In a year where the dialogue has been dominated by the “Brexit” negotiations and the general uncertainty this has wrought on the UK economy, it is very refreshing news indeed that the UK Government is set to throw £50 Billion+ at finally resolving the inertia. The country can then set about getting back on to the sure footing it enjoyed before the European Referendum. Uncertainty in any market is an issue and given this latest news, we are expecting less of it in 2018. In 2017, the market has been beset by decision paralysis, primarily amongst Sellers, who have been reticent and have in greater numbers than expected held off in making the decision to sell. Available stock levels could therefore see a bounce in the first quarter of 2018, which will serve to stimulate buyers, whose impression in the second half of 2017 has been that the market has been somewhat static. The still very low cost of borrowing makes 2018 a window of opportunity in which to buy whilst prices are stable, for capital growth will not return in earnest until the UK’s withdrawal from the EU is successfully concluded. Investors and international buyers are still in evidence in both Oxford and the wider County, which endorses the fact that the UK residential market is still an attractive asset class in which to invest.
Gavin West FNAEA MARLA
Managing Director (Oxford)