OXFORD had the third highest house price growth in the UK over the last decade, despite a drop in prices in recent months.

The latest report from Zoopla’s UK Cities House Price Index has shown that house prices in Oxford have increased by an average of £148,235 over the last decade.

This is the third highest price growth for a city in the UK, and the current average price of a home is £411,500.

Oxford follows London and Cambridge, where the average house prices are £479,000 and £417,000 respectively.

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According to Zoopla, Oxford is currently the second least affordable city to purchase a home across the country, with house prices 12.1 times higher than average earnings

But the report goes on to say current house price growth in Oxford sits at -0.4 per cent, and this November was the third consecutive month where Oxford has registered the lowest growth across all English cities.

The online house seller said the December 12 election result has ‘removed some uncertainty’ for the housing market going forward, and prices might increase as a result of this.

Overall house price growth across the UK through 2020 is expected to reach 3 per cent, however, growth in southern cities including Oxford will be more muted, said Zoopla.

Despite the growth in housing prices across the last decade, a report by Land Registry UK released earlier this month showed a different picture for Oxford as 2019 drew to an end.

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The average Oxford house price in October was £401,624, Land Registry figures show – a 3.8 per cent decrease on the same figure for September.

This was a slightly lower calculation than Zoopla’s average house price for the same month, which stood at £412,000.

According to Land Registry, the picture in Oxford in October was worse than that across the South East, where prices decreased 0.8 per cent, and Oxford underperformed compared to the 0.7 per cent drop for the UK as a whole.

Over the past year, the average sale price of property in Oxford remained level – putting the area 64th among the South East’s 67 local authorities for annual growth.

Zoopla releases its house price index every month of the year, looking at financial trends across the housing sector.

Each month, it focuses on a different aspect of the costs of buying a home.

Zoopla’s September report showed Oxford was the only city in England where house prices fell between August 2018 and August 2019.

At the time, it was thought that ordinary families and working people were likely to benefit from the drop, as property investors were buying less.