THE number of million-pound homes sold in Oxfordshire has more than doubled in the past year.

In 2006, 111 homes in the county were sold for more than £1m - up from just 51 in the previous year.

There were 23 homes in Oxford that fetched a seven-figure sum, with the most expensive areas in North Oxford, Summertown and Park Town.

Last year's sales brought the total number of seven-figure deals in Oxfordshire to 412 since 2001.

In the last 12 months alone, property giant Savills has sold 19 properties that have been in seven figures.

Savills spokesman Helen Hutt said: "City bonuses in London are definitely contributing to the rise in house prices in Oxford.

"There is also a real shortage of good property within the city. That's why when properties do come up, there is such a demand.

"Oxford is also restricted by the availability of land, so there aren't that many new developments."

However, one new development that is springing up within the city is the Oxford Waterfront project by Berkeley Homes.

The luxury apartments and penthuses in Jericho have proved so popular, that they have already sold one penthouse for over £1m before it has even been completed.

Rameen Firoozan, managing director of Berkeley Homes, said: "It's a market place and if people feel that the houses that I'm building aren't good value for money, then they will vote with their feet and stop buying them.

"Having said that, 40 to 50 per cent of the homes we build are low-cost affordable social housing."

City councillor Patrick Murray, 26, says the cause of the rise in prices in Oxford is down to people relocating to the area from London.

He said: "People are moving to Oxford from London, on far higher wages and can afford to spend that kind of money on a house. Because jobs in Oxford don't pay as much they drive up the price.

"I can't say I'm very happy about it as a person born and raised in Oxford, who hopes to one day buy a house. Mr Murray added: "With prices the way they are, I'd have to rob a bank."