A recent study has revealed Oxford as the third most expensive place to live in the UK outside of London.

According to the study compiled by GoCompare, the average price of a flat in Oxford stands at £277,562, requiring an average annual salary of £55,224 to make homeownership a reality in the area. 

For a semi-detached home in Oxford, this price increases by 103 per cent and for a detached home, the price leaps up by 225 per cent, costing an average of £901,708.

READ MORE: More homes planned for 'swamped' Oxfordshire village

Research from the first-time buyer property portal, Share to Buy, reveals that 77 per cent of people believe they are unable to afford a property on the open market and 76 per cent of single individuals believe buying solo is unattainable.

Nick Lieb, chief operations officer at Share to Buy, said: “The research from GoCompare helps potential homeowners see what their budget can buy nationwide, and for many people looking to buy in Oxford, getting on the property ladder remains out of reach.

“This highlights the urgent need for more affordable housing options, especially with the rising cost of living making traditional routes to homeownership less achievable."

London remains the most expensive location to buy a house, with an average detached property price costing more than £1m (£1,034,830).

The study reveals that prospective homeowners in the capital city need to earn £205,894 annually to be able to purchase a detached home, 15 per cent more than those choosing to settle in Oxford, to afford a similar property.