Luton property prices rose again in August, defying the national trend. The average house price in Luton now sits at £272,220, a 2.8% jump from July. That’s way higher than the average increase across the East of England (a measly 1%) and the UK as a whole (just 1.5%).

First-Time Buyers Feeling the Pinch

If you’re a first-time buyer in Luton, get ready to dig deep. The average price tag for your first home is now £240,490. That’s £35,310 more expensive than just five years ago!

Good News? Maybe Not…

Before you get too excited about the boom, there’s a catch. While prices are up for the month, they’ve actually dipped slightly over the past year. Luton house prices have fallen by an average of £1,200 since last August, a drop of 0.4%. So, while things are looking rosy for sellers right now, the long-term picture is a bit more uncertain.

Flats Flying High

The real winners in Luton’s property game? Flat owners! The average price of a flat in Luton jumped by 3.3% in August, hitting £150,588. However, even flat prices haven’t escaped the yearly dip, dropping 1.3% since last August.

What About Other Properties?

Here’s a quick rundown of how other property types are performing in Luton:

• Detached: Prices rose by 2.2% in August, but are down 1.4% annually, with an average price of £460,180.
• Semi-detached: A 2.7% monthly increase, but a tiny 0.2% rise annually, bringing the average to £320,194.
• Terraced: August saw a 3.1% increase, but they’re down 0.5% annually, averaging at £256,392.

How Does Luton Compare?

Even with the price hikes, Luton is still relatively affordable compared to the rest of the East of England. Buyers in Luton paid 20.9% less than the regional average of £344,000. However, it’s worth noting that property prices in the East of England are generally higher than the UK average of £293,000.

The Bottom Line

The Luton property market is a bit of a mixed bag. Prices are up for now, but the long-term trend is less certain. If you’re thinking of buying or selling, proceed with caution and do your research!

Luton Property Prices at a Glance:

	Luton	East of England	UK
Average Price (Aug)	£272,220	£344,190	£292,924
Annual Change (Aug)	-0.4%	+1.4%	+2.8%