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The rise contributes to the longer-term trend, which has seen property prices in the area grow by 5.8% over the last year.

The average Milton Keynes house price in March was £320,241. Land Registry figures show a 0.9% increase on February.

Over the month, the picture was different to that across the South East, where prices increased 0.3%, and Milton Keynes was above 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 £18,000 – putting the area second among the South East’s 64 local authorities with price data for annual growth.

Milton Keynes house prices increased more than South East average in March

The highest annual growth in the region was in West Oxfordshire, where property prices increased on average by 6%, to £392,000. At the other end of the scale, properties in Canterbury lost 12.1% of their value, giving an average price of £322,000.

First steps on the property ladder

First-time buyers in Milton Keynes spent an average of £260,000 on their property – £14,000 more than a year ago, and £52,000 more than in March 2019.

By comparison, former owner-occupiers paid £373,000 on average in March – 43.6% more than first-time buyers.

Property types

Owners of detached houses saw the biggest rise in property prices in Milton Keynes in March – they increased 1.3%, to £546,658 on average. Over the last year, prices rose by 7.6%.

Among other types of property:

Semi-detached: up 1% monthly; up 7.2% annually; £327,157 average

Terraced: up 0.4% monthly; up 4.9% annually; £267,855 average

Flats: up 0.7% monthly; up 2.2% annually; £168,971 average

How do property prices in Milton Keynes compare?

Buyers paid 14.2% less than the average price in the South East (£373,000) in March for a property in Milton Keynes. Across the South East, property prices are high compared to those across the UK, where the average cost is £283,000.

The most expensive properties in the South East were in Elmbridge – £645,000 on average, twice the price as in Milton Keynes.

The highest property prices were in Kensington and Chelsea.

Factfile

Average property price in March

Milton Keynes: £320,241

The South East: £373,223

UK: £282,776

Annual change to March

Milton Keynes: +5.8%

The South East: -1.3%

UK: +1.8%

Highest and lowest annual growth in the South East

West Oxfordshire: +6%

Canterbury: -12.1%.

Milton Keynes house prices increased more than South East average, new figures show