House prices increased by 3.1 per cent in West Oxfordshire in October, new figures show.

The boost contributes to the longer-term trend, which has seen property prices in the area achieve 12.5 per cent annual growth.

The average West Oxfordshire house price in October was £385,193, Land Registry figures show – a 3.1 per cent increase on September.

Over the month, the picture was better than that across the South East, where prices decreased 0.7 per cent, and West Oxfordshire outperformed the 1.1 per cent drop for the UK as a whole.

Over the last year, the average sale price of property in West Oxfordshire rose by £43,000 – putting the area 23rd among the South East’s 64 local authorities with price data for annual growth.

Winners and Losers

Owners of detached houses saw the biggest improvement in property prices in West Oxfordshire in October – they increased 4.3 per cent, to £623,909 on average. Over the last year, prices rose by 15 per cent.

Among other types of property:

Semi-detached: up 2.6 per cent monthly; up 13.1 per cent annually; £396,699 average.

Terraced: up 2.3 per cent monthly; up 10.5 per cent annually; £324,465 average.

Flats: up 1.8 per cent monthly; up 6.5 per cent annually; £214,411 average.

First steps on the property ladder

First-time buyers in West Oxfordshire spent an average of £315,000 on their property – £32,000 more than a year ago, and £54,000 more than in October 2016.

By comparison, former owner-occupiers paid £429,000 on average in October – 36.1 per cent more than first-time buyers.

How do property prices in West Oxfordshire compare?

Buyers paid 5 per cent more than the average price in the South East (£367,000) in October for a property in West Oxfordshire. Across the South East, property prices are higher than those across the UK, where the average cost is £268,000.

Factfile

Average property price in October

West Oxfordshire: £385,193

The South East: £366,883

UK: £268,349

Annual growth to October

West Oxfordshire: +12.5%

The South East: +10.3%

UK: +10.2%