House prices top £300,000 (From Witney Gazette)

House prices top £300,000

7:30am Wednesday 3rd January 2007 in Headlines By Chris Buratta

IF buying your first home was your New Year's resolution then it could prove a very difficult one to keep.

New figures revealed the average house price in Oxford has topped the £300,000 mark - almost seven times the average first-timer buyers' household income.

The first-time buyer annual review, conducted by the Halifax, also revealed that the number of first-time buyers nationally dropped to a 26-year low in 2006.

The average house price in Oxford stands at £304,467, 6.99 times the average household income of first-time buyers of £43,562.

Based on the figures, the Halifax declared Oxford 'unaffordable' for first-time buyers.

The outlook for those hoping to step on to the property ladder in Henley was even worse.

The south Oxfordshire town was ranked as the fourth least affordable town in the country, with an average house price of £477,531 - more than 11 times the average household income of first-time buyers.

Carterton was listed as the most affordable Oxfordshire town, with an average house price of £198,478 - 4.56 times the average first-time buyers' household income.

Other Oxfordshire towns listed included Abingdon with an average house price of £269,221, 6.18 times the average income.

The average house price in Witney was listed as £242,051, 5.56 times the average, Didcot had an average house price of £269,221, 6.18 times the average and Bicester had an average house price off £204,698, 4.7 times the average.