Milton Keynes house prices increased slightly in February and by average of £11k over the last 12 months

House prices increased slightly, by 0.7%, in Milton Keynes in February, new figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 3.6% over the last year.

The average Milton Keynes house price in February was £319,657, Land Registry figures show – a 0.7% increase on January.

Over the month, the picture was similar to that across the South East, where prices increased 1.1%, but Milton Keynes was above the 0.4% rise for the UK as a whole.

Over the last year, the average sale price of property in Milton Keynes rose by £11,000 – putting the area fourth 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 6.1%, to £490,000.

First steps on the property ladder

First-time buyers in Milton Keynes spent an average of £259,000 on their property – £8,300 more than a year ago, and £50,000 more than in February 2019.

By comparison, former owner-occupiers paid £372,100 on average in February – 43.6% more than first-time buyers.

Property types

Owners of semi-detached houses saw the biggest rise in property prices in Milton Keynes in February – they increased 1.2%, to £327,048 on average. Over the last year, prices rose by 5.2%.

Among other types of property:

Detached: up 0.8% monthly; up 5.6% annually; £543,716 average

Terraced: up 0.5% monthly; up 2.3% annually; £267,849 average

Flats: up 0.3% monthly; up 0% annually; £168,961 average

How do property prices in Milton Keynes compare?

Buyers paid 14.3% less than the average price in the South East (£373,000) in February for a property in Milton Keynes. Across the South East, property prices are high compared to those across the UK, where the average is £281,000.

The most expensive properties in the South East were in Elmbridge – £654,000 on average, and twice the price as in Milton Keynes.

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

Factfile

Average property price in February

Milton Keynes: £319,657

The South East: £373,018

UK: £280,660

Annual change to February

Milton Keynes: +3.6%

The South East: -2.1%

UK: -0.2%.