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Chipping Norton Housing Crisis? Only 5.1% of Chipping Norton Homes Are For Sale

06/11/2016
 

 

The Chipping Norton Property Market continues to disregard the end of the world prophecies of a post Brexit fallout with a return to business as usual after the summer break.

 

The challenge every Chipping Norton property buyer has faced over the last few years is a lack of choice – there simply hasn't been much to choose from when buying (be it for investment or owner occupation). Levels are still well down on what would be considered healthy levels from earlier in this decade, as there is still a substantial demand/supply imbalance. Until we start to see consistent and steady increases in properties coming on to the market in Chipping Norton, the market is likely to see upward pressure on property values continue.

 

However, there may be hope for first time buyers, with homeowners looking to move upmarket and buy to let landlords looking for their next investment, the Chipping Norton property supply crisis just might be starting to ease, as the number of new properties coming onto the market in Chipping Norton has increased.

 

For example, last month OX7 saw 89 new properties coming on to the market, not bad when you consider for the last year the average has been in the 60 to 75 range. With the average Chipping Norton property value hitting a record high, reaching almost £469,500 according to my research, this shortage of properties on the market over the last two years has contributed to this ‘fuller' average property figure, but there is a glimmer of hope that the Chipping Norton's supply crisis may be starting to ease.

 

As I write this article, 5.12% of Chipping Norton properties are up for sale. In terms of actual chimney pots, that equates to 104 properties on the market in Chipping Norton (within 1 miles of the centre of Chipping Norton) – which, when compared to only a year ago when that figure stood at 83, is a serious increase in the number of properties available to buy. Split down into the type of property, it makes even more fascinating reading... 

  • Detached Properties in Chipping Norton  - 16 on the market a year ago compared to 28 on the market now – an increase of 75%
  • Semi Detached Properties in Chipping Norton - 12 on the market a year ago compared to 20 on the market now - an increase of 67%
  • Terraced Properties in Chipping Norton - 18 on the market a year ago compared to 23 on the market now - an increase of 28%
  • Flats/Apartments Properties in Chipping Norton  - 28 on the market a year ago compared to 22 on the market now – a decrease of 21% 

This is evidence of strength in the Chipping Norton housing market that many didn't expect. Many believed that the Chipping Norton property market wasn't going to be strong enough post Brexit - as what was a sellers' market before the Brexit vote and Buyers' market in the early months after it, may now be somewhere in between and the market might just be coming back into balance.

 

However, all this will mean property values won't continue to grow at the same extent they have been over the last 12 to 18 months, and in some months (especially on the run up to Christmas and early in the New Year), values might dip slightly. This won't be down to Brexit but a re-balancing of the Chipping Norton Property Market – which is good news for everyone. 

 


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