Good news and bad news for those looking to buy or sell in Bedford this month. While house prices saw a slight dip in June, they are still significantly higher than last year.
The average house price in Bedford during June 2023 was £346,149, according to the latest Land Registry figures. This represents a small decrease of 0.5% compared to May. However, hold your horses before you start celebrating a bargain – this small dip doesn’t tell the whole story. Zoom out a bit, and you’ll see that Bedford house prices have actually jumped up by a healthy 4.6% over the past year.
Bedford Bucks the Trend
Interestingly, Bedford’s mini price drop goes against the general trend in both the East of England and the UK as a whole. The East of England saw a 0.1% increase in house prices in June, while the UK experienced a rise of 0.5%.
First-Time Buyers Feeling the Pinch
Thinking of stepping onto the property ladder in Bedford? Be prepared to shell out some serious cash. The average price for first-time buyers in June was £281,000. That’s £13,000 higher than a year ago!
Bedford’s Property Boom in Context
Over the past year, the average house price in Bedford has climbed by a considerable £15,000. That puts Bedford in 10th place for annual house price growth out of the 45 local authorities in the East of England. Top of the charts in the region was Broadland, which saw an 8.6% surge in property values, bringing the average price tag to £332,000. At the other end of the spectrum is Ipswich, where house prices took a 7.1% tumble to an average of £218,000.
Breaking Down the Numbers by Property Type
If you’re in the market for a detached house in Bedford, June brought a glimmer of good news. Prices for these properties dipped by 0.8% to an average of £559,815. However, don’t get too excited, as they are still 4.7% pricier than they were a year ago.
Here’s a quick look at how other property types fared in June:
- Semi-detached: Prices down 0.5% monthly but up 5.5% annually, with an average price of £349,794.
- Terraced: Prices down 0.1% monthly but up 4.8% annually, with an average price of £273,747.
- Flats: Prices down 0.5% monthly but up 2.2% annually, with an average price of £184,026.
Bedford vs. The Rest
Buying in Bedford will set you back around 2% more than the average house price in the East of England, which currently sits at £339,000. However, it’s worth noting that the East of England as a whole has pricier properties than the UK average of £288,000.
For those seeking the most expensive slice of the East of England property pie, head to St Albans, where the average house price is a cool £576,000. That’s 1.7 times higher than Bedford and a staggering 2.7 times more expensive than Great Yarmouth, where the average property goes for £212,000.