This is troubling.
Reason I say that, is that small holdings of private estates are closer to actual end user consumer demand, than the big estate decisions.
The big estates will eventually follow whatever the actual demand is, but in the interim may well do what they often do, which is 'tough out' the bad times, knowing they will be the ones left standing when weaker competition folds.
That said... this may be more of a rogue wave than anything else. It's back to school time, the real world economy fears spiked again, it's not yet winter cold and dark (good for the grid)... wouldn't be surprised if this is just a momentary anomaly.
As for new user signups, if those are flat and Oxbridge is suddenly about half off, something's funny there. We certainly aren't doing anything different. There may be some A/B testing going on for new signups, or something.
Thanks for the stats, as ever!