Lost in Translation… Found in the figures!

Posted on 6th October 2026 by Adam Mackrell

Recently, at my son’s assembly in Christ Church Cathedral, I heard a story about an incredibly gifted chap named Lancelot Andrewes. A remarkable linguist, reputed to have mastered numerous modern and ancient languages, he later became Bishop of Winchester. He spent years studying those languages and went on to lead one of the teams that translated the King James Bible. What a responsibility!

This story stayed with me all day. It really hammered home that words need clarity to be understood, and actions behind them to be trusted. Imagine being entrusted with words that so many people would read, repeat and live by for centuries. I feel enough pressure proofreading an investor update and making sure the figures are clearly understood.

It made me think of Michelangelo’s marble statue of Moses in Rome. Moses has horns? Yes, really. The image comes from the translation and interpretation of a passage describing his appearance after being in God’s presence on Mount Sinai. Those ancient words have been understood in different ways: horns, rays of light, a glow shining from his face.

Quite a reminder of what can happen between a word being written, someone deciding what it means and that understanding taking shape. In this case, literally in stone. The interesting thing is often not what is advertised in the window, but what sits quietly behind it. Property is much the same. We have never been terribly interested in shiny brochures, fashionable postcodes or whatever investment happens to be making the most noise that month.

We are some distance from Michelangelo when discussing Oxford’s rental market, but the principle travels rather well. If we say a property produces a return, our partners should be able to see how we calculated it and receive what was agreed. If we promise a tenant that something will be maintained, they should see it maintained. And if we say we are building for the long term, our decisions should make sense beyond the next glossy set of figures.

Clear words proved useful recently. Together with our partners, we explored better lending terms and told our current lender exactly what we were considering and whom we had spoken to. Frankly, with no room for misunderstanding. We wanted to keep the relationship, and we knew he did too. The numbers needed to improve.

They did. We cut our interest rate by more than 1 percentage point. Lower borrowing costs mean more rental income retained. Our lender understood exactly what we meant. The revised rate suggests he took it seriously.

The same attention to words applies to market headlines. “House prices soften” and “rents rise” can both be true. For a residential investor, understanding what sits behind each matters.

OSG’s Vista

Calm wins 

Nationwide reports annual UK house price growth of just 0.8% in September, with prices down 0.2% over the month. Our view: buy carefully and make the rental figures work without relying on rising valuations to rescue the deal.

Scarcity holds

 Oxford’s housing shortage remains structural. The council estimates a need for 1,087 additional homes a year, against capacity within the city for roughly 463. That supports our focus on useful, well-located homes, although scarcity alone cannot make an overpriced investment sensible.

Income stabilises

Oxford’s average private rent reached £1,963 a month in August, up 3.5% over the year. Meanwhile, its average house price was down 2.3% annually in July. Different measures and reporting periods, but a useful reminder: rental income and capital values do not move in lockstep. Our focus remains on what is left after borrowing, maintenance and running costs.

Perspective compounds

Bank Rate remains at 3.75%, and September’s vote included three members favouring an increase. Further cuts are no certainty. Meanwhile, the government’s timetable puts the start of the new landlord database rollout in late 2026. Financing and compliance both need active attention.

Our approach remains straightforward, we look after the homes, keep borrowing competitive and protect the income our partners retain. This month’s lending result is a useful example of how that work pays.

Warm regards,

Adam Mackrell
Oxford Spires Group

Data referenced from:

Bank of England, Monetary Policy Committee, September 2026
Office for National Statistics, Private Rent and House Prices UK, September 2026
Nationwide House Price Index
Rightmove
Zoopla House Price Index
Savills Research
HM Land Registry