Property prices make city least affordable

The Oxford Times: Property prices make city least affordable Property prices make city least affordable

Oxford is the UK’s least affordable city, according to new figures.

The Lloyds Bank Affordable Cities Review found that house prices in the city are now more than 11 times the gross average earnings in the city.

The report said the average house price in Oxford was £340,864, far higher than the UK average of £184,215.

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9:36am Mon 10 Mar 14

Andrew:Oxford says...

House pricing is a simple balance of availability and demand.

If vexatious "activists" stop new homes from being built in Oxford and the surrounding area then the price that people will pay to secure a home in the area will rise. Thus the homes of the "activists" who live in the area will also increase in value...

I'll post a summary of how prices have risen in a single street over the last 20 or so years later in the day...
House pricing is a simple balance of availability and demand. If vexatious "activists" stop new homes from being built in Oxford and the surrounding area then the price that people will pay to secure a home in the area will rise. Thus the homes of the "activists" who live in the area will also increase in value... I'll post a summary of how prices have risen in a single street over the last 20 or so years later in the day... Andrew:Oxford
  • Score: 5

11:22am Mon 10 Mar 14

iffleyrd says...

Oxford's biggest problem is that the council has the most penal affordable housing policy in the country. Want to buy a house and convert into flats... think again, as council wants 15% of the sale prices of the flats as a contribution to affordable housing. Then there's CIL and other schemes. Net effect is very few developers are bothering to build in Oxford because its not profitable.
Oxford's biggest problem is that the council has the most penal affordable housing policy in the country. Want to buy a house and convert into flats... think again, as council wants 15% of the sale prices of the flats as a contribution to affordable housing. Then there's CIL and other schemes. Net effect is very few developers are bothering to build in Oxford because its not profitable. iffleyrd
  • Score: 1

11:37am Mon 10 Mar 14

alu355 says...

Not sure how this survey makes Oxford the most expensive City, lots of places between Oxford and London have higher average prices
Not sure how this survey makes Oxford the most expensive City, lots of places between Oxford and London have higher average prices alu355
  • Score: -3

11:56am Mon 10 Mar 14

Oxford Optimist says...

I'm not sure its entirely fair to blame the City Council so wholeheartedly. If you look at the adminsitrative boundary of the City, there's really not much space in which to build additional housing. In many cases the 'City' is built out to where the Green Belt begins and what looks like the 'City' is actually in one of the adjoining District Councils' areas.
Anyway, where there is high demand and low supply leading to high prices, I'm not sure it's even in the interests of the house builders to increase supply to an extent that the house prices fall. If they price they paid for the land was based on a particular price for the finished house, surely they have to get that price for the houses they build - if not, and they lose money, will they still build. Surely it's better for them to trickle the new houses out at a speed that keeps prices high? And how cross will all the houseowners be if house prices start to fall...
I'm not sure its entirely fair to blame the City Council so wholeheartedly. If you look at the adminsitrative boundary of the City, there's really not much space in which to build additional housing. In many cases the 'City' is built out to where the Green Belt begins and what looks like the 'City' is actually in one of the adjoining District Councils' areas. Anyway, where there is high demand and low supply leading to high prices, I'm not sure it's even in the interests of the house builders to increase supply to an extent that the house prices fall. If they price they paid for the land was based on a particular price for the finished house, surely they have to get that price for the houses they build - if not, and they lose money, will they still build. Surely it's better for them to trickle the new houses out at a speed that keeps prices high? And how cross will all the houseowners be if house prices start to fall... Oxford Optimist
  • Score: -3

12:52pm Mon 10 Mar 14

Andrew:Oxford says...

alu355 wrote:
Not sure how this survey makes Oxford the most expensive City, lots of places between Oxford and London have higher average prices
How many cities are there between Oxford & London?
[quote][p][bold]alu355[/bold] wrote: Not sure how this survey makes Oxford the most expensive City, lots of places between Oxford and London have higher average prices[/p][/quote]How many cities are there between Oxford & London? Andrew:Oxford
  • Score: 2

1:02pm Mon 10 Mar 14

Andrew:Oxford says...

