The city of Oxford is world renowned for its top universities and as a result of the number of students who are in full time education, the city has quite a unique demographic. Around a quarter of the population are students and around a third of the population are within the 18-29 age bracket. The universities are also amongst the biggest employers within the city.
Young and Vibrant
This young demographic means that Oxford is a lively place to live, which hosts a wide range of events and activities throughout the year. It also celebrates a rich history, is home to some glorious architecture and has plenty of museums and theatres that showcase art and artefacts of interest.
The vibrant and affluent city is certainly attractive to tourists. It welcomes around 9.5 million visitors every year, which provides a significant financial boost to the local economy. It also means that hospitality is another thriving industry within the city. It’s close proximity to London and the Cotswolds also mean it is ideally positioned for many visitors.
Housing Costs
The issue with living in Oxford is the cost of housing. As a whole, the South East of England is an expensive area to live, but Oxford city has been identified as the least affordable city in the UK for housing. Although average house prices in London are significantly higher, so are average wages. Whilst the UK’s average house price is around £191,000, Oxford City Council data reveals that the average for the city is £312,000.
The high student population and the high house prices mean that Oxford has an unusually high percentage of rented accommodation. 30% of Oxford’s population live in rented properties, which are also the highest rates outside London. Oxford City Council data suggests that whether home owners or renters, people in the city are typically spending half of their income on housing.
Optimising Space
With prices at a premium, people can’t afford to waste space. Whether living in a studio flat or a detached house, everyone needs to use the available space wisely. The desire to upgrade to a larger property is typically driven by the need for more space, but for the majority of people living in Oxford, this simply isn’t affordable.
If you are in need of more space, an alternative option is to consider the hire of a self-storage unit. Whether you are a landlord or renter who needs to store furniture, a small business that can no longer operate from the spare bedroom or a musician with a collection of instruments and vinyl, self-storage can offer that additional, much needed space.
If you need clean, secure and affordable space, the solution could be Self Storage. Oxford based Barretts have units of various sizes which can be used to store anything from a few files to a campervan. We offer short or long term options, as well as 24 hour access for your convenience. Let us take care of your possessions, to ensure your office environment or home has the space you need.
