Oxford has a reputation for high property prices and rents but a new development is offering investment at an entry level price.
Oxford has an average property value over £400,000, making it one of the least affordable places in the country. Prices are expected to outperform London, rising by around a third in four years. However, Trinity Court Oxford has just been launched with prices from £187,500. The apartments near Cowley Road, an eclectic area of bars and restaurants, with good local transport, leisure and shopping and several large employers nearby are pitched to appeal to the city’s growing tenant population.
Over the last decade Oxford’s population has grown by 12% making it the sixth fastest growing city. Forecasts say another 10,000 residents will arrive by 2019, with an extra 18,000 households by 2026.
According to the ‘Oxford Profile 2013’ a quarter of the Oxford population move every year, double the national average, creating a particularly high demand for accommodation.
Well known as a university centre with 32,000 students other sectors are also growing. Healthcare employs 11,500 and the BMW Mini Plant has just announced a £750m expansion. Regional rail services are being electrified and an upcoming fast link to London should make the area even more popular with commuters and businesses.
Oxford property values have reached an average of £407,452, according to Zoopla, up 12.6% over the year. Forecasts from Savills suggest rises here will be the highest in the UK, up 31.9% by 2018, and outperforming London at 24.4%. Rents receivable are some of the highest regionally, almost double those in Reading.
The 58 one and two bed apartments at Trinity Court have contemporary design and finishes, with some offering views over the city’s famous spires. Investors will receive a 10 year Premier Guarantee.
Robin Swailes of Blue Sky Developments says of the Oxford market: “Rents are generally excellent and voids are virtually not seen here.
“In my view over the next five years the Oxford property market will benefit from the shortage of property, a great location and the ripple from the London property scene. Put all these facts together and add to that a rising property market and you can see the appeal of Oxford residential property. The market is robust and with little availability of new building in the city prospects for capital growth in the longer term are excellent.”
The agents for Trinity Court Oxford are North Oxford Property Services (Tel. 01865 318547, www.nops.co.uk) and Thomas Merrifield (Tel. 01865 515000, www.thomasmerrifield.co.uk).
