THE number of million-pound properties in Oxfordshire is predicted to triple by 2030 – with the knock-on effect pricing more young buyers out of the market.

Eight per cent of houses will break the £1m barrier in the next 15 years, according to a report by Santander Mortgages.

Houses worth about £300,000 10 years ago are already being valued at over £1m and more are going the same way.

Diana and Martin Roberts bought their North Oxford home just over a decade ago for £333,000 and it is now worth three times that.

Mrs Roberts said her generation had been lucky, but she worried for the next generation.

The Age UK Oxfordshire chairwoman said: “There is no reason why our house won’t continue to rise in value over the years.

“We are part of the lucky generation, but I have two children in their early 40s – both living away from Oxford – and I feel for their generation.

“They both have jobs with young families and may not be able to afford to live in Oxford even if they wanted to.”

The couple moved to the area in 1981 when Mr Roberts took the job of headteacher at Cherwell School.

They first bought a house in Chalfont Road for £70,000 which they eventually sold 10 years ago for £800,000.

The 70-year-old said: “There is a real problem with housing in Oxford now and a lot of the available houses are being bought to rent, which is not going to solve the crisis.”

The Santander report revealed there were about 4,000 million-pound properties in 2010 in the county, more than 8,000 last year and predicted more than 25,000 by 2030.

Researchers used national house price figures and past patterns in incomes, population change, house building and interest rates.

Damian Gray, head of estate agent Knight Frank’s Oxford office, said: “Compared to surrounding regions we have seen a far sharper house price growth – a better rebound from the poorer times. As an investment it has to be number one.”

He expects the rapid rise in prices to slow as numerous big housing developments “soak up demand”.

He added: “Oxford itself is like an island, surrounded by the ring road, with a finite number of houses and a lot of people who want to live there – it’s like a mini London.”

WHAT TO GET

North Oxford might lead the way in house prices but you may need a cool million to buy a family home to the east of the city.

A property in Aston Street, just off Iffley Road, will cost you seven figures. The six-bedroom house is licensed for multiple occupation but could be converted into a family home. A similar property went for £750,000 in 2012.

A five-bedroom house in Glanville Road in East Oxford would set you back £1m according to Zoopla. Another sold for £350,000 back in 2007.

Closer to the city centre, you would need a million to buy a two-bedroom flat in Paradise Street. 

The average UK price of £280,000 would get a three-bedroom terraced in Brambling Way, Blackbird Leys.