House prices in Milton Keynes rose over the summer, latest figures show

House prices in Milton Keynes have increased slightly - by 0.6%, new figures show.

The boost contributes to the longer-term trend, which has seen property prices in the area achieve 10.8% annual growth.

The average Milton Keynes house price in August was £291,347, Land Registry figures show – a 0.6% increase on July.

Over the month, the picture was less good than that across the South East, where prices increased 1.9%, and Milton Keynes underperformed compared to the 2.9% rise for the UK as a whole.

Over the last year, the average sale price of property in Milton Keynes rose by £28,000 – putting the area 27th among the South East’s 70 local authorities for annual growth.

The best annual growth in the region was in Rother, where property prices increased on average by 18.8%, to £348,000. At the other end of the scale, properties in Reigate and Banstead gained 0.3% in value, giving an average price of £414,000.

Winners and Losers

Owners of detached houses saw the biggest improvement in property prices in Milton Keynes – they increased 0.9%, to £494,008 on average. Over the last year, prices rose by 12.6%.

Among other types of property:

Terraced: up 0.2% monthly; up 9.8% annually; £242,600 average

Flats: remained level over the month; up 7.3% annually; £159,654 average

First steps on the property ladder

First-time buyers in Milton Keynes spent an average of £236,000 on their property – £22,000 more than a year ago, and £28,000 more than in August 2016.

By comparison, former owner-occupiers paid £339,000 on average in August – 43.9% more than first-time buyers.

How do property prices in Milton Keynes compare?

Buyers paid 18.6% less than the average price in the South East (£358,000) in August for a property in Milton Keynes. Across the South East, property prices are higher than those across the UK, where the average cost £264,000.

The most expensive properties in the South East were in Elmbridge – £666,000 on average, and 2.3 times as much as in Milton Keynes. Elmbridge properties cost three times as much as homes in Southampton (£221,000 average), at the other end of the scale.

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

Factfile

Average property price in August

Milton Keynes: £291,347

The South East: £358,070

UK: £264,244

Annual growth to August

Milton Keynes: +10.8%

The South East: +8.7%

UK: +10.6%

Best and worst annual growth in the South East

Rother: +18.8%

Reigate and Banstead: +0.3%