As promised earlier, a table showing how prices have changed in a single "average" Oxford Street over the last 20 or so years. I have removed from the list properties that have only been sold once during the period as there is no comparison.

All sourced from information that is available to view by the general public!

Date Address Price

11/09/1998 30 Divinity Road £165,000
01/08/2000 30 Divinity Road £249,950
08/07/2009 30 Divinity Road £441,900

14/10/2001 34 Divinity Road £295,000
20/02/2004 34 Divinity Road £450,000

01/08/2003 37 Divinity Road £315,000
15/07/2005 37 Divinity Road £372,500

18/10/1998 45 Divinity Road £171,000
27/09/2010 45 Divinity Road £416,000

30/03/2007 46 Divinity Road £285,000
02/04/2007 46 Divinity Road £250,000
10/07/2009 46 Divinity Road £165,000

04/06/1996 53 Divinity Road £154,000
14/07/2000 53 Divinity Road £289,950
14/08/2003 53 Divinity Road £360,000
09/07/2007 53 Divinity Road £465,000
07/01/2011 53 Divinity Road £440,000

04/09/1995 54 Divinity Road £90,000
05/10/1995 54 Divinity Road £130,000

07/10/2001 64 Divinity Road £249,500
02/09/2011 64 Divinity Road £400,000

20/01/2009 70 Divinity Road £500,000
05/03/2010 70 Divinity Road £445,000

26/02/1999 75 Divinity Road £180,000
30/09/2005 75 Divinity Road £360,000

25/11/2003 79 Divinity Road £300,000
14/01/2011 79 Divinity Road £442,000

22/06/1998 80 Divinity Road £135,000
08/02/1999 80 Divinity Road £190,000

22/09/2000 82 Divinity Road £244,000
01/07/2009 82 Divinity Road £425,000

03/08/2004 87 Divinity Road £535,000
04/08/2010 87 Divinity Road £532,500

22/10/2003 89 Divinity Road £350,000
30/03/2012 89 Divinity Road £583,500

14/08/1998 94 Divinity Road £195,000
27/04/2001 94 Divinity Road £340,000
27/03/2008 94 Divinity Road £625,000

14/02/2002 109 Divinity Road £249,000
18/06/2007 109 Divinity Road £490,000

09/11/2007 130 Divinity Road £421,000
30/01/2009 130 Divinity Road £575,000

27/01/2006 134 Divinity Road £375,000
01/02/2008 134 Divinity Road £492,000
21/06/2013 134 Divinity Road £528,000

01/08/2003 137 Divinity Road £450,000
07/08/2009 137 Divinity Road £585,000

12/11/1998 142 Divinity Road £160,000
03/10/2008 142 Divinity Road £550,000

30/08/2007 163 Divinity Road £249,995
29/02/2008 163 Divinity Road £425,000
13/10/2012 163 Divinity Road £485,000

26/01/2001 166 Divinity Road £230,000
28/09/2007 166 Divinity Road £430,000

28/08/1998 169 Divinity Road £180,000
20/07/2001 169 Divinity Road £249,950

08/04/1998 184 Divinity Road £175,000
06/04/2001 184 Divinity Road £293,000

11/10/1998 189 Divinity Road £170,000
08/05/2006 189 Divinity Road £455,000
25/02/2010 189 Divinity Road £590,000
As promised earlier, a table showing how prices have changed in a single "average" Oxford Street over the last 20 or so years. I have removed from the list properties that have only been sold once during the period as there is no comparison. All sourced from information that is available to view by the general public! Date Address Price 11/09/1998 30 Divinity Road £165,000 01/08/2000 30 Divinity Road £249,950 08/07/2009 30 Divinity Road £441,900 14/10/2001 34 Divinity Road £295,000 20/02/2004 34 Divinity Road £450,000 01/08/2003 37 Divinity Road £315,000 15/07/2005 37 Divinity Road £372,500 18/10/1998 45 Divinity Road £171,000 27/09/2010 45 Divinity Road £416,000 30/03/2007 46 Divinity Road £285,000 02/04/2007 46 Divinity Road £250,000 10/07/2009 46 Divinity Road £165,000 04/06/1996 53 Divinity Road £154,000 14/07/2000 53 Divinity Road £289,950 14/08/2003 53 Divinity Road £360,000 09/07/2007 53 Divinity Road £465,000 07/01/2011 53 Divinity Road £440,000 04/09/1995 54 Divinity Road £90,000 05/10/1995 54 Divinity Road £130,000 07/10/2001 64 Divinity Road £249,500 02/09/2011 64 Divinity Road £400,000 20/01/2009 70 Divinity Road £500,000 05/03/2010 70 Divinity Road £445,000 26/02/1999 75 Divinity Road £180,000 30/09/2005 75 Divinity Road £360,000 25/11/2003 79 Divinity Road £300,000 14/01/2011 79 Divinity Road £442,000 22/06/1998 80 Divinity Road £135,000 08/02/1999 80 Divinity Road £190,000 22/09/2000 82 Divinity Road £244,000 01/07/2009 82 Divinity Road £425,000 03/08/2004 87 Divinity Road £535,000 04/08/2010 87 Divinity Road £532,500 22/10/2003 89 Divinity Road £350,000 30/03/2012 89 Divinity Road £583,500 14/08/1998 94 Divinity Road £195,000 27/04/2001 94 Divinity Road £340,000 27/03/2008 94 Divinity Road £625,000 14/02/2002 109 Divinity Road £249,000 18/06/2007 109 Divinity Road £490,000 09/11/2007 130 Divinity Road £421,000 30/01/2009 130 Divinity Road £575,000 27/01/2006 134 Divinity Road £375,000 01/02/2008 134 Divinity Road £492,000 21/06/2013 134 Divinity Road £528,000 01/08/2003 137 Divinity Road £450,000 07/08/2009 137 Divinity Road £585,000 12/11/1998 142 Divinity Road £160,000 03/10/2008 142 Divinity Road £550,000 30/08/2007 163 Divinity Road £249,995 29/02/2008 163 Divinity Road £425,000 13/10/2012 163 Divinity Road £485,000 26/01/2001 166 Divinity Road £230,000 28/09/2007 166 Divinity Road £430,000 28/08/1998 169 Divinity Road £180,000 20/07/2001 169 Divinity Road £249,950 08/04/1998 184 Divinity Road £175,000 06/04/2001 184 Divinity Road £293,000 11/10/1998 189 Divinity Road £170,000 08/05/2006 189 Divinity Road £455,000 25/02/2010 189 Divinity Road £590,000 Andrew:Oxford
  • Score: 1

2:37pm Mon 10 Mar 14

EMBOX2 says...

The fact is, there are far too many houses which are let to students. It is high time that the Universities accept their growth is to blame.

They should be forced to build new student cities on the outskirts of Oxford, and allow the housing stock to be returned to the market, for purchase by the ordinary working people of Oxford.

Until this happens, the prices will only go one way, and those who were born & raised here will be unable to afford a home in the city of their birth. That is a real shame and does nothing for "community cohesion".

Give me back my city!
The fact is, there are far too many houses which are let to students. It is high time that the Universities accept their growth is to blame. They should be forced to build new student cities on the outskirts of Oxford, and allow the housing stock to be returned to the market, for purchase by the ordinary working people of Oxford. Until this happens, the prices will only go one way, and those who were born & raised here will be unable to afford a home in the city of their birth. That is a real shame and does nothing for "community cohesion". Give me back my city! EMBOX2
  • Score: 2

3:24pm Mon 10 Mar 14

robbo81 says...

