Average price of Milton Keynes house has soared by £34,000 in past year, data reveals.

The properties showing the biggest increase are semi-detached houses, while detached homes are showing the smallest rise.

The average home in Milton Keynes now costs £316,827 – a 12.1% increase from the previous year.

In July property prices increased by 1% but this was actually lower than the South East as a whole, which saw a 2.1% rise.

Across the UK, the the average UK house price leapt by 15.5% in the year to July, marking the biggest increase in 19 years.

But the increase in annual inflation was mainly because of “a base effect” from the falls in prices seen this time last year, as a result of changes in the stamp duty holiday, the ONS said.

MK’s property price puts the area 33rd among the South East’s 64 local authorities with price data for annual growth.

The best annual growth in the region was in Thanet, where property prices increased on average by 22.3%, to £326,000. At the other end of the scale, properties in Elmbridge gained just 5.9% in value, giving an average price of £697,000.

Winners and Losers

Owners of semi-detached houses saw the biggest improvement in property prices in Milton Keynes in July – they increased 1.2%, to £320,896 on average. Over the last year, prices rose by 13%.

Among other types of property:

Detached: up 0.8% monthly; up 14% annually; £541,438 average

Terraced: up 1.1% monthly; up 11.3% annually; £265,322 average

Flats: up 1% monthly; up 8.3% annually; £169,428 average

First steps on the property ladder

First-time buyers in Milton Keynes spent an average of £256,000 on their property – £27,000 more than a year ago, and £43,000 more than in July 2017.

By comparison, former owner-occupiers paid £369,000 on average in July – 44.1% more than first-time buyers.

How do property prices in Milton Keynes compare?

Buyers paid 20.6% less than the average price in the South East (£399,000) in July for a property in Milton Keynes. Across the South East, property prices are low compared to those across the UK, where the average cost £292,000.

The most expensive properties in the South East were in Elmbridge – £697,000 on average, and 2.2 times as much as more than in Milton Keynes. Elmbridge properties cost 2.9 times as much as homes in Southampton (£243,000 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 July

Milton Keynes: £316,827

The South East: £398,781

UK: £292,118

Annual growth to July

Milton Keynes: +12.1%

The South East: +15.8%

UK: +15.5%

Best and worst annual growth in the South East

Thanet: +22.3%

Elmbridge: +5.9%