The value of homes in Oxford are outpacing their owner’s average salary, new data has revealed.

Research from Zoopla shows one in five homes have increased in value by more than the average salary in the past year alone.

These homes have ‘earned’ more money by simply existing as bricks and mortar than the average worker has actually been paid.

In the UK, 4.6m privately-owned homes have jumped in value by more than £30,500 - the average UK salary - in the past 12 months.

Gráinne Gilmore, head of research at Zoopla, said: "Hundreds of thousands of households have made the move into their new home over the last year.

"But activity has been so high, it has eroded the stock of homes for sale, which has put upward pressure on house prices, with values rising by up to 9% in some parts of the country."

How much have homes in Oxfordshire ‘earned’?

The data shows in Oxford the average salary is £33,200 while the average property is worth £385,000.

Nine per cent of homes in Oxford – or 2000 properties – have risen in value by more than the average salary in the past year.

In West Oxfordshire, the average salary is slightly lower at £32,900 while the average property is worth £365,000.

A huge 33 per cent of homes in this area – or 14,000 properties – have risen in value by more than the average salary in the past year.

In South Oxfordshire, the average salary and average property price are the highest in the whole county, at £36,800 and £475,000 respectively.

23 per cent of homes in South Oxfordshire – or 15,000 properties – have risen in value by more than the average salary in the past year.

In Vale of the White Horse, the average salary is £35,900 while the average property is worth £403,000.

Here, 23 per cent of homes – or 18,000 properties – have risen in value by more than the average salary in the past year.

How does this compare to the rest of the country?

Top ten areas were homes have ‘earned’ more than the average salary:

1. Hastings, East Sussex - 62 per cent

2. Adur, East Sussex - 60 per cent

3. Mole Valley, Surrey - 54 per cent 

4. Rother, East Sussex - 51 per cent

5. Dorset - 47 per cent 

6. St Albans, Hertfordshire - 46 per cent

7. Cotswold, Gloucestershire - 46 per cent

8. Sevenoaks, Kent - 45 per cent 

9. Bromley, south east London - 45 per cent

10. South Lakeland, Cumbria - 45 per cent

In East Sussex, Hastings topped the ranking with the highest proportion of properties which have increased in value by more than the average pay packet over the last year at 62%, followed by Adur, also in East Sussex, at 60%.

This follows the trend of buyers to relocate from urban to rural and costal areas during the pandemic.

Regionally, homes in the south west were most likely to see price rises that outstripped the average salary at 29%, followed very closely by the south east at 28%.