First-time buyers priced out of city as average house price in Oxford smashes the £400,000 mark

Experts have warned that the latest figures, revealing that the average cost of a property has risen £25,000 in two months, confirms the city as the 'most expensive city in the UK'.

And estate agents have said first-time buyers have no choice but to turn to their parents for even more help.

Growth in the market is expected to slow following Britain's decision to leave the EU but continue to rise in the long term.

Managing director of estate agents Scott Fraser, which has its head office in Headington, David Blythman said: "It's very tough for young people which is one of the downsides to such a strong market.

"I'm a parent myself and I fully expect to have to help my children onto the property ladder."

Figures from property market analytics firm Hometrack revealed that average prices had risen from £377,600 to £401,600 since March this year.

In comparison the average house price in Cambridge is now £410,000 while London is now £472,000.

Data released last year showed that Oxford residents needed a £70,000 pay rise to get on the property ladder.

Will Madgwick and his girlfriend Lucy Smith are saving up to buy a house and said the process was becoming "torturous".

The couple rented a flat in Cowley Road - at a cost of £15,000 a year - for 18 months before moving back to live with their parents in Wantage and Abingdon to save up last year.

Mr Madgwick, 25, a property planner said: "If you have family who can help you then that seems to be one of the only ways you can buy a house in Oxford but we will just continue to save."

Hometrack director Richard Donnell said the house price to wages difference in Oxford was causing problems.

He said: "A house price to earnings ratio of 16 x makes Oxford the most expensive UK city to buy a house.

"In fact, in recent years Oxford house price growth has mirrored that of London and Cambridge. More recently, however, affordability pressures have been biting on a growing proportion of the population and we have seen a small slowdown in the rate of growth in the city. "

Mr Donnell anticipated sales volumes in Oxford would be hit in the wake of Brexit as buyers bided their time amid uncertainty and house price growth would slow in the second half of the year.

But Scott Fraser managing director David Blythman predicted no let up in house price growth due to the attraction of living and working in Oxford.

He said: "Oxford made it through that banking crisis and with the high density of hospitals and education facilities I expect it to remain a strong market place as a result of Brexit and continue to grow."