House prices in Milton Keynes increased by more than regional average according to new data

The average house price in the city in July was £321,883, an increase of 2.95% on June.

In the same month, house prices in the South East increased by just 0.1%, while Milton Keynes was 0.6% above the national average.

Over the last year, the average sale price of property in Milton Keynes rose by £14,000 - putting the area eighth among the South East’s 64 local authorities with price data for annual growth.

The highest annual growth in the region was at Cherwell in Oxfordshire, where property prices increased on average by 9.8%, to £371,000.

First-time buyers in Milton Keynes spent an average of £262,000 on their property - £12,000 more than a year ago.

By comparison, former owner-occupiers paid £373,000 on average in July - 42.6% more than first-time buyers.

Owners of semi-detached houses saw the biggest rise in property prices in Milton Keynes in July, with these increasing by 3.1%, to £329,410 on average.

Over the last year, prices rose by 6.3%.

Among other types of property, detached houses increased 2.9% monthly; 5.5% annually and £542,646 on average.

Terraced properties went up 2.8% monthly, 3.9% annually and £270,249 on average, while flats went up 2.8% monthly, 1.5% annually and £171,639 average.

Meanwhile buyers paid on average £321,000 for a property in Milton Keynes, 15.6% less than the average house price in the region.

The average cost for property nationally is £290,000, with the highest property prices across the UK in the London boroughs of Kensington and Chelsea.