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The average Milton Keynes house price in May was £267,160, Land Registry figures show – a 2% increase on April.

Over the month, the picture was better than that across the South East, where prices decreased 1.1%, and Milton Keynes outperformed the 0.3% rise for the UK as a whole.

Over the last year, the average sale price of property in Milton Keynes rose by £12,000 – putting the area 13th among the South East’s 67 local authorities for annual growth.

The best annual growth in the region was in West Oxfordshire, where properties increased on average by 9.4%, to £347,000. At the other end of the scale, properties in Slough dropped 2.8% in value, giving an average price of £284,000.

Winners and Losers

Owners of flats saw the biggest improvement in property prices in Milton Keynes in May – they increased 2.4%, to £152,373 on average. Over the last year, prices rose by 3.8%.

Among other types of property:

Detached: up 1.8% monthly; up 5.2% annually; £446,190 average

Semi-detached: up 2.2% monthly; up 5.2% annually; £268,556 average

Terraced: up 1.6% monthly; up 4.3% annually; £221,967 average

First steps on the property ladder

First-time buyers in Milton Keynes spent an average of £217,700 on their property – £9,500 more than a year ago, and £43,900 more than in May 2015.

By comparison, former owner-occupiers paid £309,100 on average in May – 42.0% more than first-time buyers.

How do property prices in Milton Keynes compare?

Buyers paid 17.7% less than the average price in the South East (£325,000) in May for a property in Milton Keynes. Across the South East, property prices are higher than those across the UK, where the average cost £236,000.

The most expensive properties in the South East were in Elmbridge – £594,000 on average, and 2.2 times as much as in Milton Keynes. Elmbridge properties cost 2.8 times as much as homes in Southampton (£210,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea, where the average May sale price of £1.4 million could buy 16 properties in Burnley (average £88,000).

Factfile

Average property price in May

Milton Keynes: £267,160

The South East: £324,659

UK: £235,673

Annual growth to May

Milton Keynes: +4.7%

The South East: +2.0%

UK: +2.9%

Best and worst annual growth in the South East

West Oxfordshire: +9.4%

Slough: -2.8%

House prices jump up again in Milton Keynes new figures show