Milton Keynes house prices dropped slightly according to latest figures

House prices dropped slightly, by 0.1 per cent, in Milton Keynes new figures show.

The drop contributes to the longer-term trend, which has seen property prices in the area suffer a 1.9 per cent annual decline.

The average Milton Keynes house price in December was just over £316,100, Land Registry figures show – a 0.1 per cent decrease on November.

Over the month, the picture was different to that across the South East, where prices decreased 1.9 per cent, but Milton Keynes was lower than the 0.1 per cent rise for the UK as a whole.

Over the last year, the average sale price of property in Milton Keynes fell by £6,300 – putting the area 22nd among the South East’s 64 local authorities with price data for annual growth.

The highest annual growth in the region was in Winchester, where property prices increased on average by 7.9 per cent, to £538,000. At the other end of the scale, properties in Gosport lost 11.5 per cent of their value, giving an average price of £230,000.

First steps on the property ladder

First-time buyers in Milton Keynes spent an average of £254,800 on their property – £6,000 less than a year ago, but £41,600 more than in December 2018.

By comparison, former owner-occupiers paid £370,000 on average in December – 45.2 per cent more than first-time buyers.

Property types

Owners of flats saw the biggest fall in property prices in Milton Keynes in December – they dropped 0.5 per cent in price, to £162,558 on average. Over the last year, prices dropped by 5.2 per cent.

Among other types of property:

Detached: down 0 per cent monthly, down 0.2 per cent annually, £546,716 average

Semi-detached: up 0.5 per cent monthly, down 0.5 per cent annually, £325,786 average

Terraced: down 0.3 per cent monthly, down 3.3 per cent annually, £263,256 average

How do property prices in Milton Keynes compare?

Buyers paid 16.2 per cent less than the average price in the South East (£377,000) in December for a property in Milton Keynes. Across the South East, property prices are high compared to those across the UK, where the average cost is £285,000.

The most expensive properties in the South East were in Elmbridge – £730,000 on average, and 2.3 times the price as in Milton Keynes. Elmbridge properties cost 3.2 times the price as homes in Gosport (£230,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea.

Factfile

Average property price in December

Milton Keynes: £316,142

The South East: £377,162

UK: £284,691

Annual change to December

Milton Keynes: -1.9 per cent

The South East: -4.6 per cent

UK: -1.4 per cent

Highest and lowest annual growth in the South East

Winchester: +7.9 per cent

Gosport: -11.5 per cent