House prices are increasing this summer in Milton Keynes, figures show

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 2% over the last year.

The average Milton Keynes house price in June was £313,892, according to Land Registry figures– a 0.8% increase on May.

Over the month, the picture was similar to that across the South East, where prices increased 1%, but Milton Keynes was above the 0.5% rise for the UK as a whole.

Over the last year, the average sale price of property in Milton Keynes rose by £6,100 – putting the area 19th among the South East’s 64 local authorities with price data for annual growth.

First-time buyers in Milton Keynes spent an average of £254,700 on their property – £4,700 more than a year ago, and £45,300 more than in June 2019.

By comparison, former owner-occupiers paid £364,800 on average in June – 43.2% more than first-time buyers.

Owners of terraced houses saw the biggest rise in property prices in Milton Keynes in June – they increased 0.9%, to £263,695 on average. Over the last year, prices rose by 1.3%.

Detached: up 0.8% monthly; up 3.3% annually; £531,861 average

Semi-detached: up 0.9% monthly; up 3.6% annually; £320,924 average

Flats: up 0.2% monthly; down 1.8% annually; £166,318 average

Buyers paid 17.9% less than the average price in the South East (£383,000) in June 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 £288,000.