Milton Keynes house prices dropped in October

But the drop does not reverse the longer-term trend, which has seen property prices in the area achieve 2.8% annual growth.

The average Milton Keynes house price in October was £264,820, Land Registry figures show – a 1.1% decrease on September.

Over the month, the picture was worse than that across the South East, where prices increased 0.4%, and Milton Keynes underperformed compared to the 0.7% rise for the UK as a whole.

Over the last year, the average sale price of property in Milton Keynes rose by £7,200 – putting the area 51st among the South East’s 74 local authorities for annual growth.

The best annual growth in the region was in South Oxfordshire, where property prices increased on average by 9.9%, to £453,000. At the other end of the scale, properties in Spelthorne lost 3.1% of their value, giving an average price of £358,000.

Winners and Losers

Owners of flats fared worst in Milton Keynes in October – they dropped 1.8% in price, to £146,987 on average. Over the last year, prices dropped by 0.8%.

Among other types of property:

Detached: down 0.8% monthly; up 4.4% annually; £446,411 average

Semi-detached: down 1.1% monthly; up 3.5% annually; £266,206 average

Terraced: down 1.1% monthly; up 3% annually; £222,193 average

First steps on the property ladder

First-time buyers in Milton Keynes spent an average of £214,800 on their property – £4,600 more than a year ago, and £26,500 more than in September 2015.

By comparison, former owner-occupiers paid £307,800 on average in October – 43.3% more than first-time buyers.

How do property prices in Milton Keynes compare?

Buyers paid 21.5% less than the average price in the South East (£337,000) in October for a property in Milton Keynes. Across the South East, property prices are higher than those across the UK, where the average cost £245,000.

The most expensive properties in the South East were in Elmbridge – £623,000 on average, and 2.4 times as much as in Milton Keynes. Elmbridge properties cost 2.9 times as much as homes in Southampton (£212,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea, where the average October sale price of £1.3 million could buy 14 properties in Burnley (average £93,000).

Factfile

Average property price in October

Milton Keynes: £264,820

The South East: £337,412

UK: £245,443

Annual growth to October

Milton Keynes: +2.8%

The South East: +4.7%

UK: +5.4%

Best and worst annual growth in the South East

South Oxfordshire: +9.9%

Spelthorne: -3.1%