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

Across much of the rest of the South East, prices are dropping
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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.

House prices are rising in Milton KeynesHouse prices are rising in Milton Keynes
House prices are rising in Milton Keynes

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.