Londoners flock to commuter "hotspot" of Oxford as prime property prices rise 2.5%
Bucking the overall trend of prime country property prices falling by 1.5% in Q2 according to the latest Knight Frank Prime Country House Index, the “city of dreaming spires”, Oxford, has seen Londoners flock to the commuter hotspot, driving prime property prices up by 2.5%.
So with the value of prime country property falling for the fifth consecutive quarter, what has set Oxford apart from the rest of the country and indeed the rest of the South East of England?
Renowned for being home to the oldest university in the world, Oxford has attracted people from all over the globe for centuries. A centre of knowledge and excellence, Oxford has an inspirational attraction for visitors, producing some of the finest poets, writers, medics, scientists (and dare we say it – politicians!) as well as demonstrating examples of every English architectural period since the arrival of the Saxons.
Located only 1 hour from London, Oxford already enjoys an established and robust local property market but recently has experienced an increase in interest from affluent Londoner´s looking to move away from the big smoke and more bang for their property buck. As Jonathan Cranley, Sales and Marketing Director of Millgate Homes, developers of luxury family homes in the Home Counties for nearly 25 years, comments,
“Oxford has certainly become the ‘hotspot´ in which to own property. Increasingly we are seeing Londonites leaving behind their three storey townhouses in Chelsea and Kensington in favour of larger, classic country style family homes in rural Oxfordshire. Compared to the more salubrious areas of London, Oxford, which is fully commutable with direct train links and the M40, remains affordable with 5 bedroom properties on our latest development, Boar´s Hill, just 3 miles south west of Oxford with views towards the Spires of Oxford, fetching £3.5 million or more.
“London buyers and those from overseas which we are also witnessing an increase in, are almost always families looking for the height of luxury from a new home but away from hustle and bustle of the city centre. Amenities such as swimming pools, tennis courts and staff quarters are in demand, as is land – a highly cherished commodity.
“We anticipate that our next project in Hinksey Hill will be equally successful and our recipe for building with the very best quality materials appears to be creating a magic winning formula that our clients love.”
Knight Frank is marketing the new build country mansions for Millgate Homes. Harriet Gascoigne-Pees, an Associate for Knight Frank LLP in Oxford commented:
“Since the spring of this year, 10% of new applicants that have been registered on our books for Oxford homes have come from overseas. These overseas investors have come from eight varying countries so we are not seeing a trend in any particularly nationality in this area currently.
“17% of enquiries have come from London – drawn by the high speed rail links back to London and the better quality of life that their families can enjoy here. The famous independent schools in Oxford and surrounds such as The Dragon and its Preparatory School, Oxford High School, Summer Fields, Cokethorpe and Abingdon School are a still the huge draw for these buyers.
The collection of new country homes in Boars Hill, Oxfordshire have generous private grounds and combine classic design with modern contemporary elegance.
An idyllic setting with commanding views to the North, towards the Oxfordshire Spires and to the south backing onto the woodland and the downs beyond.
Boars Hill Park is an architectural jewel and to find homes of such quality, scale and appointment is an absolute rarity.
Priced from £3,850,000- for more information contact Millgate Homes on 0118 934 3344or visit www.millgatehomes.co.uk.
For more information from Knight Frank please call their Oxford office on 01865 790077