House prices increase by significant amount in one month in Milton Keynes

House prices increased by 1.3% in Milton Keynes in September, new figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 1.6% over the last year.

The average Milton Keynes house price in September was £325,587, according to Land Registry figures. This compares to a UK average of £291,385 and equates to an increase of £4,232 since August.

Over the month, the picture in MK was different to that across the South East, where prices decreased by 0.6%.

Over the last year, the average sale price of property in the city rose by £5,000 – putting the area 18th among the South East’s 64 local authorities with price data for annual growth.

First-time buyers locally spent an average of £262,100 on their property – £3,300 more than a year ago, and £44,700 more than in September 2018.

By comparison, former owner-occupiers paid £381,500 on average in September – 45.5% more than first-time buyers.

Owners of detached houses saw the biggest rise in property prices in Milton Keynes in September – they increased 1.8%, to £566,582 on average. Over the last year, prices rose by 3.9%.

Semi-detached homes in the city went up by 1.7% annually, costing an average of £331,014, while terraced homes did not increase annually and cost an average of £271,138.

The price of flats in MK went down 0.6% annually, with an average cost of £168,801.

The highest annual growth in the region was in Test Valley, where property prices increased on average by 8.6%, to £440,000. At the other end of the scale, properties in Hastings lost 9.7% of their value, giving an average price of £266,000.

The most expensive properties in the South East were in Elmbridge – £705,000 on average, and 2.2 times the price as in Milton Keynes. Elmbridge properties cost 2.9 times the price as homes in Southampton (£244,000 average), at the other end of the scale.

The highest property prices across the UK were, not surprisingly, in Kensington and Chelsea.