Buying a house in Oxford? This is what you need to earn

Oxford is among the three most expensive cities in the UK alongside London and potential buyers need to receive the third highest salary of anywhere in the country to get an average price home.

However, the newly published Zoopla Cities Index shows that buying in Oxford is actually more affordable than three years ago, with the required amount dropping by three per cent.

The Income required in Oxford is £14,400 higher than the UK average, where first time buyers (FTBs) need an average income of £54,400 to buy an average priced home.

And assuming buyers borrow four times their earnings, in Oxford they would still have to stump up a deposit of around £100,000.

But what can you get in Oxford if you earn the UK's average wage? We had a look to find out (one of them is a boat)

Richard Donnell, research and insight director at Zoopla, said: “First time buyers are an important group accounting for more than one in three sales.

“While the average household income to buy a typical home across UK cities has grown 9 per cent since 2016, weaker price growth and recent price falls have led to a 5 per cent reduction in the income to buy across the most expensive cities.

“It will come as a modest relief for would-be buyers although the income to purchase still remains relatively high. While it is a factor behind weaker house price growth it supports underlying demand for rental homes.”

ALSO READ: These are the 5 most expensive streets in Oxford

The average price for a home in Oxford currently stands at £407,300, down 0.5 per cent on this time last year.

London remains the most expensive place to buy in the UK, with a household income of £84,000 needed, alongside a 25 per cent deposit.

Liverpool is the cheapest place in the UK to get on the ladder and first time buyers need only earn £26,137.