House prices in Milton Keynes continue to rise with owners of detached homes seeing biggest increase
Over the last year average sale price of property across the borough rose by £30,000
House prices in Milton Keynes have increased by 2.5%, new figures show.
The boost contributes to the longer-term trend, which has seen property prices in the area achieve 11.1% annual growth.
The average Milton Keynes house price in September was £297,016, Land Registry figures show – a 2.5% increase on August.
Over the month, the picture was similar to that across the South East, where prices increased 3%.
Over the last year, the average sale price of property in Milton Keynes rose by £30,000 – putting the area 23rd 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 21.2%, to £359,000. At the other end of the scale, properties in Runnymede lost 1.6% of their value, giving an average price of £408,000.
Winners and Losers
Owners of detached houses saw the biggest improvement in property prices in Milton Keynes – they increased 2.8%, to £504,799 on average. Over the last year, prices rose by 12.8%.
Among other types of property:
Semi-detached: up 2.6% monthly; up 12.1% annually; £300,325 average
Terraced: up 2.1% monthly; up 10.2% annually; £247,268 average
Flats: up 2% monthly; up 7.8% annually; £162,203 average
First steps on the property ladder
First-time buyers in Milton Keynes spent an average of £240,000 on their property – £23,000 more than a year ago, and £37,000 more than in September 2016.
By comparison, former owner-occupiers paid £346,000 on average in September – 44.0% more than first-time buyers.
How do property prices in Milton Keynes compare?
Buyers paid 19.9% less than the average price in the South East (£371,000) in September for a property in Milton Keynes. Across the South East, property prices are higher than those across the UK, where the average cost £270,000.
The most expensive properties in the South East were in Elmbridge – £664,000 on average, and 2.2 times as much as in Milton Keynes. Elmbridge properties cost 2.9 times as much as homes in Southampton (£230,000 average), at the other end of the scale.
The highest property prices across the UK were in Kensington and Chelsea.
Average property price in September
Milton Keynes: £297,016
The South East: £370,886
Annual growth to September
Milton Keynes: +11.1%
The South East: +11.7%