Recent statistics have revealed that the average house price in Milton Keynes has increased by £6,000 compared to the previous year.
A report released in August by the Office for National Statistics (ONS) found that the provisional average house price in Milton Keynes for June 2024 was £314,000, up from £308,000 in June 2023. This marks a 2.0% rise in just one year.
Breaking down the data, the average price of semi-detached properties saw a 3.6% rise in the year leading to June 2024, while flats experienced a decrease of 1.8%. Additionally, the cost of private renting has also risen in Milton Keynes. The average monthly private rent in July 2024 reached £1,246, compared to £1,182 in July 2023, marking a 5.4% increase.
For those purchasing homes with a mortgage, the average price in Milton Keynes was £320,000 in June 2024. This figure is £7,000 higher than the average mortgage-bought home price of £313,000 in June 2023.
The Labour Party has emphasised its focus on economic stability as a solution to this rising trend in housing prices. Deputy Prime Minister and Secretary of State for Housing, Communities, and Local Government, Angela Rayner, reiterated the importance of "tough spending rules to keep mortgage rates as low as possible."
Speaking in the House of Commons in late July, Rayner expressed concerns regarding the national housing supply, highlighting the drop in new home starts, which are expected to fall below 200,000 this year—well short of the government’s previous goal of 300,000 new homes annually.
