House prices in Milton Keynes are rising significantly faster than average, figures reveal
And they're set to rise even higher, say experts
A Milton Keynes property expert has analysed local house price growth over the past decade and compared it to the national rate of growth - with startling results.
In the past ten years, the UK has seen house price growth of 50.4% of which 8% of that has occurred in the last year alone, says Dominic Marcel, who owns local estate agents Lion Estates.
By comparison, the Milton Keynes area has benefitted from house price growth of 71.5% with 10.8% of that in the last year
Therefore, Milton Keynes has outstripped UK house price growth by 41.8% this decade, says Dominic.
Based upon this trend, he now predicts the level that we can expect house prices in the area to rise to by 2025.
“Our area has seen house price growth of 71.5% since 2011 compared to 50.4% across the country as a whole and that’s a huge difference," he said.
‘In fact, at current levels, values are increasing by almost £28,000 each year and incredibly that’s almost the same as the average annual wage. In other words, houses are earning almost as much each year in the Milton Keynes area as people are".
Dominic, who's company is part of Keller Williams UK, added: ‘At an average growth rate per annum of 5.7% locally, we can expect property values here to reach £340,752 by 2025 compared to the £286,797 that they currently sit at.
"These are bold numbers indeed but do demonstrate the appeal of our area and are testimony to its attractiveness as a place to live, to work, to set up business in and to bring up a family."