While many of us tighten our belts, sales of million pound houses have hit a four-year high, according to new figures.

Research by Lloyds TSB based on Land Registry data shows £1m-plus properties are changing hands more than at any time since the housing boom of 2007.

Our region, the south east, chalked up the highest score outside London with 660 million-pound homes sold in the first half of this year, four per cent higher than the same time last year.

Ronnie van der Ploeg, from agents Savills, said: “It doesn’t surprise me.

“What we know is that Oxford remains resilient.

“But one of the weaknesses of the Oxford market is the lack of stock. There are plenty of people looking and if there is a shortage of properties, it increases the price.”

Mark Charter, of Carter Jonas, said: “In the mid-market, by which I mean £0.75m-£1.25m, we have seen strong activity, particularly in the £1m-£1.25m bracket where there is more resilience and activity than we would have envisaged.

“We think this is because employment is secure and the local economy is still strong.

“Although Oxfordshire has large numbers of people in public employment, it tends to be in hospitals and trusts which have had fewer job cuts than other parts of the public sector.

“The London market is strong and this spills out to Oxford because it is seen as an easy commute and a nice, cosmopolitan place.”

According to Mr Charter, the two key types of mid-market properties selling best are classic North Oxford town houses and five-bedroom village family houses.