House prices in Milton Keynes drop slightly, new figures show
House prices in MK have dropped slightly this summer – in contrast to the rest of the regiom
The latest figures from the Office for National Statistics show the average Milton Keynes house price in the year to June was £329,521 – a 0.8% decrease on May.
The picture was different to that across the South East, where prices increased by 1.4%.
The drop in Milton Keynes does not reverse the longer-term trend in the area, which has seen property prices in the area grow by 6.8% over the last year.
It means the area ranked third among the South East’s 64 local authorities for annual growth, with the average price in Milton Keynes rising by £21,000 over the past year.
The average UK house price increased by 3.7% in the 12 months to June.
ONS head of housing market indices Aimee North said: "House price annual inflation continues to pick up with the average UK house price now at around £269,000."
Jean Jameson, chief sales officer at Foxtons, said: "July brought a steady pace of activity, even as the summer holidays took some buyers and sellers out of the market.
"That said, well-priced homes, especially one and two-bed flats where supply is strongest, continued to attract interest.
"We've also seen an encouraging shift in sentiment following the recent base rate cut, which should support a pick-up in activity as we move towards the autumn."
Nathan Emerson, chief executive of Propertymark, said: "House price growth is widely regarded as being an important factor in boosting overall economic progress, so it is reassuring to see yet more headway as the housing market continues to see momentum.
"Despite the impact that Stamp Duty hikes and domestic and global factors have had on the economy, there are still convincing reasons to be optimistic about the property market in general.
"Total housing construction output has grown recently, and the UK Government and the devolved administrations are keen to meet their ambitious housing targets.
"Additional new housing stock should provide people with extra choice in the longer term and help enable those who aspire to buy grasp their ambitions."