Milton Keynes house prices dropped slightly in October

House prices dropped slightly, by 0.2%, in Milton Keynes in October, new figures show.

But the drop does not reverse the longer-term trend, which has seen property prices in the area grow by 1.2% over the last year.

The average Milton Keynes house price in October was £323,807, Land Registry figures show – a 0.2% decrease on September.

Over the month, the picture was different to that across the South East, where prices decreased 0.9%, and Milton Keynes was above the 0.7% drop for the UK as a whole.

Over the last year, the average sale price of property in Milton Keynes rose by £4,000 – putting the area 15th among the South East’s 64 local authorities with price data for annual growth.

First-time buyers in Milton Keynes spent an average of £260,600 on their property – £2,400 more than a year ago, and £43,500 more than in October 2018.

By comparison, former owner-occupiers paid £379,600 on average in October – 45.7% more than first-time buyers.

Property types

Owners of flats saw the biggest fall in property prices in Milton Keynes in October – they dropped 0.8% in price, to £166,763 on average. Over the last year, prices dropped by 1.4%.

Among other types of property:

Detached: up 0.3% monthly; up 3.5% annually; £563,327 average

Semi-detached: up 0% monthly; up 1.9% annually; £330,935 average

Terraced: down 0.6% monthly; down 0.3% annually; £269,637 average

How do property prices in Milton Keynes compare?

Buyers paid 16.8% less than the average price in the South East (£389,000) in October 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 £288,000.

The most expensive properties in the South East were in Elmbridge – £721,000 on average, and 2.2 times the price as in Milton Keynes. Elmbridge properties cost three times the price as homes in Southampton (£243,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea, at £1.4 million.

Factfile

Average property price in October

Milton Keynes: £323,807

The South East: £389,223

UK: £287,782.