A message from Richard Goodwin, Lettings Manager at Martin & Co Oxford.
"I got chatting with a client the other day who has just bought a property for investment in Manchester and he was talking about the cost-effectiveness of purchasing for investment in this area. Not being one to stray from my roots it got me thinking. How affordable are properties in Oxford?
"Price to earnings ratios are effective measures of the relative affordability of property in a given area. So I looked at Oxford vs the national average.
"Oxford's price to earnings ratio stands at 13% based on the average purchase price. The national average shows a 9% ratio against the average. This shows Oxford as being 40% less affordable than the national average. Even when you consider the government's Help to Buy Scheme, first-time buyers still have to front up 5%, which could still prove too costly in this area.
"So what does this mean? Well for all you landlords out there the message is clear. The rental market remains strong, and growth looks sustainable for the long term. We have plenty of budding first-time buyers out there but securing a first home is not easy, which in turn continues to drive the rented sector.
"Taking all this into account now could be a brilliant time to consider investing in the Oxford property market.
"If you fancy a chat, or would like to know more, feel free to pop into my office at 31 Woodins Way, Oxford for a coffee - or call me for a chat."