House prices in Milton Keynes have increased more than the average in the South East

House prices in Milton Keynes increased by 1.7% – more than the average for the South East, new figures show.

The boost contributes to the longer-term trend, which has seen property prices in the area achieve 8.9% annual growth.

The average Milton Keynes house price is around £289,395, Land Registry figures show – a 1.7% increase on October.

Over the month, the picture was better than across the South East, where prices increased 0.5%, and Milton Keynes outperformed the 1.2% rise for the UK as a whole.

Over the last year, the average sale price of property in Milton Keynes rose by £24,000 – putting the area 40th among the South East’s 64 local authorities with price data for annual growth.

The best annual growth in the region was in Hastings, where property prices increased on average by 22.4%, to £276,000. At the other end of the scale, properties in Woking gained just 3.7% in value, giving an average price of £442,000.

Winners and Losers

Owners of detached houses saw the biggest improvement in property prices in Milton Keynes in November – they increased 2.2%, to £498,266 on average. Over the last year, prices rose by 11.6%.

Among other types of property:

Semi-detached: up 1.8% monthly; up 10.3% annually; £293,070 average

Terraced: up 1.4% monthly; up 6.8% annually; £238,727 average

Flats: up 1.3% monthly; up 4.9% annually; £156,104 average

First steps on the property ladder

First-time buyers in Milton Keynes spent an average of £233,000 on their property – £17,000 more than a year ago, and £33,000 more than in November 2016.

By comparison, former owner-occupiers paid £339,000 on average in November – 45.1% more than first-time buyers.

How do property prices in Milton Keynes compare?

Buyers paid 21.6% less than the average price in the South East (£369,000) in November for a property in Milton Keynes. Across the South East, property prices are low compared to those across the UK, where the average cost £271,000.

The most expensive properties in the South East were in Elmbridge – £692,000 on average, and 2.4 times as much as more than in Milton Keynes. Elmbridge properties cost three times as much as homes in Southampton (£233,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea.