House prices increased by four per cent – more than the average for the south east – in Oxford in August, new figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 4.6 per cent over the last year.

The average Oxford house price in August was £489,188. Land Registry figures show a four per cent increase on July.

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Over the month, the picture was different to that across the South East, where prices increased 1.4 per cent, and Oxford was above the 1.5 per cent rise for the UK as a whole.

Over the last year, the average sale price of property in Oxford rose by £22,000 – putting the area seventh among the South East’s 64 local authorities with price data for annual growth.

The highest annual growth in the region was in Winchester, where property prices increased on average by 9.2 per cent, to £505,000.

At the other end of the scale, properties in the Isle of Wight lost 5.5 per cent of their value, giving an average price of £266,000.

First-time buyers in Oxford spent an average of £432,000 on their property – £20,000 more than a year ago, and £70,000 more than in August 2019.

By comparison, former owner-occupiers paid £541,000 on average in August – 25.2 per cent more than first-time buyers.