HOUSE prices in Oxford rocketed by 10 per cent last year, widening the gulf between living costs and wages.

It contrasts with the year before when they went up by just 2.6 per cent.

The average property price in Oxford was £315,000 in 2014, up from £285,250 in 2013, according to newly published figures from Oxford City Council’s social research officer Mark Fransham.

He also revealed that during the past 20 years, the cost of buying a place to live has tripled while wages have barely doubled.

Mortgage expert Michelle Niziol, who runs IMS Independent Mortgage Solutions said: “There is a massive gap between the average wages and average property prices in Oxford.

“The number of first-time buyers I see who can’t afford to get on the property ladder is heart-breaking.”

The average salary last year in Oxford was £30,622, up from £29,447 the year before and £23,426 a decade ago.

In the same period, Oxford house prices soared by 40 per cent, leaving a generation unable to get on the property ladder.

Fraser Proudfoot, 22, lives with his parents in Witney and commutes to Headington.

The hospice worker does not think he will ever be able to afford to own a place in the city.

He said: “It’s a bit deflating because it makes you think you will never be able to buy a house.

“Oxford is really expensive, so it feels like a looming worry.

“At those prices, I couldn’t even consider the idea of a mortgage.”

Property developer Robin Swailes, who has built a number of new apartments, including Trinity Court in Cowley, said a third of the complex’s 58 one- and two-bedroom flats were snapped up by first-time buyers.

The rest went to buy-to-let investors and people who want a bolt hole in the city.

Mr Swailes said: “The bottom line is that we are surrounded by Green Belt, so it’s very difficult to build housing in Oxford.

“Supply is low and demand is high and that situation is only going to continue as there is more demand for houses in Oxford.”

Frances de Haan, 26, works in television production and rents a house in Headington with two others.

She pays £515 per month in rent and is also paying off a student loan.

She said: “I don’t earn enough to buy anything.

“I think Oxford firms should pay London wages, because house prices here are not far off those in the capital.

“I will never be able to buy a house here – it feels completely out of reach.”

Oxford East MP Andrew Smith said: “These massive rises put buying a home in Oxford way beyond the overwhelming majority of people.

“It is another very clear signal that we need to build many more homes in central Oxfordshire.

“Otherwise, businesses, public services and universities will suffer increasing problems of recruitment and retention, putting our economic and scientific success at risk, as well as more and more people having to commute in to work from further afield where they can afford to buy or rent.”

Oxford West and Abingdon MP Nicola Blackwood was asked for comment but failed to provide one before the Oxford Mail went to press.