Good news for Milton Keynes homeowners: house prices are rising! But how does this compare to the rest of the South East, and what does it mean for buyers and sellers?
The latest figures show that the average house price in your area has jumped to £321,883. That’s a 2.95% increase in just one month (July), outpacing the South East average which saw a tiny 0.1% rise.
Milton Keynes is a Hot Spot
The national average house price increase was 0.6% in July, meaning Milton Keynes is leading the charge. And it’s not just a flash in the pan. Over the past year, Milton Keynes has seen an impressive £14,000 increase in average house prices. That puts it in eighth place for annual growth out of 64 local authorities in the South East.
First-Time Buyers Feeling the Pinch
If you’re a first-time buyer in Milton Keynes, be prepared to dig deep. The average price tag for first-time buyer properties is now £262,000, a hefty £12,000 increase compared to last year.
Semi-Detached Homes Leading the Way
The type of property seeing the biggest price surge? Semi-detached houses in Milton Keynes have shot up by 3.1% in just one month, reaching an average price of £329,410. And over the past year, that’s a 6.3% increase!
Other Property Types:
- Detached houses: up 2.9% monthly, 5.5% annually, averaging £542,646
- Terraced houses: up 2.8% monthly, 3.9% annually, averaging £270,249
- Flats: up 2.8% monthly, 1.5% annually, averaging £171,639
What Does This Mean for You?
If you’re a homeowner in Milton Keynes, this news is likely music to your ears. The strong growth suggests that now might be a good time to consider selling. For potential buyers, particularly first-timers, getting onto the property ladder in Milton Keynes is becoming increasingly challenging.
National Picture:
While Milton Keynes is experiencing a boom, it’s worth noting that the average house price in the area is still slightly below the regional average for the South East. And nationally, the average house price sits at £290,000.