House prices are rising more than average in Milton Keynes, figures show

MK house prices are continuing to rise, and are now increasing more than average.

By The Newsroom
Wednesday, 18th May 2022, 3:36 pm

The latest figures show property prices in the borough increased by 14.9% over the past year, which is a rise of £41,000 for the average home.

The average Milton Keynes house price in March was £315,173, Land Registry figures show – a 1.9% increase on February.

Over the month, Milton Keynes outperformed the 0.3% rise for the UK as a whole as well as the 1.1% rise for the South East.

House prices are rising in MK

The borough is now 14th among the South East’s 64 local authorities with price data for annual growth.

The best annual growth in the region was in Cherwell, where property prices increased on average by 22.1%, to £378,000. At the other end of the scale, properties in Slough gained just 1.3% in value, giving an average price of £303,000.

Owners of semi-detached houses saw the biggest improvement in property prices in Milton Keynes in March with an average increase of 2.1%, bringing the average price to £318,758. Over the last year, prices for semi detached homes have risen by 16%.

Detached houses in MK have risen by 2.1% monthly and 18.4% annually, making the average value £545,319.

Terraced homes have increased in value by 1.6% monthly and 12.4% annually, to an average value of £259,902. And flats have gone up1.6% monthly and 10.4% annually to an average of £168,779.

First-time buyers in Milton Keynes spent an average of £254,000 on their property – £31,000 more than a year ago, and £42,000 more than in March 2017.

By comparison, former owner-occupiers paid £369,000 on average in March – 45.1% more than first-time buyers.

Buyers paid 18.1% less than the average price in the South East (£385,000) in March for a property in Milton Keynes. Across the South East, property prices are lower than those across the UK, where the average cost £278,000.

The most expensive properties in the South East were in Elmbridge – £675,000 on average, and 2.1 times as much as more than in Milton Keynes. Elmbridge properties cost 2.8 times as much as homes in Southampton (£238,000 average), at the other end of the scale.