Oxfordshire House Prices Continue to Rise over the Past Year

The average Oxfordshire property price in August rose again to £464,000 with the overall average cost of housing increasing by £1,900 over the past twelve months. As of October 4, 2022, the average price paid for properties in Oxfordshire is £513,000. Sold prices in Oxfordshire have fallen 5.9% (£27.6k) over the last 12 months as well.

In the period September 2021 to August 2022, there were 7,711 property transactions, a 41.7% decline in sales. The most common price range for properties sold was £300,000 to £400,000, with 2,067 (27.0%) transactions taking place, followed by the £400,000 to £500,000 price range, with 1,235 (16.1%) houses sold.

The Oxfordshire area is proving to be an expensive place to live as the average price of £464,000 makes Oxfordshire the 6^th most pricey county out of 55 counties in England and Wales.

According to Land Registry data, West Oxfordshire saw the biggest increase of anywhere in the county. There, the average price of a home was up a whopping 15.2 per cent over the year to £395,348.

The highest percentage increase in the county was recorded in West Oxfordshire, where the average sold price rose 12.9 per cent to £385,437 (from July 2021 to 2022) over the year.

It was followed by South Oxfordshire, where it rose to 11.5% to £517,508, while in the Vale of White Horse it rose 11.3% to £425,468. The county of Cherwell saw house values increase by 10.4% to £353,756 and Oxford saw its house price rise by 9.2% to £489,422. Overall, South Oxfordshire had the highest average property price at £517,508.

Oxfordshire house prices have risen as the UK saw the second-largest annual increase in house prices in over 10 years. Prices rose by 13.3 per cent in the year to June 2021, the second-greatest jump in over 15 years, owing in part to a rush to take advantage of the stamp duty holiday put in place to boost the real estate market during the epidemic.

How do Oxfordshire house prices compare to the UK average?

The picture across the UK shows that Oxfordshire is well above the UK average, with a typical property value of £283,000 in August. In addition, the average price per square foot (£/sqft) was £412.51, which is higher than the UK average of £329.2.

The average domestic property value in Britain was £292,000 in July 2022, up £39,000 from the same time last year. The average house values significantly rose across the UK over the year, with increases to £312,000 in England (16.4%), £220,000 in Wales (17.6%), £193,000 in Scotland (9.9%),  £169,000 in Northern Ireland (9.6%).

What are the highest and lowest house prices in Oxfordshire?

According to Rightmove, the is a significant difference between maximum and minimum housing prices in Oxfordshire County. If you’ve been researching the odds of winning the lottery in hope, then you’ll be looking at £25.2 million for the most expensive houses in the area compared to one of the cheapest which is a one-bedroom apartment for £75,000.

How have the interest rates affected the cost of housing?

Some property experts believe that the UK real estate market may gradually weaken in the near future as interest rates continue to rise. In an effort to curb rising costs by making credit more difficult to get, the Bank of England has raised interest rates for the seventh time in a row, to 2.25%.  It is at its highest point since 2008 and the interest rates have increased by 0.50 percentage points two times in the past two months.

The housing market has continued to go against expectations and ever since the UK left the EU in July 2016, the average house price in the UK has risen from £213,000 to £292,000. House prices have increased significantly since 2020, even despite a global epidemic that resulted in a recession- albeit a brief one – and Russia’s invasion of Ukraine, which resulted in soaring energy, food, and petrol prices.

Market activity has begun to diminish, indicating a shift in attitude. According to Halifax data, house prices fell 0.1% between June and July, ending a twelve-month streak of increases.

Experts believe that this phenomenon may turn into a trend rather than a short-lived abnormality. According to Capital Economics, house prices are expected to fall 5% over the next two years. More recent warnings, however, suggest that the drop could be as much as 15%.

How much have the house prices increased in Oxfordshire via house types?

The average prices from 3 types of housing saw an increase including:

Detached houses – Up to £706,000 from £696,000 in April

Semi-detached houses – Down to £427,000 from £440,000 in April

Terraced houses – Up to £376,000 from £351,000 in April

Flats – Up to £251,000 from £235,000 in April

October 2022 Average house prices paid for in Oxfordshire

Cherwell – £400,000

Vale of White Horse – £431,000

West Oxfordshire – £522,000

South Oxfordshire – £625,000

Oxford – £674,000