OXFORD is in the top 10 for towns and cities where property has ‘boosted’ people’s earnings by the greatest amounts.
The new research has revealed the places where a rise in property prices represents the largest proportion of people’s earnings over 10 years, should they sell their homes.
READ AGAIN: Oxford house prices: slight decline as Brexit begins to have impact
University cities Oxford and Cambridge netted homeowners the biggest ‘uplifts’ to their earnings.
Britain’s major urban areas have seen property prices rise by £63,4442 in a decade on average — which is equivalent to 25.6 per cent of average take-home pay over the same period.
In Oxford, gross earnings rose 22.7 per cent to £35,869 while the average property price climbed 66.9 per cent to £406,491. This means average house price appreciation would have totalled 66.1 per cent of the £246,709 the average worker earned there in a decade after tax.
Steve Wilkie, managing director of financial service company Responsible Life, said: “Even in times of economic turmoil, Britain’s houses remain solid investments that stand the test of time. Bricks and mortar is treated as an investment by many.”
Of the 105 major UK towns and cities in the study, only properties in Blackpool and Middlesbrough have made a loss over the last 10 years.
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