Community, Ambition, Progress and Prosperity
May has passed without much time to notice, maybe its all the school holidays? It has ended with beautiful weather here in Oxford and indeed most of Europe it seems. Oxfords beautiful and lush gardens are more evident than ever with the rain that we have had at the beginning of the month and in contrast the heat and sun ever since.
I hope that clients and partners can visit – those that haven’t yet – to appreciate this unique city and its beauty. Only here can you walk just a few minutes to tranquility and be so far away but yet so close to so much.
Thinking about that, further afield and close by there are common patterns in our favourite subject. In Australia recently Tim Gurner a major Australian property developer said – controversially – that millennials and even centennials are too busy wasting money and living the high life instead of saving to get on the property ladder and this is one of the majority reasons as to why getting on (the property ladder) is “harder” than it has been before – this is not just something we have been seeing here close by in the UK but further away, all around the world. We believe this comment has some substance but we believe it is not of course the whole story for our younger generations.
Are modern lifestyles unworkable with sacrifices and savings needed to be able to buy this asset class in the UK today?
We don’t think so but we have certainly experienced some of the evidence for this together with other research that suggests that a lot of the younger generational views are that there is less interest in owning land and property and ultimately its upkeep and expense and are more interest in living life on a more flexible and mobile basis for multiple reasons. Whether its streaming music instead of buying it or leasing or hiring a vehicle instead of buying one this pattern goes right the way through to property itself.
This is partly why OSG’s assets are set up so that end users can save through rents that are not too high while maintaining a more than reasonable return on investment for partners and at the same time being set up in a way where end users have those things that are important to them, flexibility in contract, space to be communal but also space to retreat when needed and relax, study and work.
Just like the beautiful city of Oxford itself, always around the corner is so much or so little depending on what you need and when you need it.
Oxford Spires Group