How We Got Here
Not long ago, the outlook for the property market – including the property market in Oxford – was looking considerably encouraging.
The Bank of England had begun cutting interest rates from their peak of 5.25% in August 2024. Six cuts followed over the following year and a half, with the most recent in December 2025 bringing the base rate to 3.75%.
Inflation had retreated from its 2023 highs. Mortgage availability was improving. Swap rates were encouraging lenders to compete again, and product choice climbed to above 6,000 in number.
Buyers who had waited on the sidelines began returning to the market. Positive voting patterns from the Monetary Policy Committee in February and March led many economists to predict a further base rate cut to come, perhaps as soon as April’s meeting.
In short, confidence was returning and it was building.
Here in Oxford, after a slower end to 2025, with average ‘time‑on‑market’ reaching 61 days in December, activity improved noticeably.
- Average property value stable over 12 months – now £478,595
- 276 properties listed for sale in last full month
- 21% more property available today for sale compared to this time last year
- Time‑on‑market fell from 61 days in December to 46 days in February 2026
Out of 54,516 homes in Oxford, 3,407 have come to market in the past 12 months, with 1,568 properties currently available as we enter the spring market .
All the signs pointed to a market that was stable, busy and improving.
But then the geopolitical landscape shifted.
Recent events have fuelled uncertainty across global markets, especially fuel and energy markets, and with that, inflation forecasts began to climb.
As a result, central banks including the Bank of England will have to reassess how quickly they can continue cutting interest rates.
Many economists now predict rates could stall for the remainder of the year, with some predicting it could even rise again – although the Governor of the Bank of England, Andrew Bailey, has played down that possibility in interviews with the BBC.
Nevertheless, buyers have become more wary in the past few weeks, with that ‘time on market’ indicator lengthening again slightly, now at 48 days as of March 2026.
It is a change in sentiment that has also been reflected in the mortgage market.
The Data Behind the Headlines
Data from Moneyfacts tells us a story.
Mortgage product choice fell by 1,283 deals in March alone, dropping below 7,000 for the first time since November 2025. The total now sits at 6,201 products, the lowest level in two years.
This is not just lenders repricing; it is lenders reducing choice while they wait for clarity.
Fixed rates have also moved quickly:
- The average two‑year fixed rate rose by 00%, the largest monthly increase since November 2022
- The average five‑year fixed rate rose by 79%, the biggest increase since July 2023
These are meaningful movements, and they inevitably influence buyer confidence.
When mortgages become more expensive, some buyers pause. When buyers pause, sellers feel it, spending longer on the market and experiencing more cautious negotiations.
Reasons for Calm, Not Panic
Despite challenges, there are still plenty of reasons to retain a level-headed optimism about the property market.
Even after recent rises, fixed rates remain significantly cheaper than the alternative. The average Standard Variable Rate (SVR) currently sits at 7.13%. It is also positive that this remains unchanged month‑on‑month, and more positive still, it is down from 7.60% a year ago. At its peak in late 2023, the average SVR had reached 8.19%.
In other words, buyers still have a strong financial incentive to secure a fixed rate, and are not as hard hit by mortgages as was the case as recently as 2023/2024.
Ultimately, lenders still need to lend. The mortgage market is commercial. Even in less certain periods, banks and building societies will still actively compete for business, finding ways to offer the best deals they can.
Yes, product numbers have fallen, but more than 6,200 deals still represent a substantial range of options for buyers.
For the 1,568 homeowners currently looking to sell in Oxford, this matters – because buyers do remain active. The fundamental drivers of the Oxford property market remain intact.
Not Alarmist – But Prepared
The truth is that the market has become more challenging; but not dramatically so.
Cherry Picked Residential has served local Oxford community for the best part of a decade, but our founders – brothers Vinny and Ajay Kumar – have both enjoyed long careers in the industry. Both have been through various market cycles and some very tough marketplaces, from the 2008 housing crash, to recession, to Covid lockdown.
That experience matters. It means we genuinely know how to navigate this sort of period for our buyers and sellers with confidence.
In a market where mortgage products are remaining on the shelf for just eight days, being organised becomes increasingly important. A mortgage deal available today may not be around next week. That is not a reason to rush a decision to offer on a property, but it is a good reason to be prepared.
If you are buying, or if you are a seller wanting to protect your sale, getting your mortgage paperwork ready early can make a significant difference.
Typically, a broker will ask for:
- Proof of identity (passport or driving licence)
- Proof of address (recent utility bill or bank statement)
- Last three months’ payslips (or two years’ accounts if self‑employed)
- Last three months’ bank statements
- Most recent P60
- Details of debts or financial commitments
- Proof of deposit and its source
Having this ready and to hand before you find a property will save valuable time.
If your chosen mortgage broker cannot see you promptly, given the shape of the market and the way deals are being withdrawn and rewritten, it may be worth exploring alternatives. In a fast‑moving mortgage market like this one, waiting a week or two for an appointment could well mean losing a rate.
We work closely with a trusted mortgage service and would be happy to make an introduction if you are stuck for a recommendation. Getting the right advice quickly is no longer merely helpful; it truly can make a meaningful difference.
A Market Still Moving Forward
Mortgage markets are shifting, but despite that, the housing market in Oxford remains steady, and those numbers, both from the first three months of the year as well as the wider 12-month comparisons we can make, still look positive.
Buyers do still want to move home. Lenders still want to lend. And locally, the Oxford property market continues to fill with new listings for those on the hunt.
This is not a market for complacency, but neither is it one for alarm.
It is a market that rewards preparation, pragmatism, and those who act on the best advice.
And those are things which, regardless of market conditions, have always helped people move successfully.
Data source: Moneyfacts UK Mortgage Trends Treasury Report, Moneyfacts Compare, Office for National Statistics, and Dataloft
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always seek guidance from a qualified, regulated mortgage adviser.
