The average house price in Oxfordshire for first-time buyers has risen by nearly a fifth over the past five years, new figures show.

It comes as property website Rightmove said the typical mortgage payment for first-time buyers has increased by £400 a month.

The latest figures from the Land Registry's house price index show first-time buyers in Oxfordshire were paying an average of £339,000 for a house in April.

It was up 18 per cent from an average of £286,500 five years earlier.

Overall house prices in Oxfordshire have jumped 19 per cent over five years, reaching £413,700 in April 2024.

READ MORE: Mother of two's cancer concerns 'not listened to' before death

Tim Bannister, Rightmove’s property expert, said reduced mortgage rates would help first-time buyers in the short term, "more so than election housing promises".

The property website said the average mortgage payment for a typical first-time buyer in Great Britain has risen by 61 per cent over the past five years – from £667 a month in 2019 to £1,075 this year.

Mr Bannister added: "The amount that a typical first-time buyer is paying each month on a mortgage has outstripped the pace of earning growth.

"Some first-time buyers are looking at extending their mortgage terms to 30 or 35 years to lower monthly payments, or looking at cheaper homes for sale so that they need to borrow less."

He said: "We hope that the next government can support first-time buyers with well thought out policies, which address the difficulties of saving up a large enough deposit and being able to borrow enough from a lender."

The Conservatives' manifesto says the party will make the temporary stamp duty threshold of £425,000 permanent for first-time buyers and promises a new help-to-buy scheme for those with small deposits.

Meanwhile, Labour says it would extend the current mortgage guarantee scheme, which supports banks to offer 95 per cent home loans.

Propertymark, a membership organisation for estate agents, said surging interest rates and inflation have impacted the housing market "with force".

READ MORE: Oxford Blue pub back on market straight after reopening

Nathan Emerson, chief executive, added they are keen to see targeted support for first-time buyers at the first opportunity from any incoming government.

He said: "As inflation is now back within the range initially targeted, we are optimistic to see the base rate cut as soon as realistically possible, which would be very welcome news for people stepping onto the housing ladder when it does happen."

The most recent Land Registry figures also show a significant drop in housing sales compared to five years prior.

There were only 26,600 sales across Great Britain in February this year compared to 66,000 the same month in 2019.

In Oxfordshire, there were only 269 sales in February this year – down from 613 five years ago.