Slight drop in Milton Keynes house prices, according to new data

They reveal that the average Milton Keynes house price in the year to December was £325,163, a 0.7 per cent decrease on the previous month.

This is in contrast to the picture across the South East region, where prices increased by 0.6 per cent.

Despite the drop in Milton Keynes, the area has seen a growth in property prices of 4.7 per cent over the past 12 months, ranking it 12th across the South East’s 64 local authorities for annual growth.

The average price in Milton Keynes rose by £15,000 over the past year.

Nationally, average house prices in December fell slightly on the month before, but have increased by 4.6 per cent over the past year.

Separate figures showed a rise in the Consumer Prices Index inflation to three per cent in January, up from 2.5 per cent in the previous month.

Jonathan Hopper, chief executive of Garrington Property Finders, said: "The number of homes for sale is so abundant in some areas - even in highly sought-after, prime postcodes - that buyers find themselves firmly in the driving seat and able to drive a hard bargain on price.

"This is likely to keep future price rises modest in much of southern England, and anyone planning to put their home on the market there in the coming months will need to price it competitively to attract buyers."