Milton Keynes house prices have increased more than South East average latest figures show

House prices increased by 1.1% – more than the average for the South East – in Milton Keynes, new figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 17.4% over the last year.

The average Milton Keynes house price in the latest data released this week – for the month of October – was £336,941, Land Registry figures show – a 1.1% increase on September.

Over the month, the picture was different to that across the South East, where prices increased 0.1%, and Milton Keynes was above 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 £50,000 – putting the area second among the South East’s 64 local authorities with price data for annual growth.

The highest annual growth in the region was in Rother, where property prices increased on average by 19.6%, to £401,000. At the other end of the scale, properties in Guildford gained 6.5% in value, giving an average price of £533,000.

Average UK house prices increased by 12.6% in the year to October, accelerating from 9.9% in September.

The increase in the annual percentage change was partly caused by a sharp fall in average house prices in October 2021, following changes to stamp duty.

The average UK house price was £296,400 in October, which was £33,000 higher than a year earlier.

Tom Bill, head of UK residential research at Knight Frank, said: “Despite today’s figures, double-digit UK house price growth is now a thing of the past.

“Even as the reverberations of the mini-budget fade, a more adverse lending landscape is emerging after 13 years of ultra-low rates."

First steps on the property ladder

First-time buyers in Milton Keynes spent an average of £272,000 on their property – £40,000 more than a year ago, and £53,000 more than in October 2017.

By comparison, former owner-occupiers paid £394,000 on average in October – 44.6% more than first-time buyers.

Property types

Owners of detached houses saw the biggest rise in property prices in Milton Keynes in October – they increased 1.4%, to £578,107 on average. Over the last year, prices rose by 18.1%.

Among other types of property:

Semi-detached: up 1.1% monthly; up 18.2% annually; £341,807 average

Terraced: up 0.9% monthly; up 17.5% annually; £282,235 average

Flats: up 0.9% monthly; up 14.3% annually; £178,099 average

How do property prices in Milton Keynes compare?

Buyers paid 16.8% less than the average price in the South East (£405,000) in October for a property in Milton Keynes. Across the South East, property prices are lower than those across the UK, where the average cost £296,000.

The most expensive properties in the South East were in Elmbridge – £741,000 on average, and 2.2 times as much as more than in Milton Keynes. Elmbridge properties cost 2.9 times as much as homes in Southampton (£253,000 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 October

Milton Keynes: £336,941

The South East: £404,990

UK: £296,422

Annual growth to October

Milton Keynes: +17.4%

The South East: +12%

UK: +12.6%