Average price of houses in Milton Keynes rises by massive £45,000 over past 12 months

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First-time buyers here spent an average of £271,000, according to data released this week

The average sale price of property in Milton Keynes has risen by £45,000 over the past 12 months, the latest Land Registry data has revealed.

In September alone, the average house price locally increased by 3.9%, the figures show.

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And the biggest increase was seen in semi-detached houses, which now sell for £342,167 on average.

House prices are continuing to rise in Milton KeynesHouse prices are continuing to rise in Milton Keynes
House prices are continuing to rise in Milton Keynes

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 15.6% over the last year.

The average Milton Keynes house price in September was £336,018 – a 3.9% increase on August. Over the month, the picture was different to that across the South East, where prices decreased 0.2%, and Milton Keynes was above the UK as a whole, where prices did not change.

The city is now ninth among the South East’s 64 local authorities with price data for annual growth.

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The highest annual growth in the region was in Dover, where property prices increased on average by 16.8%, to £324,000. At the other end of the scale, properties in Gravesham gained 7.9% in value, giving an average price of £334,000.

An imbalance between supply and demand for properties saw house prices climb across the UK throughout the pandemic.

But typical property values stalled across the UK between August and September, which caused annual growth to slow.

Andy Sommerville, director at property data provider Search Acumen said the latest data is further evidence of "a turning tide for house prices".

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The figures are yet to reflect the full impact of the mini-budget, announced towards the end of September, which sparked volatitility in the mortgage market and saw interest rates on new agreements soar.

Nicky Stevenson, managing director at estate agent group Fine and Country said: “Annual house price growth slowed in September against a backdrop of rising interest rates and shrinking disposable incomes."

“All eyes will now turn to Chancellor Jeremy Hunt’s autumn statement, which is expected to include both tax rises and spending cuts," he added.

First steps on the property ladder:

First-time buyers in Milton Keynes spent an average of £271,000 on their property – £36,000 more than a year ago, and £56,000 more than in September 2017.

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By comparison, former owner-occupiers paid £393,000 on average in September – 44.7% more than first-time buyers.

Property types:

Owners of semi-detached houses saw the biggest rise in property prices in Milton Keynes in September – they increased 4.2%, to £342,167 on average. Over the last year, prices rose by 16.8%.

Among other types of property:

Detached: up 4.1% monthly; up 16.9% annually; £574,155 average

Terraced: up 3.9% monthly; up 15.7% annually; £281,985 average

Flats: up 3.1% monthly; up 11.4% annually; £177,497 average

How do property prices in Milton Keynes compare?

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Buyers paid 16.7% less than the average price in the South East (£404,000) in September for a property in Milton Keynes. Across the South East, property prices are lower than those across the UK, where the average cost £295,000.

The most expensive properties in the South East were in Elmbridge – £744,000 on average, and 2.2 times as much as more than in Milton Keynes.