A new study into house prices across the UK by property research firm Hometrack has found that Milton Keynes is one of ten places in the country where house prices are growing fastest.
House prices in Milton Keynes are growing by over 8% per year, meaning only Peterborough and Newport had prices growing faster than our city.
The research also found that Milton Keynes has the highest average property price amongst the top 10, with house prices averaging around £286,700.
Other places making up the top 10 include Coventry, Sunderland, Rochdale, Mansfield, Bolton, Edinburgh and Manchester.
Meanwhile, property price growth is slowing in a number of areas including Worthing, Brighton and Oxford.
And in Central London, Aberdeen and Cambridge, property prices actually fell during the last twelve months.
Richard Donnell, the insight director at Hometrack, told The Guardian: “We expect house prices to keep rising across regional cities such as Birmingham, Manchester and Edinburgh over the next two to three years. During this time house price growth in London will remain flat, with annual price rises of approximately 0-2%. As a result, the gap between house prices in cities outside of the south-east and house prices in London will continue to contract.”
"The level of house price inflation seen in large regional cities during the last peak, between 2000 and 2003, gives a good indication of how much prices may rise this time around. If history is to repeat itself and these cities are to get back to where they were, then prices could increase by as much as 20-25%."
The average price of a property in London is almost double that of Milton Keynes, at £491,200.
