House prices in Milton Keynes have witnessed a 0.4% annual decline, as figures show.
Last summer's drop in prices, according to new figures, has added to the longer-term trend, which has seen property prices in MK suffer an annual decline.
The average house price in the area was £255,605 in June, as Land Registry figures show – a 0.2% decline in May.
Over the month, the figure was worse than that across the South East, where prices soared 1.6%, and Milton Keynes collapsed compared to the 0.7% growth for the UK at the same time.
As of last year, the average sale price of properties in MK remained level – placing the area 54th amongst the South East's 68 local authorities for year-long growth.
The most successful annual growth in the area was in Test Valley, where properties rose on average by 9.2%, to £349,000. By contrast, homes in Eastbourne dropped 5.0 in value, providing an average price of £232,000.
What happens to MK's house prices during the coronavirus crisis?
Owners of flats witnessed one of the biggest improvements in MK's property prices in July - they surged 2.6%, to an average of £148,69 - but over the last year, prices dropped by 1.6%.
The best annual growth in the region was in West Oxfordshire, where housing prices leap to an average of 7%, to £332,000, compared to properties in Surrey Heath, which dropped 3.9 in value, giving an average price of £376,000.
Among other types of property:
Semi-detached: 2.5% monthly; up 1.3% annually; £265,371 average
Detached: up 2.1% monthly; up 0.8% annually; £438,750 average
Terraced: up 2.3 % monthly; up 0.6% annually; £220,399 average
How do property prices in MK compare?
Buyers used to pay 19.2%, less than the average price in the South East in July for a house in Milton Keynes. Home prices are higher across the South East than those across the UK, where the normal cost is £238,000.
Most pricey homes in the SouthEast were in Elmbridge – with nearly £587,000 on average, and 2.2 times much as in MK. Elmbridge housing costs 2.8 times more than homes in Gasport (£212,000 average), at the other end of the scale.
Is MK really the place to be?
With the largest indoor ski slope, the 14th biggest shopping center in the UK, and a population of about 261,750 recorded in 2015, along with being the 7th best place to work in the UK, Milton Keynes still remains one of Britain's best locations for reasonably priced homes and job opportunities.
Yet, choosing the right type of property in the MK area that provides a good return on investment can be truly challenging.
The first thing to consider is why people choose to move here in the first place. One feature that remains of great importance to many is the job opportunities and the easiness of commuting from MK.
In January 2020, MK was named as the most buoyant location in the UK, with the fastest-growing population in Europe. Not actually aspirational, but Walton Robinson's properties and brilliant commute of 35 minutes to Euston make this post-war gorgeous New Town north of London an evident option for new home buyers who prize convenience and value.
Why Milton Keynes is tilted as one to watch in 2020
Experts hotly point MK to enjoy stable price growth over the next few years. One of the largest commercial real estate services, CBRE has recently named Milton Keynes as one of six major hotspots for 2020, citing its remarkably high level of business start-ups and house price and property price growth of 21% in the difficult years since 2014.
Pros: Milton Keynes has much to offer to its new tenants: lots to do with a 400-shop town center mall, orchestra, a theatre, outdoor music venue, art gallery, and indoor skiing and snowboarding center. Still a green location, MK has over 22 million trees and 5,000 acres of open space. As for educational opportunities, almost all Milton Keynes's schools have a "good" Ofsted report, and Castlethorpe First School is "exceptional".
Cons: The excess of chain stores makes Milton Keynes a bit characterless and regarding whether you're a huge supporter of brutalist architecture, some '60s and 70's housing hasn't stood the test of time.
Yet, as one of the most desirable places to live in the UK – you might be interested in knowing where the best areas are:
Walton – Located on the river Ouzel banks with a scenic area which is quite safe, you will love living in Walton. If you enjoy nice scenery, peace, and quiet, as well as the feeling of living in a small village, then you might want to consider moving to Walton. In case you've never stepped foot in Walton, then you will fall in love with it as soon as you do, so make sure to check it out next time you visit MK.
Willen – One of the best or charmante areas that you will notice in Milton Keynes is Willen, that is in fact, an ancient village of Buckinghamshire. However, that's not the only reason why Willen is a good area in MK, as Willen Lake is located there as well – a lake created to capture flash floods.
The south basin is where you can relish in several leisurely activities, which included dinghy sailing and windsurfing, to name a few.
Stony Stradford – This is deemed as one of the best areas of all, and it has all the reasons to be so.
Stony Stradford is surrounded by history, and it's ideal for those who wish to enjoy the cosy feel of a market town. So if you need to be near quite a few shops, pubs, and restaurants, then you will most likely want to visit Stony Stratford. What's more, if you plan on moving to Stony Stratford in early June, you will be able to see the Folk on the Green, a popular and free music festival that takes place at the Horsefair Green.
© MKFM News 2020
