This has constrained the market in the city, and also affected the productivity of industry in Oxford as well as the overall economy.
Will this change with the construction of new sites in the city such as Oxford North and Barton Park? In addition, new transport infrastructure may further regenerate the property market in Oxford. We take a closer look at the property market in this popular city.
Statistics for New Homes in Oxford, UK
There have been plenty of new houses built in Oxfordshire over the last five years, but not many of these have been built in the city of Oxford itself. In fact, only 10 percent of new homes were built in the city, despite the fact that 42 percent of job growth was concentrated in the city. In order to redress that balance, new homes have been proposed in the form of 36 new sites in oxford itself.
If the city had better residential property possibilities, experts say, it would attract more talent to top jobs, which would regenerate the job market as a whole. Oxford has had a problem retaining its graduates once they leave the famous Oxford colleges. It is also a problem that house prices remain high. Statistics show the average price paid for a residential property in Oxford is currently £433,967 – which is one of the highest prices in the country outside of London.
Investment in Oxford Business
Commercial People says that there is now a greater emphasis on capital investment into Oxford and much of this is supporting new start-ups. This will create a future demand for more office space in the city. Market experts say that the city needs to look at its office space in order to regenerate what is on the market as this will create more incentive for top companies and start-ups to move into the area.
The office market is important in Oxford. Specifications for Oxford offices should be improved, and the business community in Oxford as a whole should be ramped up, experts say. Many businesses do not, at present, see the city centre as a viable place to set up business due to the lack of availability of offices which are fit for their purpose. An influx of new Oxford business property would definitely send the signal that the city is open and able for business.