Milton Keynes house prices jump more than South East average latest figures reveal

House prices in Milton Keynes increased by 1.2% – more than the average for the South East – according to new figures.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 17.6% over the last year.

The average Milton Keynes house price in the latest data published this week covering up to December was £340,674, Land Registry figures show. That is a 1.2% increase on November.

Over that month, the picture was different to that across the South East, where prices increased 0.4%, and Milton Keynes was above the 0.4% drop for the UK as a whole.

Over the last year, the average sale price of property in Milton Keynes rose by £51,000 – 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 Maidstone, where property prices increased on average by 18.6%, to £372,000. At the other end of the scale, properties in Tandridge gained 3.3% in value, giving an average price of £530,000.

The average UK house price was £294,000 in December 2022, which was £26,000 higher than 12 months earlier.

It meant prices increased by 9.8% annually in December, slowing from 10.6% annual growth in November, according to the Office for National Statistics.

First steps on the property ladder

First-time buyers in Milton Keynes spent an average of £276,000 on their property – £42,000 more than a year ago, and £56,000 more than in December 2017.

By comparison, former owner-occupiers paid £397,000 on average in December – 44.1% more than first-time buyers.

Property types

Owners of flats saw the biggest rise in property prices in Milton Keynes in December – they increased 1.6%, to £180,945 on average. Over the last year, prices rose by 15.9%.

Among other types of property:

Detached: up 1.2% monthly; up 17.8% annually; £585,752 average

Semi-detached: up 1.1% monthly; up 18.1% annually; £345,183 average

Terraced: up 0.9% monthly; up 17.5% annually; £284,031 average

How do property prices in Milton Keynes compare?

Buyers paid 15.7% less than the average price in the South East (£404,000) in December for a property in Milton Keynes. Across the South East, property prices are lower than those across the UK, where the average cost £294,000.

The most expensive properties in the South East were in Elmbridge – £721,000 on average, and 2.1 times as much as more than in Milton Keynes. Elmbridge properties cost 2.8 times as much as homes in Gosport (£259,000 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: £340,674

The South East: £404,229

UK: £294,329

Annual growth to December

Milton Keynes: +17.6%

The South East: +10.1%

UK: +9.8%

Highest and lowest annual growth in the South East

Maidstone: +18.6%

Tandridge: +3.3%

> For the latest, breaking news from across Milton Keynes and beyond visit The MK Citizen website.