House to Buy Milton Keynes

Situated about 50 miles north west of London, Milton Keynes is a vibrant, thriving area with loads to see and do. Property Detective named it as one of the best places in the UK to raise a family and is a popular hub for dining, shopping, recreation and business. And we cannot forget the famous Concrete Cows sculpture that adds a little whimsy and fun to any experience!

Maybe the cows are responsible for causing housing prices in MK to rise more than average compared to the UK as a whole! Perhaps not, but there is no doubt that the area has seen intense interest and demand from buyers. What should you know when looking for a house to buy in Milton Keynes?

A Look at the Milton Keynes Housing Market

What’s going on in Milton Keynes? The latest figures available show that prices here have increased by 14.9% in the past year – equating to a £41,000 rise on an average home. This brings the average house price to £315,173, according to the Land Registry.

In a specific period (July 2022), the UK saw a 0.3% rise in the overall housing market; Milton Keynes beat this at 1.1%. Some other facts and figures at a glance:

• Prices for semi-detached homes increased 16% in the last year for an average of £318,758.
• Detached house prices have risen by 18.4% in the past year for an average of £545,319.
• The average price for terraced homes has grown by 12.4% year over year for an average of £259,902.
• Flat prices have increased 10.4% annually, creating an average of £168,779.
• First-time buyers paid an average of £254,000 for their Milton Keynes house, which was £31,000 more than one year ago.
• Buyers who had owned a home prior paid an average of £369,000 – 45.1% more than their first-time counterparts.
• According to the Office for National Statistics, the council wards in MK that saw the biggest leaps in terms of house prices were Olney (average price £382,500), Danesborough and Walton (average price £375,000) and Loughton and Shenley (£365,000).
• Data shows that average time on the market has decreased across all property types (i.e. detached, semi-detached, terraced and flat). Total decrease is 24% from listing to offer acceptance. This was most marked for terraced homes, which went from an average of 195 days on the market in August 2021 to 115 days in August 2022 (a drop of 40%).

This has been a complete seller’s market. But there are some signs of a slowdown. For example, prices dropped by about 0.6% in June 2022 versus May 2022. While this doesn’t exactly make it a buyer’s market, it can be helpful to understand the full context if you are looking for a house to buy in Milton Keynes.

Finding a House to Buy Milton Keynes

Get Help. When trying to find a suitable house that checks all of your boxes, you can turn to online resources, such as Rightmove or Zoopla. These comprehensive sites are quite useful and provide a wealth of information – and even some great tips and tricks for house buyers. As well, working with an experienced estate agent is invaluable as they provide extensive knowledge of the local market and can help you find a house that suits your needs.

Get a Mortgage Agreement in Principle. Before you start house hunting in earnest, make sure you apply for a mortgage agreement in principle (AIP). While not guaranteed as the mortgage you will end up with, it does give you a good starting point – and it signals to sellers that you are serious  and prepared to make a purchase.

Look In Your Price Range. There is nothing more frustrating than finding the house of your dreams and not being able to afford it. Narrow your search to what you can afford per your mortgage AIP and what you have figured out in terms of your actual budget.

Narrow In By Features. It is also important to look for homes based on the features, services and amenities you need. For example, excellent schools may be a deal breaker, so you’d look for great systems. You may need access to public transport, so living in close proximity to rail and metro stations is a must. What do you need?

Looking for a house to buy in Milton Keynes? Start now. Get your finances in order, and leverage all of the resources at hand for help.