Andrew I remember back in my student days of the late 90s being too scared to walk too far up Walton Street even at 5pm. It was full of prostitutes and drug dealers! Now look at it - you can't even rent a garage there for less than £80k a year!

Who remembers cowley road when the Cowley Retreat was the South Park. Same story. I don't think there is a simple fix, the buyers are as much to blame, you can see Cowley Roads/EO's gentrification sweeping up the street. It began on St Clements with coco and kasbar. Then the its a scream pub returned to being the Cape. Uhuru et al came to that row and gradually the process has gone up the road. Now it is happening on Magdalen Road with the Rusty, Oxfork etc. With it comes a demand from younger people to live in the area. Why? I have no idea, if I was a parent the last place I'd want a young family is East Oxford. But still they come and still they force the prices up by out-bidding each other.

Another issue is that of the estate agents. Ever noticed the ludicrously high prices from Scott Fraser and White Walls compared to larger national businesses like Andrews and Chancellors? great for a seller bad for property prices though but they've managed to create this false reality in Oxford by over-pricing to demand rather than real value. How mortgages get approved is beyond me.

I do think Oxford City Council could help though - I've never understood why they locate the majority of all their functions bang in the middle of the city. Administrative functions in the buildings off speedwell street. If I had my way I'd sell the lot of it down there and build nice apartments in a more pedestrianised zone. That whole area has been badly planned and executed with ugly property. That's another of Oxford's massive problems - in its quest to remain stuck in time and preserve the appearance of 15th century college life along with the spires skyline they've prevented themselves from building up. The only surefire way to solve the problem of a lack of square footage. Then what they have built on the scarce amount of space they have is poorly planned and ugly.
Andrew I remember back in my student days of the late 90s being too scared to walk too far up Walton Street even at 5pm. It was full of prostitutes and drug dealers! Now look at it - you can't even rent a garage there for less than £80k a year! Who remembers cowley road when the Cowley Retreat was the South Park. Same story. I don't think there is a simple fix, the buyers are as much to blame, you can see Cowley Roads/EO's gentrification sweeping up the street. It began on St Clements with coco and kasbar. Then the its a scream pub returned to being the Cape. Uhuru et al came to that row and gradually the process has gone up the road. Now it is happening on Magdalen Road with the Rusty, Oxfork etc. With it comes a demand from younger people to live in the area. Why? I have no idea, if I was a parent the last place I'd want a young family is East Oxford. But still they come and still they force the prices up by out-bidding each other. Another issue is that of the estate agents. Ever noticed the ludicrously high prices from Scott Fraser and White Walls compared to larger national businesses like Andrews and Chancellors? great for a seller bad for property prices though but they've managed to create this false reality in Oxford by over-pricing to demand rather than real value. How mortgages get approved is beyond me. I do think Oxford City Council could help though - I've never understood why they locate the majority of all their functions bang in the middle of the city. Administrative functions in the buildings off speedwell street. If I had my way I'd sell the lot of it down there and build nice apartments in a more pedestrianised zone. That whole area has been badly planned and executed with ugly property. That's another of Oxford's massive problems - in its quest to remain stuck in time and preserve the appearance of 15th century college life along with the spires skyline they've prevented themselves from building up. The only surefire way to solve the problem of a lack of square footage. Then what they have built on the scarce amount of space they have is poorly planned and ugly. robbo81
  • Score: -1

3:51pm Mon 10 Mar 14

King Joke says...

How about freeing up large semis rented to students by building purpose-built halls of residence? Family housing is ill-suited to student sharers.

We also need to do something about the Oxpens - semi-derelict and many of what buildings remain are a wasteful single storey. THere could be plenty of residential and business use here without a need to ship the County Council out.
How about freeing up large semis rented to students by building purpose-built halls of residence? Family housing is ill-suited to student sharers. We also need to do something about the Oxpens - semi-derelict and many of what buildings remain are a wasteful single storey. THere could be plenty of residential and business use here without a need to ship the County Council out. King Joke
  • Score: 1

4:53pm Mon 10 Mar 14

West Oxon Webwatcher says...

