Milton Keynes house prices increased more than across the South East in September

House prices increased more than average for the South East in Milton Keynes in September, new figures show.

Wednesday, 18th November 2020, 4:39 pm
Updated Wednesday, 18th November 2020, 4:40 pm

The boost contributes to the longer-term trend, which has seen property prices in the area achieve 4% annual growth.

The average Milton Keynes house price in September was £269,826, Land Registry figures show – a 1.7% increase on August.

Over the month, the picture was similar to that across the South East, where prices increased 1.4%.

House prices increased more than average for the South East in Milton Keynes in September, new figures show.

Over the last year, the average sale price of property in Milton Keynes rose by £10,000 – putting the area 18th among the South East’s 67 local authorities for annual growth.

The best annual growth in the region was in Tandridge, where properties increased on average by 8.1%, to £483,000. At the other end of the scale, properties in Slough dropped 4.1% in value, giving an average price of £297,000.

Winners and Losers

Owners of detached houses saw the biggest improvement in property prices in Milton Keynes in September – they increased 2.3%, to £453,523 on average. Over the last year, prices rose by 5.2%.

Among other types of property:

Semi-detached: up 1.3% monthly; up 4.6% annually; £270,653 average

Terraced: up 1.5% monthly; up 4.1% annually; £226,379 average

Flats: up 1.5% monthly; up 1.2% annually; £150,937 average

First steps on the property ladder

First-time buyers in Milton Keynes spent an average of £​219,100 on their property – ​£7,400 more than a year ago, ​and ​£32,300 more than in Sep-15.

By comparison, former owner-occupiers paid £​313,300 on average in September​ – 43.0% more than first-time buyers.

How do property prices in Milton Keynes compare?

Buyers paid 19.9% less than the average price in the South East (£337,000) in September 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 – £608,000 on average, and 2.3 times as much as in Milton Keynes. Elmbridge properties cost 2.9 times as much as homes in Southampton (£213,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea, where the average September sale price of £1.3 million could buy 15 properties in Burnley (average £88,000).

Factfile

Average property price in September

Milton Keynes: £269,826

The South East: £336,763

UK: £244,513

Annual growth to September

Milton Keynes: +4.0%

The South East: +4.0%

UK: +4.7%

Best and worst annual growth in the South East

Tandridge: +8.1%

Slough: -4.1%