Beast from the East, Russia, Facebook, Brexit, Trump, house prices up, house prices down, the press is full of column inches on Brit’s favourite subjects of politics, scandal, weather and not forgetting the property market. Talking to my fellow property professionals from around the UK in a recent meeting, the one thing that is immediately apparent is the UK property market is vastly different depending on your location. There are lots of small property markets all performing in different ways.
That made me think, does the same rule apply in an individual town, is there just one Bicester Property Market or many?
I like to keep an eye on the property market in Bicester on a daily basis because it enables me to give the best advice and opinion on what to buy in Bicester. So, I thought, how could I split the Bicester housing market into segments so I could see which part of the market was performing the best and the worst.
I decided I would split the Bicester property market into four equal size price bands. Each price band would have around 25% of the property in Bicester, from the lowest in value all the way through to the highest 25% in terms of value, the Upper Quartile. Looking at the market, I have calculated that these are the price bands in Bicester are as follows:
- Lowest Quartile (lowest 25% in terms of value) … Up to £260,000
- Lower/Middle Quartile (25% to 50% Quartile in terms of value) … £260,000 to £325,000
- Middle/Upper Quartile (50% to 75% Quartile in terms of value) … £325,000 to £400,000
- Upper Quartile (highest 25% in terms of value) … £400,000 Upwards
So, having split the Bicester Property Market approximately into four equal sizes, the results in terms what price band has sold the most is quite enlightening.
|Bicester||Available||Sold STC||% Sold|
|Up to £260,000||79||62||44.0%|
|£260,000 to £325,000||107||57||34.8%|
|£325,000 to £400,000||104||56||35.0%|
The best performing price range in Bicester is the lower market. Interestingly for landlords, the lower end of the middle market isn’t selling as well as other sectors, so maybe there could be some bargains out there for buy to let investment? Even though the number of first time buyers did increase in 2017, it was from a low base and the vast majority of 20 something’s cannot buy, so need a roof over their head (hence the need to rent somewhere).
It is a fact that Bicester’s housing markets have ridden the storms of oil crisis in the 1970’s, the 1980’s depression, Black Monday in the 1990’s, and latterly the credit crunch together with the various house price crashes of 1973, 1987 and 2008. No matter what happens to us, Brexit or anything else, unless the Government starts to build hundreds of thousands extra houses each year, demand will always outstrip supply, so maybe a time for Bicester landlord investors to bag a bargain?
Do you want to know where those Bicester buy to let bargains are?
Follow our BICESTER PROPERTY NEWS blog or drop me an email because irrespective of which estate or letting agent you use, I am happy to share my views with you.