There has been a lot of talk recently about the use of AI and about the accuracy or otherwise of information and reports created by the, undoubtedly, very clever algorithms, that trawl available information from across the internet to create whatever the person requesting, requires.
This month instead of writing my own blog, I decided to ask AI to produce a report on the Uxbridge property market. This is what was produced.
The UK residential property market has experienced a period of adjustment over the past year, with varying trends across different regions. In Uxbridge, a suburban district within the London Borough of Hillingdon, these trends have been particularly pronounced, reflecting both the broader national context and local dynamics.
As of the latest reports, the market is seeing an average time of 18 weeks from listing to sale and over the past six months, asking prices have seen a slight decrease of -1.8%, indicating a slight cooling in the market.
The national picture, as reported by CBRE UK for Q4 2023, shows that house prices were broadly stable, although regional disparities are evident. The subdued activity in the sales market contrasts with the private rental sector, where prices have continued to rise due to low supply and high tenant demand. This trend is reflective of the situation in Uxbridge, where the rental market remains robust, driven by its proximity to major employment centres and educational institutions.
Savills UK’s Residential Property Market Forecasts highlight the distinction between mainstream and prime residential markets, with Uxbridge properties falling largely within the mainstream category. Mainstream properties refer to the bulk of the housing market, and their value movements are monitored by national and regional averages. In Uxbridge, the mainstream market has shown resilience despite broader economic uncertainties.
Rightmove’s data provides a more granular look at the Uxbridge market, reporting an overall average price of £483,909 over the last year. The majority of sales were flats, selling for an average price of £286,232. Semi-detached and terraced properties sold for £558,761 and £464,786 respectively, indicating a healthy demand for family homes.
The Uxbridge market’s performance can be attributed to several factors. Its strategic location, with access to the M25 and Heathrow Airport, makes it attractive to professionals. The presence of Brunel University also contributes to a steady demand for rental properties. Furthermore, Uxbridge’s town centre regeneration and infrastructure improvements have enhanced its appeal to both investors and residents.
In conclusion, while the UK residential property market has faced challenges, Uxbridge has maintained a relatively stable performance. The slight dip in asking prices may present opportunities for buyers, while the rental market continues to offer potential for investors.
As we move further into 2024, the market’s resilience will be tested by the broader economic climate, but Uxbridge’s fundamentals suggest it will remain a key area of interest within the Greater London property landscape.
So, the big questions is, how accurate is the information produced by the AI engine that I used?
The short answer is – pretty decent - although, because it was clearly taking organisations such as Savills UK and CBRE UK as its main data sources, the property price data was skewed with it reporting an average house price in Uxbridge of £864,218 whereas, more accurately, and mentioned is Rightmove reporting a figure of £483,909.
Anecdotally the first quarter of 2024 has seen a market that has shown improvement over 2023. Data from Twenty EA shows the number of properties coming to the market as being up 12% year on year and sales agreed up 15%. The lettings market remains buoyant but at steady volume levels. Rents are up around 8% year on year.
To conclude, the UK property market is an amalgam of lots of smaller, local and regional markets. Data such as house price indices can easily be distorted dependent upon data source. For example, Rightmove report on asking prices not sold prices. Lenders like the Halifax and Nationwide report on prices based on their mortgage book therefore they are ignoring the impact of cash buyers.
AI is great and getting better but there is still no better way of knowing what is really happening in and around Uxbridge than to talk directly to us. We have decades of local knowledge, experience and real time data based on what is happening and will be able to both answer your questions and suggest the best way forward for you to achieve your moving goals.
Darren Murphy
