STRUGGLING to get on the property ladder?

First-time buyers have long struggled to find somewhere affordable in the city and this is the ultimate house that will be out of their price-bracket – on the market at a cool £5.5m.

Situated in Charlbury Road, North Oxford, it is thought to be the city’s highest ever price tag for a property on the open market.

And yet the property still needs “significant” work to bring it up to scratch.

It overshadows Oxford’s previous most expensive property, a house in Park Town which changed hands in 2007 for about £3.7m.

James Penny, of Summertown-based agents Penny & Sinclair, said: “When you look at the square footage and its prime location, there is no other house that can compare.”

The detached Edwardian home is set in grounds of almost an acre and is thought to be “probably the biggest house in central north Oxford”. It boasts a swimming pool, conservatory, kitchen/breakfast room, garden room, cellar, three bedsits and three bathrooms.

Mr Penny said detailed plans for extensive renovations have already been drawn up architects. He added: “It is probably the biggest house in North Oxford sitting in land of just under an acre, which is rare in this area.

“The people that buy these sort of houses are cash rich. Money is no object and they are not worried about mortgages. People paying the most money very rarely want something in someone else’s taste and will want to put their own stamp on it to create a perfect home.”

The property, which according to Mr Penny, needs a “significant amount of updating”, last changed hands in July 2007, for just over £3m.

It means the house has almost doubled in value in the last three years, despite concerns over a fluctuating property market Mr Penny added: “Planning permission has already been granted to rearrange the interior of the property.

“It has generated a great deal of interest from invididuals and institutions in London and abroad including a school, colleges and a church.

“We have already received one bid.”

Oxford is one of the most expensive places to buy in the UK, with the average house price in August £240,628 – an increase of 0.7 per cent since July.

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