Milton Keynes revealed as town with 8th most dramatic house price increase
Findings show increase of nearly 60% over last 10 years
The average house price in Milton Keynes is £257,736, an increase of 59 per cent over the last 10 years, a new study shows.
This is higher than the average across England which is £244,180 but slightly lower than in Southend-on-Sea where the average house price is £287,717 and tops the table of most dramatic house price increases.
Milton Keynes takes eighth place as the town with the highest house price increase with prices commanded by its vibrancy, 'characterised by plenty of green space with over 5,000 acres of parkland, rivers, lakes and woodland'.
In second place is Bristol with the average house price at £282,596 and third is London where the average house price is £773,937, a rise of 67% over the last 10 years. Luton came in at 10th place with the average house prices set at £229,040, an increase of 57%.
The study, by ElectricalDirect, also predicted that the property market shows no signs of slowing down with the average house price in England almost doubling to £422,723 by 2060.
Back in 1980, the average price for a house in England was £18,377 skyrocketing by 171% by 2020. But the increase hasn’t been caused by inflation alone, but by the demand for houses, and buyers willing to pay more for their dream home.
However, as prices have gone up, sizes of the average property have gone down with the study revealing the average house In 1980 boasting 75 sq metres of space compared to 67 sq metres in 2020, a decrease of 18.61%.
Cambridge performed the best for floor space, with average property sizes in the city increasing by 10% between 2011 and 2018,. However, Cambridge has also experienced a 57% increase in house prices, meaning that although you’re getting more space, it’s going to end up costing you more.
Overall if this trend continues, in 40 years' time houses as small as 53 sq metres could be selling for upwards of £422,723.