The annual boat race between Oxford and Cambridge took place on Saturday.

The fierce rivalry between the two universities was as strong as ever, with Oxford winning in both the men’s and women’s races. But it’s not just on the water or in the lecture room that the two compete: the cities themselves are rivals on many fronts – schools, property, history, architecture, and as generally lovely places to live.

Subsequently, finding a decent family home in which to live and take advantage of the excellent schools in both Oxford and Cambridge is often the hardest part. Land Registry data shows that the number of £1m-plus property transactions in both cities continues to rise considerably on the back of soaring property prices. 88 properties traded at north of £1m in Oxford last year, up from 63 the year before. Meanwhile, Cambridge witnessed a similar jump from 48 £1m-plus homes trading in 2013, to 66 last year.

Ginny Gilmore, who covers Oxford for Prime Purchase, explains: ‘Not only have prices risen annually, but the number of £1m-plus transactions is also increasing significantly year-on-year. These numbers could be higher still if it weren’t for the very limited supply at the very top end. However, we hope to see an increase after the general election when certainty returns. It is very difficult to get a decent family home in North Oxford for less than £2million. Stamp duty changes last year and the prospect of a mansion tax seem to have had litte effect on demand here at this level.

Ginny believes that education is the main draw for buyers in Oxford, and not just at the university level. ‘Many purchases are driven by parents looking for good schools, so the Oxford property market is very cyclical, revolving around the academic year. Those who can’t get into busy London schools or those seeking a life outside of the capital are increasingly turning to Oxford because it has excellent schools, it is safe for children to cycle to them and dad can easily commute back to London,’ she adds.

Sarah Broughton, who covers Cambridge for Prime Purchase, says it is a similar picture with a dearth of decent family homes. ‘There are simply not enough family homes on the market in Cambridge, pushing up prices considerably. Once people are lucky enough to get in a decent-sized family home they tend not to trade up so these properties don’t often come onto the market.

‘But there are plenty of reasons why families want to come to Cambridge: pound-for-pound property represents better value than in Oxford. Schools are a huge draw for parents moving out of London, keen to take advantage of the fact that their money goes further when it comes to the property market. Excellent coeducational prep schools such as St John’s College and King’s, The Leys School and the Perse, area all highly sought after. Hills Road Sixth Form, a state college, is also very good.’

Not to be outdone, Oxford has plenty of excellent schools to tempt parents. Ginny explains: ‘Oxford boasts a range of independent schools from boys Prep schools such as Summer Fields to coeducational schools such as St Edward’s (known as Teddies) and the Dragon School (with Lynams for the younger ones). For girls, there is Oxford High School or slightly further afield for boys, Abingdon School and Radley College.’ 

So in a head-to-head battle, which city emerges triumphant? Both are safe, beautiful and historic cities in which to bring up a family, with good schools. If a commute to London is important, Cambridge is slightly quicker to get to with a 45-minute train ride to Kings Cross, although the Oxford Parkway railway station at Water Eaton which opens in September will transport passengers to London Marylebone in under an hour.

Ultimately if you choose either of these cities you will end up a winner.