Oxford Newsletter

A welcome to the new decade from Nicholas Hextall FRICS and the Oxford team.
It seems like an age ago now but we had a wonderful Christmas. All the demons threatened in 2009 failed to materialise and somehow 2010 did not seem quite as daunting as it might have done and then it snowed, wreaking havoc across the county and with our New Years resolutions (I promise never to sneer at 4 x 4 again). Snow still lingering, property prospects for 2010 look encouraging, at least in the first quarter of the year. Oxford and its immediate environs from Chipping Norton to Wantage, Chinnor to Burford, remains a highly popular destination for house buying and rental as can be seen from the commentaries inside driven by aspirational parents (surely all cannot want to be like Jeremy Clarkson?), good schooling and accessibility to London and, increasingly, the Midlands. With an election looming and the tempo between the parties increasingly strident it is good to remember that whatever the weather ahead, property is still as safe a bet as ever provided the loan to asset ratio is kept in check, and it seems unlikely the banks will get carried away again in the short term. With more buyers than houses to sell and no lack of demand to rent, we mused on the reasons for coming to the market. Trading up, divorce and bereavement were the favourites, leading some wag to remember the old Tudor adage (Divorced, Beheaded, Died...). We may be good, but beheading to boost our book is perhaps a little extreme. Whether the tweenies, teensies or tenses, welcome to 2010 the NEW decade. New-Fashioned. You may have seen our new corporate advertising campagin which has appeared in The Oxford Times, Oxfordshire Life, Vogue, Tatler, Country & Town House, The Times, London Evening Standard and other regional newspapers and magazines. We have received a fantastic response with enquiries through our website up by 25%.

NEW-FASHIONED.

Some estate agents hide behind a wall of sharp suits and tall stories. At John D Wood & Co. traditional values and a straight-talking approach go hand in hand with 21st Century innovations. Thats why were different and why our clients trust us.

Sold in Oxford

Let in Oxfordshire

The complete property service for Oxford - Residential Sales, Lettings,Valuations and Agriculture
Spring 2010 www.johndwood.co.uk

Lettings
01865 311522
oxford@johndwood.co.uk
Simon Merson mricS Associate Director Rebecca Priestley Lettings Manager Jackie Smith Associate Kate Sinclair Negotiator Stephanie Judd Negotiator

There are new opportunities for investors as demand rises for good quality rental properties in and around Oxford writes Rebecca Priestley.
So far in 2010, we have noticed distinct shifts in the market. First, it has become obvious that there are now new opportunities for investors. Unusually at this time of year, there is an imbalance of property and applicants, a dire undersupply of good quality property and strong demand from an unusually active applicant base. It used to be the case that the lettings market was particularly quiet in the winter months. This year seems to be quite different. The highest demand is for a typical buy to let apartment with one or two bedrooms in the price bracket from 800 - 1200 per calendar month both in and around Oxford. However, compared with this time last year, the number of appraisals carried out has dropped 50%. We therefore advise those thinking of buying for investment or considering letting their existing property not to put off their decision but to come to the market sooner rather than later. With the lower interest rates, most of our investor landlords are indicating that their rent is sufficient to cover their outgoings and that, as in the past, owning a property portfolio is now a financially beneficial proposition. There is growing confidence in the rental market, with not just the accidental Landlord coming from the sales market, as happened last year, nor the Landlord wanting to make money quickly from a rental property, but more with the sector being dominated by the professional Landlord - the long term investor with an increasing portfolio. We are fortunate in our Oxford office in having a busy and successful residential sales department whose potential buyers look to us to help with their search in buying to invest. Some are even buying their perfect property to move into in 5-10 years time. In the interim, we secure a let for them. The other significant shift in the rental market has been in corporate relocation. We have a strong relationship with the relocation companies covering Oxfordshire and word is that though international corporate moves of senior executives are still down, there has been a noticeable rise in demand from UK residents. In particular Londoners are urgently looking for country houses to rent now, both pending finding the right place to buy and also for regular weekend use. Budgets for this type of house are high anything up to 10,000 per calendar month and the demand is for both furnished and unfurnished property. It is apparent that both tenants and landlords contact John D Wood & Co. due to our reputation and our strong brand. Our traditional values go hand-in-hand with modern innovation. This year will see us moving to a secure on-line system so that our clients can access their own accounts and documents, making our service that much more efficient and effective - most important for those landlords who are overseas.