One of the major causes of the increase in Oxon house prices is immigration. Here is West Oxon there is not a great deal of direct immigration but the impact is from indirect immigration. Many London and home counties residents have now bought cheaper homes in West Oxon because immigration has brought house prices to unaffordable prices for families. They can make a massive saving on mortgage costs and use the savings to finance commuting to London even if it is expensive. Fast and frequent trains to London from Oxford encourage people to move out. Here in Hanborough someone has moved from Wokingham and finds the travel time from Hanborough to work in London less than from Wokingham with its slow and frequent stopping service to London.
One of the major causes of the increase in Oxon house prices is immigration. Here is West Oxon there is not a great deal of direct immigration but the impact is from indirect immigration. Many London and home counties residents have now bought cheaper homes in West Oxon because immigration has brought house prices to unaffordable prices for families. They can make a massive saving on mortgage costs and use the savings to finance commuting to London even if it is expensive. Fast and frequent trains to London from Oxford encourage people to move out. Here in Hanborough someone has moved from Wokingham and finds the travel time from Hanborough to work in London less than from Wokingham with its slow and frequent stopping service to London. West Oxon Webwatcher
  • Score: -1

8:32pm Mon 10 Mar 14

King Joke says...

Anyone in Wokingham with half a brain wouldn't get the WAT stopper but an ex-North Downs turbo non-stop into Reading and a fast train into PAD from there.
Anyone in Wokingham with half a brain wouldn't get the WAT stopper but an ex-North Downs turbo non-stop into Reading and a fast train into PAD from there. King Joke
  • Score: 0

9:13am Tue 11 Mar 14

Milkbutnosugarplease says...

One cheeky comment: which other towns and cities in the south east are as interesting as Oxford? You can get a cheaper place in Didcot, Swindon, Reading and many others, but would you be happy to live there? Would anyone want to come and visit you? If prices are so high, economics suggests that we should all sell up and move elsewhere, but most people want to stay. Students want to come back and work here. Oxford is too popular for its own good, as you will think when a group of 30 language students forces you to walk in the gutter.
One cheeky comment: which other towns and cities in the south east are as interesting as Oxford? You can get a cheaper place in Didcot, Swindon, Reading and many others, but would you be happy to live there? Would anyone want to come and visit you? If prices are so high, economics suggests that we should all sell up and move elsewhere, but most people want to stay. Students want to come back and work here. Oxford is too popular for its own good, as you will think when a group of 30 language students forces you to walk in the gutter. Milkbutnosugarplease
  • Score: 0

9:22am Tue 11 Mar 14

King Joke says...

I elbow the language students out of the way! Literally I barge them back onto their own 3/4 of the pavement instead of the full width they are trying to annexe. I also wait until I am 0.5 m away from moronic tourists crossing the High or St Aldates without looking, before pinging my bike bell and scaring the sh't out of them :-)

Other than that MBNSP is spot-on. Reading has interesting parts but really is no competition for Oxford where you can stroll into the Ashmolean, up to the UPP or around Christ Church Meadow when you feel like it. On a nice day you can have a riverside pint and in the winter you can have a fireside pint. If you need to get to London or the UK's two main airports you can do so 24 hours a day. You could be a lot worse off.
I elbow the language students out of the way! Literally I barge them back onto their own 3/4 of the pavement instead of the full width they are trying to annexe. I also wait until I am 0.5 m away from moronic tourists crossing the High or St Aldates without looking, before pinging my bike bell and scaring the sh't out of them :-) Other than that MBNSP is spot-on. Reading has interesting parts but really is no competition for Oxford where you can stroll into the Ashmolean, up to the UPP or around Christ Church Meadow when you feel like it. On a nice day you can have a riverside pint and in the winter you can have a fireside pint. If you need to get to London or the UK's two main airports you can do so 24 hours a day. You could be a lot worse off. King Joke
  • Score: 0

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