House prices: New figures reveal the most and least expensive areas to buy in Milton Keynes

The UK property market has had a turbulent few years, with a boom in the immediate aftermath of the pandemic followed by a slowdown amid rising interest rates and inflation.

New figures from the Office for National Statistics show where properties are likely to set you back the most in Milton Keynes, and where you could snap up a bargain.

Shenley Brook End estate was Milton Keynes's priciest, with a median value of £427,000 among the 125 sales in the area last calendar year.

The next most expensive was the Olney area, where a house could set you back £425,000, and Loughton and Shenley, which had a median price of £401,000 in 2022.

Meanwhile, the Woughton (Beanhill, Bleak Hall, Coffee Hall, Eaglestone, Netherfield, Peartree Bridge, Redmoor, Tinker's Bridge and Leadenhall) and Fishermead areas saw the lowest house prices, with buyers paying an average of £219,000 across 86 sales last year.

This was followed by CMK and Bradwell, where buyers spent £250,000 and £295,000 respectively.

The average house in Milton Keynes cost £330,000 in 2022 – up from £320,000 a year before. But the number of properties sold dropped from 5,180 in 2021 to 3,184 last year.

Across the country, property sales have slowed significantly in the past year.

Richard Donnell, director of research at the property website Zoopla, said: "The increase in mortgage rates is having a bigger impact on the number of sales rather than house prices so far."

Recent research by the company suggests sellers are shaving off more than 5% of the original asking price to achieve a sale.

"There are big regional variations with market activity holding up better in Scotland, the North East and London while sales have increased more slowly in England regions across the south of England.

"House prices are starting to post small falls in higher value markets where average values are over £400,000 – in more affordable markets prices are still rising year on year, albeit at much slower rates than a year ago," he added.

Overall, house prices have remained steady nationally, with a median price of £280,000 last year – a £5,000 increase on the year before.