Average house price revealed in the Banbury area - and how it compares to other areas

See how the prices compare to other areas and the country as a whole

Thursday, 3rd September 2020, 4:40 pm
Updated Thursday, 3rd September 2020, 4:46 pm
House prices increased slightly in the Cherwell district in May, new figures show.

House prices increased slightly in the Cherwell district in May, new figures show.

​The ​increase ​contributes to the longer-term trend, which has seen property prices in the area ​achieve 5.4% annual growth​.

The average Cherwell house price in May was £291,810, Land Registry figures show​ – a 0.4% increase on April.

Over the month, the picture was ​better than that across the South East, where prices ​decreased 1.1%​, and Cherwell outperformed the 0.3% rise for the UK as a whole.

Over the last year, the average sale price of property in Cherwell ​​rose by £15,000 – putting the ​area ninth among the South East’s 67 local authorities for annual growth.

​The best annual growth in the region was in West Oxfordshire, where properties increased on average by 9.4%, to £347,000. ​At the other end of the scale, properties in Slough dropped 2.8% in value, giving an average price of £284,000.

Winners and Losers

Owners of detached houses saw the biggest improvement in property prices in the Cherwell district in May – they increased 0.6%, to £487,199 on average. Over the last year, prices rose by 6.6%.

Among other types of property:

-Terraced: remained level over the month; up 4.7% annually; £239,708 average

- Flats: up 0.3% monthly; up 2.4% annually; £159,393 average

First steps on the property ladder

First-time buyers in Cherwell spent an average of £​240,000 on their property – ​£12,000 more than a year ago, ​and ​£23,000 more than in May 2015.

By comparison, former owner-occupiers paid £​334,000 on average in May​ – 39.0% more than first-time buyers.

How do property prices in Cherwell compare?

Buyers paid 10.1% less than the average price in the South East (£325,000) in May for a property in Cherwell. Across the South East, property prices are high compared to those across the UK, where the average cost £236,000.

The most expensive properties in the South East were in Elmbridge – £594,000 on average, and twice as much as in Cherwell. Elmbridge properties cost 2.8 times as much as homes in Southampton (£210,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea, where the average May sale price of £1.4 million could buy 16 properties in Burnley (average £88,000).

FACTFILE

Average property price in May

- Cherwell: £291,810

- The South East: £324,659

- UK: £235,673

Annual growth to May

- Cherwell: +5.4%

- The South East: +2.0%

- UK: +2.9%

Best and worst annual growth in the South East

- West Oxfordshire: +9.4%

- Slough: -2.8%