HOUSE price growth in Oxford has fallen for a second year running, according to new figures.

The average price of a home was now £409,700, Hometrack said.

This meant year-on-year growth between February 2017 and February 2016 was 3.4 per cent, down from 9 per cent the previous year.

It comes after house prices previously grew by 12 per cent from February 2014 to February 2015.

Oxford Mail:

Analysis by the Oxford Mail shows it is also the lowest amount of growth since 2011, but average house prices still remain among the highest outside London. 

Its slowdown in house price growth mirrored London, Hometrack said.

The company said affordability in southern cities like Bristol, Oxford and Cambridge was stretched, with the housing market also being affected by weaker investor demand and the impact of the UK's vote to quit the European Union last year.

Richard Donnell, insight director at Hometrack said: "Buyers are fully aware of the Government's plans and timescales for Brexit but there remains huge uncertainty over what this means for the economy over the next two to three years and beyond.

Oxford Mail:

"In cities where affordability remains attractive we expect demand to hold up in the short term albeit with slower growth in sales volumes.

"Overall we continue to expect the rate of house price growth to moderate over the rest of 2017."