FRIENDS who started a housing co-operative a year ago after getting fed-up with renting in Oxford, are hoping to inspire others to follow in their footsteps.

The group of six 20 and 30-somethings purchased a six-bedroom house in Cowley in summer 2016 after raising £550,000 from investors and an 'ethical' bank.

Using a model, which hadn't been tried in the city for 16 years, the members all pay £477 rent to the co-operative, which ultimately owns the house.

They also make all the decisions on the future of the building together as a group.

Loans are paid back with up to three per cent interest, guaranteeing a better rate than a savings account for investors but ensuring the householders do not pay as much as a traditional mortgage.

Founding member, Andy Edwards, 32, said that the model was struggling to get off the ground in the rest of the city because house-owners always sold to the highest bidder.

The architect said: "We have had lots of interest from others wanting to do the same thing but nothing has actually materialised.

"While the market remains so hot it is very hard to make this model work.

"We'd really appeal to people who are selling their home that if they want to do something to make living in Oxford more affordable, then please consider selling to a co-operative, even if they are not offering the highest price. It is the best of all worlds."

In the year since moving in, the group has been concentrating on extending the kitchen and living room of their house to create more shared space.

A bike shed with room for 14 bikes has also been installed in the back garden.

Some of the original members have moved on and have had to be replaced, using an in-depth interview process.

Another new member of the co-op is due in October with two of the group expecting their first baby.

Mr Edwards said that running the co-op was like managing a small business, but insisted the extra work paid off.

He said: "It allows people who do not have the money to buy their own house to take control of their housing situation.

"We are not at risk of eviction and for the next 40 years we can guarantee that rent will stay at an affordable level.

"We can also deal with any issues ourselves and not have to wait for a landlord to fix something.

"Most importantly, we are also building a community that supports each other and deals with some of the problems of social isolation.

"The old saying is that it takes a village to bring up a child.

"None of us have lived with a young baby before. There is a lot to work out but we are excited to try it."