What is happening to Milton Keynes' house prices during the coronavirus crisis?

​The ​boost ​contributes to the longer-term trend, which has seen property prices in the area ​achieve 0.4% annual growth​.

The average Milton Keynes house price in July was £263,324, Land Registry figures show​ – a 2.4% increase on June.

Over the month, the picture was ​better than that across the South East, where prices ​increased 0.3%​, and Milton Keynes outperformed the 0.5% rise for the UK as a whole.

Over the last year, the average sale price of property in Milton Keynes ​​rose by £1,100 – putting the ​area 42nd among the South East’s 67 local authorities for annual growth.

​The best annual growth in the region was in West Oxfordshire, where properties increased on average by 7%, to £332,000. ​At the other end of the scale, properties in Surrey Heath dropped 3.9% in value, giving an average price of £376,000.

Winners and Losers

Owners of flats saw the biggest improvement in property prices in Milton Keynes in July – they increased 2.6%, to £148,696 on average– but over the last year, prices dropped by 1.6%.

Among other types of property:

Detached: up 2.1% monthly; up 0.8% annually; £438,750 average

Semi-detached: up 2.5% monthly; up 1.3% annually; £265,371 average

Terraced: up 2.3% monthly; up 0.6% annually; £220,399 average​

First steps on the property ladder

First-time buyers in Milton Keynes spent an average of £​214,450 on their property – ​£470 more than a year ago, ​and ​£34,780 more than in July 2015.

By comparison, former owner-occupiers paid £​304,850 on average in July​ – 42.2% more than first-time buyers.

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How do property prices in Milton Keynes compare?

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Buyers paid 19.2% less than the average price in the South East (£326,000) in July for a property in Milton Keynes. Across the South East, property prices are higher than those across the UK, where the average cost £238,000.

The most expensive properties in the South East were in Elmbridge – £587,000 on average, and 2.2 times as much as in Milton Keynes. Elmbridge properties cost 2.8 times as much as homes in Gosport (£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 July sale price of £1.2 million could buy 14 properties in Burnley (average £91,000).

Factfile

Average property price in July

Milton Keynes: £263,324

The South East: £325,734

UK: £237,963

Annual growth to July

Milton Keynes: +0.4%

The South East: +1.0%

UK: +2.3%

Best and worst annual growth in the South East

West Oxfordshire: +7.0%

Surrey Heath: -3.9%