County house prices see huge rises (From Bicester Advertiser)

County house prices see huge rises

9:40am Friday 17th August 2012 in News

THE cost of buying a home in Oxfordshire has increased by nearly three times the rate of an average salary over the past 10 years, according to new figures.

Research from the National Housing Federation shows that in 2001, the average price of a property in the county was £174,127 with the average wage being £17,685.

By 2011 property prices had risen by 77 per cent to £307,660 but wages had gone up just 29 per cent to £22,880.

Warren Finney, South East lead manager at the National Housing Federation, said: “These shocking figures show that it is getting increasingly difficult for thousands of people in Oxfordshire to buy a home of their own in the current climate.

“With the gap between income and house prices growing ever wider, people can feel like they have to win the Lottery just to own a home in their area.”

The district with the biggest gap between average salary and house prices is South Oxfordshire with house prices rising 76 per cent to £348,583 and incomes only 13 per cent to £19,791.

Richard Peacock, chief executive of the Didcot-based housing association Soha Housing, said shared ownership of homes was the way forward.

He added: “Oxfordshire has been unaffordable for many people for many years.

“Half of our 200 newly built homes last year were for shared ownership, where owners buy a share of the house and rent the other part. “We see no let-up in the need for affordable homes for rent but also for these part-buy, part-rent homes.”