Following on from the interest shown in our Significant drop in December 2016 Completions blog post which we published two weeks ago, we thought we’d expand the data beyond just the Vale of the White Horse and include the whole of Oxfordshire.
So you can compare like with like, we are publishing the information in the same format as our earlier blog, focusing on December and providing a year on year comparison from 2016 back to 2011.
The data is split by four property types:
We’ve then queried the data to obtain changes in volumes and values over the last five Decembers.
For Oxfordshire overall, the types of property completing were of a very similar profile to the Vale of the White Horse:
For December 2016, there were a total of 726 completions across all property types with an overall average price of £395,356. Compared to December 2015, this is a drop in volume of -50.55% but an increase in prices of 4.98% (1,093 and £375,107 respectively). The Oxfordshire average price is 11.98% higher than the Vale of the White Horse’s average of £347,953. Semi-detached property were the most popular making up 31.27% (227 properties) of December's completions with Flats/Maisonettes the least with 13.09% (95 properties).
The next two graphs show the average price and the number of completions for the last six Decembers:
To see where the price changes have had most impact, it helps to look at each property type and the price changes over the years.
What we start to see is healthy growth in detached property prices and a decline in semi-detached prices as shown below:
The assumption that we make is that some of the market for a detached property will be those people moving up-market from a semi-detached property. If that gap is widening then the jump becomes harder to make.
We’re going to be keeping a close eye on completion prices throughout the year on both a local and county basis and we’re always available to discuss your specific requirements and what all this information means to your own moving plans.