House prices jump up again in Milton Keynes new figures show

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%