Milton Keynes house prices suffer annual decline

The recent slight drop of prices in June, according to new figures, contributes to the longer-term trend, which has seen property prices in the area suffer an annual decline.

The average Milton Keynes house price in June was £255,605, Land Registry figures show – a 0.2% decrease on May.

Over the month, the picture was worse than that across the South East, where prices increased 1.6%, and Milton Keynes underperformed compared to the 0.7% rise for the UK as a whole.

Over the last year, the average sale price of property in Milton Keynes remained level – putting the area 54th among the South East’s 68 local authorities for annual growth.

The best annual growth in the region was in Test Valley, where properties increased on average by 9.2%, to £349,000. At the other end of the scale, properties in Eastbourne dropped 5.0% in value, giving an average price of £232,000.

Winners and Losers

Owners of flats fared worst in Milton Keynes in June – they dropped 0.6% in price, to £143,425 on average​. Over the last year, prices dropped by 2.9%.

Among other types of property:

Detached: down 0.3% monthly; up 0.4% annually; £427,562.2085 average

Semi-detached: remained level over the month; up 0.4% annually; £257,487 average

Terraced: down 0.1% monthly; down 0.1% annually; £214,116 average

First steps on the property ladder

First-time buyers in Milton Keynes spent an average of £​208,100 on their property – ​£1,300 less than a year ago, ​and ​£32,400 more than in June 2015.

By comparison, former owner-occupiers paid £​296,100 on average in June​ – 42.3% more than first-time buyers.

How do property prices in Milton Keynes compare?

Buyers paid 22.0% less than the average price in the South East (£328,000) in June for a property in Milton Keynes. Across the South East, property prices are higher than those across the UK, where the average cost £238,000.

The most expensive properties in the South East were in South Bucks – £592,000 on average, and 2.3 times as much as in Milton Keynes. South Bucks properties cost 2.9 times as much as homes in Gosport (£205,000 average), at the other end of the scale.

The highest property prices across the UK were in Kensington and Chelsea, where the average June sale price of £1.4 million could buy 15 properties in Burnley (average £92,000).

Factfile

Average property price in June

Milton Keynes: £255,605

The South East: £327,558

UK: £237,834

Annual growth to June

Milton Keynes: -0.4%

The South East: +2.1%

UK: +3.4%

Best and worst annual growth in the South East

Test Valley: +9.2%

Eastbourne: -5.0%