HOME owners in Oxfordshire have seen an average of more than £34,000 wiped off the value of their properties in the past year.

Government figures for March show house prices have fallen consistently for 12 months in the county, with the average price now £218,009 – down 13.7 per cent on the same month last year. That means £34,526 has been lost from the value of the typical Oxfordshire home since March 2008.

But there are signs of a recovery — the figure fell by 0.4 per cent in the past month, and over the first quarter of the year the rate of decline has averaged at 1.13 per cent, compared to two per cent over the last quarter of 2008.

However, estate agents are remaining cautious.

Guy Shaw, negotiator at Summertown-based John D Wood, said: “If a property is in good order it will sell near the asking price. Anything that is over-priced will languish.

“The Oxford market is performing well but that is due to the usual level of demand and limited supply which is leading to competitive bidding. But it is too soon to say there is an upturn.”

Simon Liddicot, director of Jones, Robinson Liddicot, based on the Oxford Business Park, said: “We are definitely busier and there is more activity in the market, but buyers are still exercising a great deal of caution. We are not out of the woods yet.

“Families seem to be battening down the hatches and not too many are moving.”