House price growth in the university hotspots of Oxford and Reading is rising at a faster rate than other cities in the UK.
According to Hometrack and its UK Cities House Price Index, the popular city of Oxford saw house prices increase by 12.3 per cent to an average of £380,100 in the 12 months to May. Compared to the rest of the UK (excluding London) where property prices rose by 6.5 per cent or £11,500 on average over the same period, this reflects Oxford’s strong local economy and its attraction as an investor property magnet where student accommodation is in high demand.
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Different statistics from the Land Registry which has published May 2015 market trend data show annual house prices are yet to outperform levels reached prior to the recession and have remained stable during April and May. Regionally, London and the South East experienced the highest rise in house prices over the last 12 months, both increasing 9.1%. Broken down by area, Reading benefited from the largest annual house price increase of 13.3%, resulting in an average property price of £239,099.
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With branches in both Oxford and Reading, we are seeing this trend as confidence in the property market steadily grows for both sellers and buyers. To find out more about your local market, contact a Chancellors branch today. Read full articles here: http://www.telegraph.co.uk/finance/property/11700186/Britains-newest-property-problem-child-and-its-no-longer-London.html and http://email.mortgagesolutions.co.uk/c/13dMoViZXQ7Hoa8DcGaZNef1PlaCCorrect at time of publication. The views and opinions expressed herein are those of the individual contributor and do not necessarily reflect those of the Chancellors Group of Estate Agents Ltd or its subsidiaries. References to legislation, best practice and other matters with legal implications such as fees, rules and processes are included for information and editorial purposes only and are not authoritative, nor should they be interpreted as advice. When in doubt you should only take advice from an industry professional or solicitor where appropriate. E&OE.
