HOUSE prices in Oxfordshire have risen to their highest level for a year.

Latest figures from the Government’s Land Registry show values increased by 0.9 per cent in November, making the average price of a house in the county £227,152.

That is the highest level since November 2008, when it stood at £230,666, meaning that overall prices have fallen by 1.4 per cent during 2009. It is also the sixth successive month of house price rises in Oxfordshire.

Since March, when year-on-year values had slumped by more than 14 per cent, average prices have risen by almost £11,000.

Figures for sales show 765 properties were sold in September, compared to 465 last year, a rise of almost 65 per cent, although transactions remain at low levels compared to 2007.

Robert Maxwell, manager of the Cowley branch of Andrews estate agents, said: “The main reason for the rises is lack of supply. There are a tremendous number of buyers out there, but finding the right property is becoming very difficult.

“People were hit hard by price falls and decided not to put their properties on the market and there is still uncertainty in the economy – but now is a good time to sell.

“It looks like being the same situation in 2010, although hopefully there may be more properties to sell.”

Mr Maxwell added that first time buyers had come back into the market very quickly along with families and those who have spent time in rented accommodation waiting for the right time to buy.