Between 1996 and 2011 house prices in Oxford increased by more than 300 per cent. They are now rising again. The trend has been especially marked in north Oxford, where a combination of good schools, hospitals, transport links (shortly to be improved with Oxford Parkway) and access to the countryside are a magnet.

Recent articles in the national press have identified parts of north Oxford as internationally sought-after investment destinations. Properties are bought and extended (above or below ground), and already expensive properties are becoming even more expensive. The process replicates, although on a smaller scale, in parts of London, notably Chelsea and Kensington, where so-called iceberg developments have become increasingly common.

Should we worry about this? Certainly, north Oxford has changed from its quiet and comfortable Betjemanesque image. Its history and architecture were described in her 1992 book by Tanis Hinchcliffe, but, so far, it has remained an integral part of the city. On the face of it, the Conservation Area is relatively unaffected by subterranean gyms and cinemas. I am concerned, however, that if the current trends continue, north Oxford will become a global ghetto, an exclusive gated preserve for the mega-rich, and lead to an even greater disparity in living standards and life expectancy than that which, to our shame, already exists in other areas of the city.

Should anything be done, can anything be done, to limit or challenge this process? We could follow Kensington and Chelsea, currently consulting about possible curbs on underground extensions. A Mansion Tax, as proposed by the Liberal Democrats, might have some effect. A more effective measure would be a realistic re-assessment of the council tax, with one or two higher bands. To date, however, no political party has shown much enthusiasm for this.

Or do we just sit back and let the market dictate?

Jim Campbell, Frenchay Road, Oxford