New findings show Milton Keynes house prices dropped slightly

But the drop in house prices in June, does not reverse the longer-term trend, which has seen property prices in the area grow by 13.2% over the last year.

The average Milton Keynes house price in June was £313,139, Land Registry figures show – a 0.6% decrease on May.

Over the month, the picture was different to that across the South East, where prices increased 0.8%, and Milton Keynes was lower than the 1% rise for the UK as a whole.

Over the last year, the average sale price of property in Milton Keynes rose by £37,000 – putting the area 17th among the South East’s 64 local authorities with price data for annual growth.

The highest annual growth in the region was in Thanet, where property prices increased on average by 21.1%, to £323,000. At the other end of the scale, properties in Oxford gained 5.1% in value, giving an average price of £474,000.

An imbalance between supply and demand for properties has remained the primary reason behind climbing house prices across the UK throughout the pandemic.

But activity is starting to slow, with soaring inflation putting household budgets under pressure.

First steps on the property ladder

First-time buyers in Milton Keynes spent an average of £253,000 on their property – £28,000 more than a year ago, and £41,000 more than in June 2017.

By comparison, former owner-occupiers paid £365,000 on average in June – 44.2% more than first-time buyers.

Property types

Owners of detached houses saw the biggest fall in property prices Milton Keynes in June – they dropped 1.2% in price, to £535,452 on average. But over the last year, prices rose by 15.2%.

Among other types of property:

Semi-detached: down 0.5% monthly; up 14.3% annually; £316,760 average Terraced: down 0.1% monthly; up 12.1% annually; £262,136 average Flats: down 0.6% monthly; up 9.3% annually; £167,722 average

How do property prices in Milton Keynes compare?

Buyers paid 19.8% less than the average price in the South East (£391,000) in June for a property in Milton Keynes. Across the South East, property prices are lower than those across the UK, where the average cost £286,000.

The most expensive properties in the South East were in Elmbridge – £697,000 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 (£239,000 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 June

Milton Keynes: £313,139 The South East: £390,513 UK: £286,397

Annual growth to June

Milton Keynes: +13.2% The South East: +8.9% UK: +7.8%

Highest and lowest annual growth in the South East

Thanet: +21.1% Oxford: +5.1%