House prices increased by 2.2% – more than the average for the South East – in Oxford in May, new figures show.

The boost contributes to the longer-term trend, which has seen property prices in the area achieve 16.1% annual growth – the highest in the South East.

The average Oxford house price in May was £455,537, Land Registry figures show – a 2.2% increase on April.

Over the month, the picture was better than that across the South East, where prices increased 1.4%, and Oxford outperformed the 0.9% rise for the UK as a whole.

Over the last year, the average sale price of property in Oxford rose by £63,000 – putting the area top among the South East’s 70 local authorities for annual growth.

At the other end of the scale, properties in Chichester lost 2.7% of their value, giving an average price of £396,000.

Winners and Losers

Owners of terraced houses saw the biggest improvement in property prices in Oxford in May – they increased 2.4%, to £453,645 on average. Over the last year, prices rose by 17.9%.

Among other types of property:

- Detached: up 2.1% monthly; up 15.2% annually; £909,201 average

- Semi-detached: up 2% monthly; up 16.2% annually; £571,774 average

- Flats: up 2.3% monthly; up 13.6% annually; £295,388 average

First steps on the property ladder

First-time buyers in Oxford spent an average of £402,000 on their property – £54,000 more than a year ago, and £54,000 more than in May 2016.

By comparison, former owner-occupiers paid £505,000 on average in May – 25.5% more than first-time buyers.

How do property prices in Oxford compare?

Buyers paid 30.1% more than the average price in the South East (£350,000) in May for a property in Oxford. Across the South East, property prices are high compared to those across the UK, where the average cost £255,000.

The most expensive properties in the South East were in Elmbridge – £646,000 on average, and 1.4 times as much as in Oxford. Elmbridge properties cost 2.9 times as much as homes in Southampton (£221,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea, where the average May sale price of £1.2 million could buy 12 properties in Burnley (average £100,000).

Factfile

Average property price in May

Oxford: £455,537, South East: £350,016, UK: £254,624

Annual growth to May

Oxford: +16.1%, South East: +9.1%, UK: +10%

Best and worst annual growth in the South East

Oxford: +16.1% Chichester: -2.7%