Chris Irving of Fleurets’ West & South Wales office explained that the demand is particularly high for freeholds under £400,000.
“Oxfordshire remains very popular for licensed operators,” he said. “Purchasers are often more confident because of the underlying high residential value and, therefore, if the public house fails there may be a chance for alternative use.”
Irving added that many purchasers in the Oxfordshire area are not reliant on bank borrowings. “The leisure property market in the region remains strong, despite the economic backdrop,” he said.
However, he said places a few miles away, such as Stroud and Gloucester, have lower values and demand.
Irving said: “Gloucester is a town that generally receives lower levels of interest than, for example, nearby Cheltenham. However, while we may not be in positions to go to best offers on a regular basis in Gloucester, [pub property] purchases are still being secured.”
Nicholas Calfe, director at Christie+Co’s Bristol office, said that he is seeing demand for free-of-tie leases in the city and south Oxfordshire.
He added that buyers are most likely to be from London and Northamptonshire, looking to move to the area. There are also many local operators looking to take on their second or third pub, said Calfe.
“We had the Chester Arms in south Oxford on the market at the beginning of the year and we were inundated with calls for viewings,” explained Calfe. “It’s in an affluent, residential area with lots of students around.”