Dreaming of a house in Oxford? Get ready to dig deep as prices rocket!

House prices in Oxford shot up by 3.1% in July alone, outpacing the South East average and leaving buyers staring down the barrel of a £475,247 average property price.

This latest jump adds to the already eye-watering increases seen over the past year, with prices in the city of dreaming spires up a staggering 4.1%. This means anyone buying in Oxford now is forking out an extra £19,000 compared to this time last year!

While Oxford’s property market seems to have caught fire, the wider South East region saw a more modest 0.1% increase in July. But Cherwell, just a stone’s throw from Oxford, saw prices rise by 9.8% over the year!

First-Time Buyers Feeling the Pinch

If you’re a first-time buyer in Oxford, be prepared to shell out a hefty £419,000 for a place to call your own. That’s £16,000 more than a year ago! And if you’re hoping to grab a bargain compared to those already on the property ladder, think again. Former owner-occupiers are paying £527,000 on average – that’s a difference of £64,000 compared to 2019.

Detached Homes Leading the Price Surge

If you’re after a detached house in Oxford, prices for these properties shot up by 3.3% in July alone, hitting an average of £960,657.

• Semi-detached: Prices climbed 3.1% in July and 4.8% annually, reaching an average of £606,432.
• Terraced: Similar story here, with a 3.1% monthly increase and 4.8% annually, bringing the average price to £474,984.
• Flats: Even flats are feeling the heat, with prices up 2.9% in July and 2% over the year, reaching an average of £296,198.

Oxford Prices Dwarf the UK Average

Buyers in Oxford are paying 24.7% more than the average price in the South East (£381,000).

And if you think that’s bad, compare it to the average UK house price of £290,000 – you’re looking at a difference of over £185,000!