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New figures show house prices in Oxford have increased again in one month

Byoxfordnewspaper

Sep 15, 2022

HOUSE prices in Oxford increased by 3.5 per cent in a month – more than the average for the South East, according to new figures.

The increase contributes to the longer-term trend, which has seen property prices in the area achieve 9.2 per cent annual growth.

The average Oxford house price in July was £489,422, Land Registry figures show – a 3.5 per cent increase on June.

Over the month, the picture was higher than across the South East, where prices increased 2.1 per cent, and Oxford outperformed the 2 per cent rise for the UK as a whole.

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Across the UK, the average house price leapt by 15.5 per cent in the year to July, marking the biggest increase in 19 years.

But the increase in annual inflation was mainly because of “a base effect” from the falls in prices seen this time last year, as a result of changes in the stamp duty holiday, the ONS said.

Over the last year, the average sale price of property in Oxford rose by £41,000 – putting the area 60th among the South East’s 64 local authorities with price data for annual growth.

Winners and Losers

Owners of terraced houses saw the biggest improvement in property prices in Oxford in July – they increased 3.7 per cent, to £488,145 on average. Over the last year, prices rose by 10%.

Among other types of property:

Detached: up 3.1 per cent monthly; up 10.4 per cent annually; £1,009,872 average

Semi-detached: up 3.5 per cent monthly; up 10.9 per cent annually; £625,314 average

Flats: up 3.1 per cent monthly; up 5 per cent annually; £303,342 average

First steps on the property ladder

First-time buyers in Oxford spent an average of £429,000 on their property – £34,000 more than a year ago, and £60,000 more than in July 2017.

By comparison, former owner-occupiers paid £545,000 on average in July – 27 per cent more than first-time buyers.

How do property prices in Oxford compare?

Buyers paid 22.7 per cent more than the average price in the South East (£399,000) 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 £292,000.

The most expensive properties in the South East were in Elmbridge – £697,000 on average, and 1.4 times as much as more than in Oxford. Elmbridge properties cost 2.9 times as much as homes in Southampton (£243,000 average), at the other end of the scale.

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

Factfile

Average property price in July

Oxford: £489,422

The South East: £398,781

UK: £292,118

Annual growth to July

Oxford: +9.2 per cent

The South East: +15.8 per cent

UK: +15.5 per cent

Read more from this author

This story was written by Anna Colivicchi, she joined the team this year and covers health stories for the Oxfordshire papers.

Get in touch with her by emailing: Anna.colivicchi@newsquest.co.uk

Follow her on Twitter @AnnaColivicchi