House prices in Milton Keynes edge higher than national average
The rise in house prices is 'above the national curve' say experts.
The price of homes in MK is now higher than the UK national average price of £268,200.
Dominic Marcel, from Lion estates at Keller Williams UK in Milton Keynes, has crunched the numbers on local house prices and highlights some notable statistics for local homeowners.
He said: “Growth here has been somewhat ahead of the curve, especially in the past 12 months’ says Marcel. ‘Values have shot up here by over 6% in that time and which is 2% higher than the average annual hike we’ve seen in the last 17 years” he adds.
Marcel’s analysis of the HM Land Registry data also reveals that Milton Keynes homes are worth 2% more than the UK average of £268,200.
And the 2021 rise so far is amongst the highest annual increases that the area has seen historically, surpassed only by a growth spurt in 2015 and 2016 when the town saw increases in house prices of 15% and 13% respectively.
At just 3225 residential transactions last year, sales were below the long-term average of 4693 here.
“The transactional squeeze is a consequence of Covid uncertainty and seller hesitance in allowing viewings during lockdown’ Marcel says. ‘The reduction in seller stock coupled with an increase in demand due to government stamp duty support has led to higher than average price rises locally. The resulting confusion over the property market in the area is best explained by a property professional to those that are seriously considering a move in 2021”.