Source of Applicant
Boards 8% Local Newspapers 8% Existing Clients 9% Sales Office 17% Website 8% Advertising 32%

Recommendation 17%

Source of Landlord
Referrals 3% Newspapers 3% johndwood.co.uk 11% Boards 1% Direct 52%

Other Websites 9%

Sales
01865 311522
oxford@johndwood.co.uk
William Kirkland Associate Director Simeon Spencer Assistant Manager Guy Shaw Negotiator Pamela Tingay Administrator

Residential Market Review by William Kirkland.

A year seems to be a very short time in property. It was only twelve months ago that we were looking into 2009 with a sense of trepidation and anxiety fuelled by the financial turmoil of the preceding year. How differently it all turned out low stock, cheap mortgages and buyers in depth helped the market in Oxford to stage an astonishing recovery with some sale prices even exceeding 2007 levels. As we look into the year ahead we have one certainty - a General Election combined with a new top rate of tax (50%) and increased National Insurance contributions coming into effect in April. It is often said that a looming election never causes too many ripples in our market but a change of Government? only time will tell. Given the evidence of just January alone it appears the Oxford city market appears to have lost none of its appetite of last year with very good numbers of applicants registering particularly at the top end. The country market took a while to find its feet last year and really only got going shortly before the schools broke up for the summer. Many potential vendors took the view that the market was not sufficiently robust for them to put their properties up for sale. This year we are advising all potential vendors whether city or country, to come to the market as soon as is practically possible. Whilst colour in the garden with warm days when the seasons change is important, we believe it will be financially advantageous to come to the market before the election rather than after. If your buyer likes your house in February/ March then they will love it in the better weather of May/June. Remember a log fire, heating and attractive lighting can be just as appealing at this time of year. We have a well-worn phrase which is - the right price and the right marketing produces the right result. Our market is now so reactive, in that potential buyers respond to e-mail alerts for new properties so promptly, that three to four weeks of being on the market with full exposure gives you a very clear indication of how well the property is being received. Today, buyers are a very professional bunch with a vast array of internet sites available with information on prices paid in the area, s per sq ft., etc. and they will not be fooled into paying more than they should. So for practical, honest advice do call us and we would be delighted to come to see you.

Some recent successes...

Sold in Wheatley

Sold in Middle Barton

Sold in Burcot

Wantage For Sale

Guide Price 1,695,000

Agriculture/Professional
01865 511215
oxag@johndwood.co.uk
Nicholas Hextall fricS William Twiddy mricS Director Associate William Tuckett Assistant Melanie Treacher Administrator

Valuation. An art not a Science, or a mixture of the two? Nicholas Hextall FRICS ponders the question.
The main discipline practiced by our Professional Department in Oxford is valuation, from which leads a multitude of following business. An art not a science although an increasingly demanding science in this litigious age we value everything from smallholding to great estate for sale, probate, divorce, inheritance tax and even comfort. Increasingly in this day and age, people want to know where they are so they can make plans. The essence of all valuation is comparable evidence which for houses in the city or villages are easy to find, but farms and estates and off-lying blocks of land are more difficult to quantify. 2009 was a good year for comparables on the agricultural side, with the department offering and successfully selling a number of attractive small farms and blocks of land around Oxford, giving us a good database of value for the year ahead. Most popular prove to be the farmhouse with between 20 and 50 acres, as evidenced by the sale of Stones Farm, Wootton (farmhouse and 40 acres) just below Boars Hill; Stanford Park House at Stanford-in-theVale (farmhouse and 44 acres); Manor Farm, Lower Arncott (farmhouse and 160 acres); Rectory Farm, Oddington (farmhouse and 20 acres) near Islip and South Hill Farm, Long Compton (two houses and 167 acres). There is still a demand for bare land, mainly of interest to the adjacent farmer who tends to measure life in generations rather than years and will do almost anything to raise the funds (normally through the Agricultural Mortgage Corporation) to buy the block adjacent, as in land at West End Farm Merton (527 acres) and land at Worminghall (250 acres). Demand for these properties continues to be high, particularly within twenty miles of Oxford city centre. One in three of our applicants, if not looking for a North Oxford house, is interested in a house with a bit of land or a small farm. So whether buying or selling or just plain curious, do call our specialist team and we will be delighted to drop by on a no obligation basis to talk things through with you. Just call 01865 511215 to make an appointment.

Recent Farm Sales... Some Recent Agricultural Sales

Lower Arncott, Oxfordshire

Oddington, Oxfordshire

Stanford-in-the-Vale, Oxfordshire

Worminghall, Buckinghamshire

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