The average house price in Oxfordshire is now a whopping £124,000, according to the latest statistics.

Oxfordshire is the fifth most expensive county to buy a home in England - but many estate agents can sell properties within a week.

It is estimated that house prices in the south-east of England are 43 per cent more than in the rest of the UK.

However, earnings do not reflect the divide. Nationally, average earnings are estimated to be £15,000. Last year, average earnings in Oxfordshire were £18,036, according to the Heart of England Training and Enterprise Council. Yet, in South Humberside, where prices are at their lowest, the average house costs £45,700.

Glenn Wright, the district manager for Halifax Property Services in Oxfordshire, said: "One of the main reasons they are in such demand is that there is a shortage of properties.

"Many estate agents will be displaying properties in their windows that have already been sold.

"Many claim that any property they get, they can sell within a week." He admits that the average resident is now finding it difficult - but are still doing all they can to buy a home because Oxfordshire is such a desirable place.

One of the other biggest markets in Oxford comes from students' parents who want to buy properties for their children while they are at university. Franklyn Puddefoot, of Andrews Estate Agents, High Street, Oxford, said it was increasingly difficult for first-time buyers. He added: "If you are thinking of buying a house and it's £150,000 and you want a 100 per cent mortgage, you have got to be on £50,000.

"Not many first-time buyers can meet that criteria."

Oxfordshire is fifth in a national league table of average house prices to Greater London (£190,350), Surrey (£158,900), Hertfordshire (£142,000) and Berkshire (£140,150).

Story date: Friday 15 October

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