The average price has increased by more than £33,000 in the past year, Nationwide Building Society said.

In March 2021, the average UK house price was £232,134.

Property values grew by 14.3% annually – the strongest pace of increase since 2004.

UK House Prices

While Oxford house prices increase, so do house prices in the rest of the UK.

Asking prices for homes coming on to the market in Britain rose by a record 2.3% in February, according to the property website Rightmove.

The listing site said it was the biggest monthly increase in the 20 years it has kept records and meant the average advertised cost of a home was up by £7,785, to £348,804. Over the past 12 months, asking prices have gone up by 9.5%.

While the number of new property listings increased by 11% during the month, the number of people looking to buy a property rose by 16%, the website said.

House prices continued to climb in April but the rate of growth is slowing as soaring inflation and the cost of living crisis starts to affect the market, figures show.

However, Nationwide believes the market will slow as household budgets are squeezed and mortgages become more expensive.

“It is surprising that conditions have remained so buoyant, given mounting pressure on household budgets, which has severely dented consumer confidence,” said Robert Gardner, the chief economist at Nationwide.

“We continue to expect the housing market to slow in the quarters ahead. The squeeze on household incomes is set to intensify. Plus, inflation is expected to rise further, perhaps reaching double digits in the quarters – if global energy prices remain high.”

Oxfordshire Estate Agency