THE OX2 postcode is the most expensive area outside London with houses costing more than £5,000 per square metre, new figures have revealed.

The postcode, which covers the north and west of the city from Cumnor and Botley through Jericho, Summertown and as far north as Oxford Parkway station, was unrivalled outside of Greater London.

Top of the list was SW1X, Belgravia in London, where properties cost on average £22,019 per sqm based on more than 800 sales since August 2007.

The top 100 postcode districts were in Greater London with OX2 coming 125th.

Frank Webster, director of Summertown-based Finders Keeper, said the high demand to live in Oxford was behind its place high up the list, but that the market was cooling.

He said: “North Oxford house prices will always be resilient due to constant demand to live in the area but they too will be affected by factors such as government polices and there’s no doubt the higher end of the market has cooled as a result of higher stamp duty charges.

“It’s a great opportunity though for canny purchasers, but vendors must readjust to the changing market conditions.”

The figures were compiled by data scientist Anna Powell-Smith following a government release on house size data.

Last month it was revealed the average house price in Oxford was £409,700 but that house price growth had slowed for the second year running.

When it comes to the most expensive street in the city, Crick Road in North Oxford has often featured among the dearest in the entire country.

Lloyds Bank research in December showed the average price for a house on the street was more than £4.5m, the only street outside London and Surrey to make the top 20.

David Coleman and his late wife Sarah bought a house in the street for £115,000 in 1982 and it is now thought to be worth in excess of £3m.