Property Spotlight: Rose Hill, Oxford
Oxford: punting and pubs, post-docs and priced out professionals.
We are very excited to announce our first foray into Oxford as we have taken on a former convent in Rose Hill. The area is cosy and safe, with shops just across the road and a 15-minute bus ride from the city centre. Our Guardian Team did a day trip up to the property to take viewings and get to know the local area, and they had some interesting things to report back to us!
As we waited in the sunny conservatory for our first viewers to arrive, we met with a local key worker, Joe, to chat about what it is like looking for housing in Oxford. Over a cup of tea he told us about his experience as a clinical medical student and his rotations in the hospital. Joe is currently working A&E at the local hospital and told us how the rent in Oxford is rising out of control, making it difficult for young professionals to get a foothold near their place of work.
As we showed our future guardians around the 16 bed property it was immediately clear that there is a real need for guardianship in Oxford. When asked about their familiarity with the scheme, a surprising number said not only are they familiar, but they have been actively on the look-out for guardianship opportunities in the city but to no avail thus far.
We always talk about the housing crisis in London, but it is evident these same issues are affecting cities all over. According to the Zoopla 2019 Rental Market Report, Oxford is second only to London for rental cost, with the average single earner spending 45% of their salary on rent. Thousands of students and researchers from both Britain and abroad flock to Oxford University for the prestige and the high level of education. This means that the landlords and realtors can charge a premium on rooms, as the demand is constant and the competition non-existent. Upon pricing our rooms, we found that the cost of living at our property landed, on average, 50% below market rate.
It’s not only about money though. Guardianship offers flexibility that rental contracts just can’t. With the Science Park down the road and research opportunities oozing, guardianship is the perfect option for those on short term contracts. It’s also ideal for people who are new to the city who want some flexibility while they get to know the area and choose the right accommodation path for them.
We had a lovely variety of young professionals come through, from a scientist working in public health, to a researcher, to an events project manager. Of these talented folks, 80% of our attendees made an offer and if these future guardians are anything to go by, this is going to be one amazing community.