House prices increased by 3.1 per cent – more than the average for the South East – in Oxford in July, new figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 4.1 per cent over the last year.

The average Oxford house price in July was £475,247. Land Registry figures show a 3.1 per cent increase on June.

Over the month, the picture was different to that across the South East, where prices increased 0.1 per cent, and Oxford was above the 0.6 per cent rise for the UK as a whole.

Over the last year, the average sale price of property in Oxford rose by £19,000 – putting the area ninth among the South East’s 64 local authorities with price data for annual growth.

The highest annual growth in the region was in Cherwell, where property prices increased on average by 9.8 per cent, to £371,000. At the other end of the scale, properties in Dover lost 7.2 per cent of their value, giving an average price of £287,000.

First steps on the property ladder

First-time buyers in Oxford spent an average of £419,000 on their property – £16,000 more than a year ago, and £64,000 more than in July 2019.

By comparison, former owner-occupiers paid £527,000 on average in July – 26 per cent more than first-time buyers.

Owners of detached houses saw the biggest rise in property prices in Oxford in July – they increased 3.3 per cent, to £960,657 on average. Over the last year, prices rose by 3.9 per cent.

Among other types of property were: semi-detached: up 3.1 per cent monthly; up 4.8 per cent annually; £606,432 average, terraced: up 3.1 per cent monthly; up 4.8 per cent annually; £474,984 average and flats: up 2.9 per cent monthly; up 2 per cent annually; £296,198 average. 

How do property prices in Oxford compare?

Buyers paid 24.7 per cent more than the average price in the South East (£381,000) in July for a property in Oxford. Across the South East, property prices are high compared to those across the UK, where the average cost is £290,000.

The most expensive properties in the South East were in Elmbridge – £679,000 on average, and 1.4 times the price as in Oxford. Elmbridge properties cost 2.8 times the price as homes in Portsmouth (£242,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea.

The average property price in July for Oxford was £475,247 compared to £381,188 for the South East and £289,723 for the UK. 

The areas with the highest and lowest annual growth in the South East are Cherwell: +9.8 per cent and Dover with the lowest at -7.2 per cent.