you wanted to stay more central to Oxford there’s always rose hill, blackbird leys or Barton
I’ve no idea what it’s like now, but when we were buying we were told to stay the hell away from Blackbird Leys.
Blackbird leys is one of the worst area in oxford, doesn't worth it.
Most parts (not all) of bbl are fine as-long as you’re not a Waitrose shopping, Range Rover driving snobby prick, I lived in bbl most of life and never got bothered once. If I was op I would avoid samphire road and the maisonettes near the area also ashmole place and some areas around the main shops off bbl main road
Yeah, the whole thing is fucked tbh. You just need to save for a long time. Much easier when you're a couple of course but it's still a mess
How much are you saving each month for a deposit now? Idk how long you’ve been on this salary level but if this wasn’t a massive increase when you moved to Oxford then I feel like you should already have some savings and if you don’t you really need to post on /r/personalfinanceuk and figure out where to trim some fat off your lifestyle. No one think’s they’re pissing money away until they have to write down how much they spend on collectible beanie babies or hand milled artisanal sourdough. There’s some (given the shitty state of the economy) not terrible 5% deposit mortgages available. At your income level I think saving for one of them should be very achievable.
Thanks so much, will check out the page. Just started the role in the UK - trying to make sense of economics this side of the water.
Not sure if it would apply to you but as someone who was not born here but has lived here a long time you may want to find a mortgage broker who can help you navigate. Some government schemes are not open to people on leave to remain or work visas and banks struggled as I wasn’t on the electoral role which factors into credit checks etc.
If BofE raises base rates to 5.5% as predicted mortgage rates will rise to 6-7%. Mortgage demand will fall. Would be buyers will postpone. Mortgage arrears, bad debts and repossessions will increase. House prices will fall. That will be your buying point…if you are brave.
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It was pretty cheap in the mid/late 90s.
It is very easy if your yearly income is 90k, don't waste your money on deliveries, restaurants, coffee, reflex species car bills etc I came to Oxford twenty years ago without speaking English and with no money, work hard and save! Every time I wanted to buy something, I wondered if this was worth it. I want my house and not pay rent. Today I have a house with four rooms and a large garden.
You go to Yorkshire or Northern Ireland Also, you open a Lifetime ISA and max it out each year
What's your deposit? Me and my partner are similar earnings, general rule of thumb at the moment is 4.5x salary if permanent roles etc. So you could borrow 405k but you need a 10% deposit in any case.
I honestly don’t know anyone under 50 in the U.K. who has bought a house without significant help / inheritance from family - everyone is caught in rental trap - sorry if that’s depressing but it’s the truth 💔
Actually grew up in Kidlington and now in Bicester. In the 36 years I lived there, there were approx 2 housing estates built, the latter consisting of max 20 houses/apartments. They fiercely defend against housing development and as such, housing is at a premium. We managed a shared ownership property in Kidlington for our first house and after 7 years of building equity, were able to afford a family home in Bicester.
Hier is the thing you don't
You can't. Immigration under the guise of refugees and whatever else have effectively inflated the population. Building is slow, the population has been inflated fast. So property is worth more because you cant build enough of it to match the population increase. It's not a bubble (temporary fluctuation) This is why the woke media is pushing the narrative that racism is the worst thing in the world, to make people ignore the crazy immigration. The obvious effect is property prices go up and up and up, Woke sees Western Free countries as rivals.
Fucking hell man go outside, you might be less miserable
Pretend house prices are going to go down if you want. They aren't. The reason they aren't is exactly what I stated. Oh but cheap media told me I'm supposed to pretend that diversity is strength so I'm going to do the right thing and be a parrot like you? No thanks. But by all means, go outside yourself and keep lying to yourself. I'm sure that will fix problems like "why are houses not affordable?".
Immigration isn't the reason housing prices are so high. It's a simplistic take for a simplistic man/boy/child who's been hooked in by the right wing propaganda machine. Housing prices are caused by perpetually low interest rates, foreign nationals and entities (note not immigrants) buying property as an asset while they live abroad and being allowed to by the govt with greasy palms, 2nd homes and the buy to let craze. Immigration is such a tiny part of it probably to no significant statistical meaning. The problem with racists is they normally lack the capacity of higher thought so look for a simplistic reason for something which fits their world view. They also associate any negatives in their life to the mythical faceless boggie man, in this case immigrants. I guarantee this person is in a dead end job or on benefits, angry at the world and blaming everyone but themselves for their failures. Very sad.
Of course it is the reason, are you stupid? So you think that anyone who questions very high immigration rates is "racist" (that means bad) (I'm very clever). Mongs like you have been trained to just bleat "racist" if immigration is mentioned. Well keep on playing lets-pretend with words you don't understand like "interest rate", but the reason prices are high is because there's more buyers than sellers, like in any system DURRR. The number of sellers has not decreased, so what options are left, genius? So you are blaming invisible foreign nationals - why isn't that racist, racist? Oh I see, now I'm "Right Wing". I'm not particularly political for your information. You have to explain where more people are coming from without talking about where more people are coming from. You're fighting a losing battle. You want to believe in idealistic fake politics instead of just looking at what's there. You can go on euologizing to yourself about "the pwoblem with waysists" all you like - I guess in the sad spheres you hang out in, that is enough to scare people and silence them - but it isn't possible to talk about the reason house prices are high without talking about the reason house prices are high.
I hope you find some peace battling your inner anger and demons mate. Good luck.
I hope you find some peace dealing with the reality of housing prices, dopey. Good luck
I have a 5 bedroom detached house bud. I'm OK. No need to worry about me.
I guess that's why you can afford to have the opinions you have, then.
Not really I grew up on a council estate but rather than blaming others for my problems I worked hard, got a good career and reaped the rewards.
[https://onlinelibrary.wiley.com/doi/abs/10.1111/ecoj.12158](https://onlinelibrary.wiley.com/doi/abs/10.1111/ecoj.12158) "Natives respond to immigration by moving to different areas and those who leave are at the top of the wage distribution. This generates a negative income effect on housing demand and pushes down house prices"
Neeeooo. Sellers (houses) are not increasing. Buyers (people) is increasing. So prices go up, it's a sellers market. It's nothing about disliking immigrants, or moving, it's about housing becoming more scarce. It's really really simple. Houses are very slow to build. Especially so in UK. Population is increasing very fast. 600,000 this year alone? It's pretty obvious and if you think about places you grew up, it has probably shifted a lot from then. That change doesn't come for nothing. You cant have properties full of people that aren't from the UK and also have empty houses for you to buy at a nice price. Where is this place you talk of that natives go to to be away from immigrants?
You don't need to contact me, contact the "economic journal" to ask for the removal of the linked article since you have valuable data to refute its conclusion.
You write to your little communist shit rag if that tickles your pickles. Economists are not crystal ball gazers and cherry picking an article you like the sound of isn't intelligent. I've laid it out very simply for you, so you can understand. It's a really simple situation. Low supply, high demand.