Oxford named toughest place to sell a home in England and Wales

HomePropertyOxford named toughest place to sell a home in England and Wales

Oxford named toughest place to sell a home in England and Wales

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Oxford has emerged as the most difficult location for selling a home across England and Wales, according to the latest property index from Good Move.

The company assessed 48 towns and cities, with Oxford finishing at the bottom of the rankings.

Affordability was identified as a central concern: the average Oxford home costs £467,000, while median annual earnings stand at £36,517.

That produces a house-price-to-earnings ratio of 12.79.

Figures drawn from the Land Registry, the ONS and Rightmove also showed limited transaction activity and falling values.

A total of 195 properties were sold in Oxford during the past year, compared with 1,252 sales in Manchester.

Average prices in Oxford declined by 0.90 per cent, falling from £471,000 to £467,000.

Buyers took an average of 65 days to be found for properties listed in the city.

Good Move director Nima Ghasri said the relationship between house prices and local incomes was putting pressure on the market.

With the average property costing almost 13 times median annual earnings, affordability presents a considerable obstacle for purchasers.

Vendors are therefore advised to consider local market conditions and set realistic asking prices.

Cambridge and Brighton also appeared among the locations where homes proved hardest to sell.

At the other end of the index, Preston, Liverpool, Newcastle upon Tyne, Manchester and Sunderland were identified as the places where selling a property was comparatively straightforward.

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