New figures show that house prices increased by 0.4 per cent in Oxford last month which was more than the average for the south east

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 4 per cent over the last year.

The average Oxford house price in May was £454,736.

Land Registry figures show a 0.4 per cent increase on April.

Over the month, the picture was similar to that across the south east, where prices increased 0.3 per cent, but Oxford was lower than the 1.2 per cent rise for the UK as a whole.

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Over the last year, the average sale price of property in Oxford rose by £17,000, putting the area fourth among the south east’s 64 local authorities with price data for annual growth.

The highest annual growth in the region was in the Vale of White Horse, where property prices increased on average by 9.8 per cent, to £425,000. At the other end of the scale, properties in Epsom and Ewell lost 10.2 per cent of their value, giving an average price of £493,000.

First-time buyers in Oxford spent an average of £400,000 on their property , £14,000 more than a year ago, and £43,000 more than in May 2019.

By comparison, former owner-occupiers paid £506,000 on average in May, 26.6 per cent more than first-time buyers.

Factfile

Average property price in May

Oxford: £454,736

The south east: £375,693

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UK: £285,201

Annual growth to May

Oxford: +4 per cent

The south east: +0.7 per cent

UK: +2.2 per cent

Highest and lowest annual growth in the south east

The Vale of White Horse: +9.8 per cent

Epsom and Ewell: -10.2 per cent