What are the latest developments in the property market in the North Oxfordshire area?

You are probably aware that mortgage interest rates have been rising recently, and perhaps you’re wondering whether this could have created a dent in the property market.

It’s true that first-time buyers are now expected to put down an eye-watering 34% deposit, which is making things extremely difficult for them, but, despite this, the market as a whole is looking buoyant.

The market is certainly less excitable than it’s been over the last two years, but that is no bad thing — property frenzy is confusing and exhausting! At Distinct, although down from last year, we are still seeing a higher number of buyers contacting us than we were before covid (about 30% higher than in 2019).

The key point is that, across the UK, property availability is over 50% lower compared with before the pandemic. A strong demand for property whilst there are fewer properties on the market, of course means that prices are rising. In fact, average asking prices have risen more than £55,000 in the last couple of years, while in the two years before covid the rise was just £6,000. This has meant that average asking prices have achieved a new record of £367,501.

So there is nothing ‘dented’ about the property market — indeed, it is healthy and flourishing — which is the way we like it!

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