Oxford has consistently topped the league as the least affordable UK city, but expert figures released recently have shown it will take a shocking 17 years to afford the £53,105 deposit.
This is compared to a national average of three years and £15,000.
It is estimated that someone hoping to buy in Oxford would spend around £115,000 on rent while saving for the deposit.
With nearly 60% of Jericho residents privately renting, and a further 20% in social rented accommodation, this is bad news for anyone who is ever hoping to buy in Oxford.
This comes only shortly after new government figures have revealed that Oxford is building a fraction of other local authorities, and ZERO local authority homes.
Oxford is currently undergoing its local plan, in which Labour councillors have prioritised commercial space while protecting unnecessary and dilapidated sites.
Liberal Democrats reject this assessment and have called for further sites to be taken into consideration, while also building more densely and ensuring that at least 50% of all homes are genuinely affordable to people living here.
Labour councillors running Oxford City Council have consistently prioritised allocating land to retail and commercial expansion, instead of affordable homes.
Despite council policy dictating that at least 50% of all new homes built in Oxford must be affordable, Labour councillors have frequently ignored this. A councillor even described the homes as negotiable, seemingly optional.
● Westgate: Demolished affordable homes to make way for 59 luxury flats.
● Oxpens: Nearly two dozen affordable homes to be replaced with office block.
● Oxford North: Prospect of ZERO affordable homes being built.
● Barton Park: 20% fewer than required.
Liberal Democrat councillors have refused to support Labour’s local plan, owing to its prioritisation of commercial space over affordable homes. They have also called for an Oxford definition of ‘affordable’, so new homes are genuinely affordable to the people that live here.
Commenting, local resident and campaigner Conor McKenzie said:
“For many, Oxford is very rapidly becoming a city impossible to live in.
"We need bold and brave solutions to fix it, but instead the City Council are actually making the situation worse, prioritising further commercial expansion.”