Thawing the February Freeze
February is a month which has been historically quiet in the letting world. A mixture of cold weather and a lack of money after the festivities of Christmas mean that people are not looking to move.
This year, in North Oxford, we are seeing a change in this trend. The first week in February has been the busiest in recent history. There has been a very healthy demand for both houses and flats to rent in North Oxford, from a 1 bedroom house in Kidlington at £750 a month to an impressive 4 bedroom Victorian house on the Banbury Road marketed at a rent of £5450 a month.
The reason for this change in February activity is unclear. There are a number of possibilities:
- A later arrival for academics who would normally arrive in January.
- A change in people’s perception of “summer being the best time to move”.
- An increase in those selling and re-joining the PRS who are less able to choose the time of their move.
- An increase in awareness for the need to look in advance to secure the best homes (some properties are already being secured for late April).
Whatever the reasons for the change in the trend, it is good to see that the “February freeze” may well be a thing of the past and the North Oxford letting market may be evening out. This would be beneficial for landlords and tenants alike as it would mean tenants could have more choice all year round and landlords would see smaller void periods at a time of year where it has been difficult to secure tenants in the past.
If you are looking for a new home in the city, click this link for the latest flats and houses to rent in Oxford.