Milton Keynes house prices continue to rise despite cost of living crisis

House prices have steadily increased inMilton Keynesdespite the cost of living crisis, new figures show.

The rise contributes to the longer-term trend, which has seen property prices in the area grow by 3.3% over the last year.

The average Milton Keynes house price in August was £324,209, Land Registry figures show – a 1.8% increase on July.

Over the month, the picture was different to that across theSouth East, where prices decreased 0.1%, and Milton Keynes was above the 0.3% rise for the UK as a whole.

Over the last year, the average sale price of property in Milton Keynes rose by £10,000 – putting the area eighth among the South East’s 64 local authorities with price data for annual growth.

The highest annual growth in the region was inOxford, where property prices increased on average by 6.8%, to £508,000. At the other end of the scale, properties inHastingslost 10.4% of their value, giving an average price of £261,000.

First steps on the property ladder

First-time buyers in Milton Keynes spent an average of £261,200 on their property – £7,800 more than a year ago, and £42,400 more than in August 2018.

By comparison, former owner-occupiers paid £379,500 on average in August – 45.3% more than first-time buyers.

Property types

Owners of semi-detached houses saw the biggest rise in property prices in Milton Keynes in August – they increased 2.2%, to £329,329 on average. Over the last year, prices rose by 3.5%.

Among other types of property:

Detached: up 1.9% monthly; up 5.2% annually; £560,324 average

Terraced: up 1.9% monthly; up 1.7% annually; £269,939 average

Flats: up 1% monthly; up 1.9% annually; £170,307 average

How do property prices in Milton Keynes compare?

Buyers paid 17.6% less than the average price in the South East (£393,000) in August for a property in Milton Keynes. Across the South East, property prices are high compared to those across the UK, where the average cost is £291,000.

The most expensive properties in the South East were in Elmbridge – £706,000 on average, and 2.2 times the price as in Milton Keynes.

The highest property prices across the UK were in Kensington and Chelsea (£1.4 million).